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Housing, Fed, employment: What to watch this week in the economy

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Yahoo Finance’s Alexandra Semenova joins the Live show to break down the week ahead for the U.S. economy.

Video Transcript

- From jobless claims to Jerome Powell testifying on monetary policy, let's bring in Yahoo Finance's Alexandra Semenova to break down what we're watching in the next few days. All right, what are we watching this week, Alex?

ALEXANDRA SEMENOVA: Hey guys, Happy Tuesday. So many of last week's themes will continue to be prevalent for investors this week. Markets are, of course, still reeling from that steep 75 basis point rate hike, which spurred a wave of recession calls on Wall Street. So everyone's really weighing, you know, all these forecasts revisions that we're seeing. And more and more banks on Wall Street anticipating, you know, the possibility of a recession.

On one hand, you do have investors, though, taking this as a sign that the Fed has finally gotten serious about, you know, reining in inflation, and is finally taking the necessary measures that it has to take to bring prices down to Earth. And we have Fed Chair Jerome Powell testifying before Congress on Tuesday and Wednesday. So investors will, of course, be paying close attention to those remarks to get a better sense of what the Fed might do next and what it's looking at in terms of weighing how these rate hikes are playing out.

The S&P 500 has had back-to-back losses of 5% or more. So we'll see what this four-day week brings for markets, as well. That's going to be closely watched.

- Yeah, definitely starting out on a little bit of a more positive note this week. What else should we be watching for, besides Fed commentary?

ALEXANDRA SEMENOVA: So we have consumers, housing and employment in focus. We have key data out on the housing market, which of course, you know, has been quite challenging, given rising mortgage rates and that everything is more expensive. We have data on existing home sales on Tuesday and new home sales on Friday.

Investors will also be looking at jobless claims on Thursday, of course getting more focused as everyone is looking for signs of, you know, a possible cooldown in the labor market. And jobless claims are expected to tick up a bit. And then finally, we have the University of Michigan's consumer sentiment survey out on Friday. So everyone's going to be keeping an eye on what consumers are thinking about the future, as more and more talks of a recession happen.