Kiplinger's Economic Calendar for This Week (July 22-26)

This week's economic calendar is full of key reports including the first look at second-quarter gross domestic product and the Federal Reserve's favorite measure of inflation. Additionally, speeches from several Fed speakers are likely to draw attention ahead of the central bank's policy gathering at the end of this month.

You can read on to see the entire weekly economic calendar of the most important upcoming economic reports scheduled to be released over the next several days. At times, we provide expanded previews and recaps for select reports.  

Please check back often. This economic calendar is updated regularly. Bolded reports are those considered more noteworthy and all reporting times are in Eastern  Time. 

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up

Economic calendar highlights

Monday (7/22)

There are no noteworthy economic reports slated for release on Monday, July 22.

Tuesday (7/23)

Wednesday (7/24)

Thursday (7/25)

GDP data show economy grew at a strong clip in Q2

Wall Street received its first look at Q2 gross domestic product (GDP) ahead of Thursday's open. According to data from the Bureau of Economic Analysis, the U.S. economy grew at a strong 2.8% pace in the second quarter. This was higher than the 1.3% rate seen in Q1, as well as economists' estimate for a 2% rise.

Solid consumer spending – both in services and in goods – and business investment helped boost the economy. The data also showed that the Personal Consumption and Expenditures (PCE) Price Index, the Fed's preferred gauge of inflation, rose at a slower year-over-year pace in Q2 vs Q1 (2.3% and 3.1%, respectively).

"Overall, the economy continues to disprove skeptics," say BofA Securities economists. "Growth has certainly cooled relative to last year, but it has done so at a gradual pace. The risk of a sharp slowdown is low, in our view."

Friday (7/26)

June PCE data shows inflation eased on an annual basis

The main event on the economic calendar is Friday's release of the Personal Consumption and Expenditures (PCE) Price Index. The data, which tracks consumer spending, follows recent reports showing that inflation is starting to ease back to a level the Fed is comfortable with. This, in turn, has lifted expectations the central bank could start cutting interest rates as soon as September.

More of the same was seen in the June PCE report. Indeed, the Bureau of Economic Analysis said the headline PCE rose 0.3% from May to June. The annual increase slowed to 2.5% from 2.6% the month prior. Meanwhile, core PCE, which excludes volatile food and energy prices, was up 0.2% month-to-month and 2.6% year-over-year. 

What today's PCE report "signifies for the market is that the Fed is getting closer to cutting rates," says Anthony Denier, president and U.S. CEO of Webull. This could give a boost to stocks, but it's pretty well priced in, he adds.

And Greg Wilensky, head of U.S. fixed income at Janus Henderson Investors, says that there's "still a lot of data to be seen between now and the September meeting including two Consumer Price Index (CPI) prints, so a September cut is far from a certainty."

As for now, CME Group's FedWatch Tool shows futures traders are pricing in an 88% chance the Fed will cut rates by a quarter-percentage point in September.

Reporting schedules are provided Forex Factory and MarketWatch.

Related content

• When Is the Next Fed Meeting?
• When Is the Next Jobs Report?
• When Is the Next CPI Report?
• Kiplinger's Earnings Calendar
• Stock Market Trading Hours
• Stock Market Holidays in 2024