The week ahead should be dominated by housing data and Tuesday's FOMC meeting.
In his widely-anticipated speech in Jackson Hole, Wyoming last Friday, Fed Chairman Ben Bernanke stated that the Fed was “…prepared to provide additional monetary accommodation through unconventional measures if it proves necessary, especially if the outlook were to deteriorate significantly.”
No double-dip ahead -- and no full-on inflation, either; 'muddle through'
The recession of 2008-2009 now looks even deeper with a 4.1% drop in output from peak to trough, compared to an originally estimated 3.8% decline.
In some ways, this week will mark the end of the first chapter of the economic recovery.
To paraphrase Procol Harum, for many observers, the economic recovery, which had looked a bit ghostly, just turned a whiter shade of pale.
The economic numbers due out this week will be important in narrowing estimates of current economic momentum.
In theory, it's quite simple.
This morning, after almost a year of heated debate, the President has achieved his goal of a major reform to the health care system.
On Tuesday the Federal Reserve's Open Market Committee holds its second meeting of the year to consider the direction of monetary policy.
