The economic calendar in the coming week will make investors work for their Thanksgiving dinner with a glut of data crammed into Wednesday's session.
Minutes from the Federal Reserve's meeting earlier in November will be the most closely analyzed release of the day as investors look for confirmation that an interest rate hike in December is a go. The Federal Open Market Committee opted to leave rates unchanged at its November meeting, but reiterated that the case for a hike had strengthened. Fed members have recently taken a hawkish tone, pointing to upward trends in inflation and a robust labor market as reason the economy is ready for another rate hike.
"With incoming data, financial conditions, and Fed commentary all still supportive of a near-term rate hike, the FOMC minutes are likely to be less informative over December rate hike prospects," TD Securities analysts wrote ahead of the Wednesday afternoon release. "That said, the balance of Committee members in favor raising rates as soon as the next meeting will be closely watched. An overwhelming majority as well as more optimistic views over inflation should help further solidify December rate hike expectations."
A December rate hike has a high probability among Wall Street pundits with any doubt after Donald Trump's recent election as U.S. president quickly evaporating. The chances of a December rate hike currently sit at 90%, according to CME Group fed funds futures.
Also on the economic calendar in the coming week: Existing home sales for October will be released on Tuesday; durable goods orders for October, weekly jobless claims, the final November reading on consumer sentiment from the University of Michigan, and new home sales for October will be issued on Wednesday.