The key economic reports this week are April New Home sales, and the second estimate of Q1 GDP.

—– Monday, May 23rd —–
No economic releases scheduled.

—– Tuesday, May 24th —–
New Home Sales10:00 AM ET: New Home Sales for April from the Census Bureau.

This graph shows New Home Sales since 1963. The dashed line is the March sales rate.

The consensus is for a increase in sales to 523 thousand Seasonally Adjusted Annual Rate (SAAR) in April from 511 thousand in March.

10:00 AM: Richmond Fed Survey of Manufacturing Activity for May.

11:00 AM: The New York Fed will release their Q1 2016 Household Debt and Credit Report

—– Wednesday, May 25th —–
7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

9:00 AM: FHFA House Price Index for March 2016. This was originally a GSE only repeat sales, however there is also an expanded index.  The consensus is for a 0.5% month-to-month increase for this index.

—– Thursday, May 26th —–
8:30 AM: The initial weekly unemployment claims report will be released.  The consensus is for 275 thousand initial claims, down from 278 thousand the previous week.

8:30 AM: Durable Goods Orders for April from the Census Bureau. The consensus is for a 0.3% increase in durable goods orders.

10:00 AM: Pending Home Sales Index for April. The consensus is for a 0.8% increase in the index.

11:00 AM: Kansas City Fed Survey of Manufacturing Activity for May.

—– Friday, May 27th —–
8:30 AM ET: Gross Domestic Product, 1st quarter 2016 (Second estimate). The consensus is that real GDP increased 0.9% annualized in Q1, revised up from a 0.5% increase.

10:00 AM: University of Michigan’s Consumer sentiment index (final for May). The consensus is for a reading of 95.5, down from the preliminary reading 95.8, and up from 89.0 in April.

10:30 AM: Fed Chair Janet Yellen will have a discussion with Professor Greg Mankiw at Radcliffe Institute for Advanced Study at Harvard University.