PICTURE OF THE ECONOMY'S FUTURE IS ON THE WAY

This week will bring a spate of important economic indicators including the S&P/Case-Schiller home price index, consumer confidence, and personal incom and spending nubmers. These numbers will give us a clearer picture of the direction the economy is going in, especially since about three quarters of the economy comes from consumer spending and most people's wealth is in the value of their homes. But financial markets will be closely watching the Fed chairman's speech at the Jackson Hole Economic Policy Symposium for signs that the Fed will act to stimulate the economy. We will all be looking for some clarification about what the Fed's minutes meant mean for the future. Meanwhile, in Europe, the German Constitutional Court will consider the legality of government using taxpayer money to fund the Eurozone bailout funds.