The Business Week Ahead...

The story of the first-quarter will have been told after this week's deluge. GDP is out on Thursday and the Econoday consensus is calling for a modest 0.7 percent rise in what would be the softest result since the first quarter last year. The FOMC will post its statement the day before but, given the flat conditions, no action is expected in a statement that may try to talk up chances for a June hike instead. Housing data are heavy and include Case-Shiller prices which are expected to be mixed. And factory data are also heavy, led by durable goods orders which are expected to show a bounce. The week ends with the quarterly employment cost report where pressure, which is expected, could finally turn up the heat on the wage-inflation outlook.