Powell's speech this week could give housing a welcome boost

Take your pick on what's the most important economic event of the week:

Jerome Powell's speech on Friday in Jackson Hole, Wyo.

Existing home sales for July on Thursday.

Two Standard & Poor's reports on purchasing managers indexes on Thursday.

Housing starts and building permits on Tuesday.

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The conventional wisdom will vote for the Federal Reserve Chairman's speech. It will offer a glimpse (but not a promise) into how the Fed might vote on its key interest rate at its September 16-17 meeting.

Powell's speech is set for 10 a.m. ET, a half-hour after the stock market opens, and you can be sure traders around the world will be listening. He will be speaking at an annual symposium organized by the Federal Reserve Bank of