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Incomes, Factories Strong, Home Sales Weak In Dec.; Fed, Jobs Data Later In Week; First day of week's deluge shows that U.S. economy still generally doing well.(A)
Byline: KIRK SHINKLE
The first reports in a deluge of economic data this week were mixed as personal incomes surged on Microsoft's record dividend, Midwest factories rose at a strong pace and new-home sales slowed.
Monday's reports were a mere appetizer to the week's big economic entrees, namely the Federal Reserve meeting and Friday's employment report for January.
At the end of its two-day meeting Wednesday, the Federal Open Markets Committee is expected to hike the federal funds rate by a quarter-point from 2.25% to 2.5%.
Economists will watch the Fed's post-meeting statement for any hint of a change to Chairman Alan Greenspan's policy of gradual tightening.
"There's not much doubt what the Fed will do. My expectation is the Fed statement . . . will, for the moment, stick with its mantra of measured rate hikes," said Nigel Gault, U.S. research director at Global Insight.
The market has already priced in a rate hike this week and at the next two meetings.
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