Federal Reserve Bank of Dallas

The data continue to offer a mixed picture, with manufacturing expanding, services hurting, and while construction spending rose more than expected, it followed a downward revision to the previous month's number.

Pending home sales unexpectedly declined in October, the second consecutive month they dropped.

But in the second half of 2021, the U.S. economy is likely to have a strong recovery from the pandemic.

Consumers cut back on purchasing plans, suggesting they see a tough fourth quarter, economists said.

The economic news was mixed again Monday, with home sales unexpectedly dipping, while two reads of manufacturing showed expansion continued, but one suggested a slower rate of growth.

Federal Reserve Bank of Dallas President Robert Kaplan said the central bank has been clear to investors and businesses on where the benchmark policy rate will be over the next few years.

Economic indicators released on Tuesday showed good signs in both consumer confidence and home prices.

"Large, unacceptable risks" remain in the financial system, the president of the Federal Reserve Bank of Minneapolis told the Conference of Institutional Investors.

The pace of recovery will not only be fragmented, but will take a lot longer than originally thought, according to Raphael Bostic, Federal Reserve Bank of Atlanta president.

The Federal Reserve has already given enough guidance about the likely path of interest rates at this juncture and doesn’t need to offer more, Dallas Fed President Robert Kaplan said.