Industrial production rose a seasonally adjusted 0.1% in February. The increase was smaller than expected one by 0.3%. Details of the report were weak, especially the downward revision to output in January to negative 0.3% from the prior estimate of a 0.2% gain.

On Tuesday Building Permits and Housing Starts figures were released. Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 1,092,000. This was in line with market forecasts. This is 3.0% above the revised January rate of 1,060,000 and is 7.7% above the February 2014 estimate of 1,014,000. Single-family authorizations in February were at a rate of 620,000; this is 6.2% below the revised January figure of 661,000. Authorizations of units in buildings with five units or more were at a rate of 445,000 in February.

Privately-owned housing starts in February were at a seasonally adjusted annual rate of 897,000, below anticipated rate of 1,050,000. This is 17.0% below the revised January estimate of 1,081,000 and is 3.3%below the February 2014 rate of 928,000. Single-family housing starts in February were at a rate of 593,000; this is 14.9% below the revised January figure of 697,000. The February rate for units in buildings with five units or more was 297,000.

Wednesday brought FOMC interest rate decision and following press conference.USD was pushed sharply down after FOMC Press Conference. Though interest rates were unchanged and word patient was dropped out from the statement but it was stated that removing the word patient from the statement doesn’t mean that Fed is going to be impatient. The Federal Open Market Committee said it will be appropriate to tighten “when it has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term.”

On Thursday Unemployment Claims and Philly Fed Manufacturing Production figures were released. Unemployment claims inclined to 291,000 compared to a last week, an increase of 1,000 from the previous week's revised level. Analysts were anticipating raise to 295,000. The 4-week moving average was 304,750, an increase of 2,250 from the previous week's revised average.

Philly Fed Manufacturing Index came to 5.0 in March, and was virtually unchanged from its reading of 5.2 in February, missing predictions on increase to 7.2. The demand for manufactured goods, as measured by the current new orders index, remained at a very low, albeit positive, reading of 3.9 and edged 2 points lower than in February.

Next week markets will be looking at:

Existing Home Sales (Monday 15:00)

CPI (Tuesday 13:30)

New Home Sales (Tuesday 15:00)

Durable Goods Orders (Wednesday 13:30)

Unemployment Claims (Thursday 13:30)

Final GDP (Friday 13:30)

Revised UoM Consumer Sentiment (Friday 15:00)