It will be a light week for economic data, with Thursday looming as the critical day. On Monday the National Association of Home Builders (NAHB) releases its Housing Market Index based on a survey which rates the general economy and housing market conditions. Builders pessimism is forecast to diminish slightly. Housing Starts will come out on Tuesday likely showing homebuilders keeping starts low as the supply of existing homes on the market is bloated with recent foreclosures. Wednesday brings data on mortgage applications from the Mortgage Bankers Association's (MBA) weekly survey, which gauges activity on purchases & refinances. The FOMC minutes from the April 29 Fed meeting will also be released on Wednesday, when the Fed refrained from increasing purchases of securities because the economy was showing signs of stability. These detailed notes often reveal additional insights into the Fed's action. Thursday's calendar is loaded; Intial jobless claims and continuing claims numbers are first, then Leading Economic Indicators (LEI) which is a measure of the economy's likely path over the next 3 to 6 months, next up a widely followed indicator of manufacturing sector trends, the Philadelphia Fed Index. Also on Thursday the Treasury announces the size of its next auctions of 2, 5 & 7yr notes which begin on May 26. Finally the Fed will be buying securities on May 20 & 21 as it seeks to lower borrowing costs and combat the steep recession. The fixed income markets will close early on Friday in advance of the Memorial Day weekend and there is no economic data due.