Federal Reserve Chair Jerome Powell reiterated that the central bank would maintain its wait-and-see approach, while the June Summary of Economic Projections showed a median of two quarter-point rate cuts by the end of the year, unchanged from March’s projections.

Powell will be in the spotlight again this coming week as he heads to Capitol Hill on Tuesday and Wednesday to deliver the Semiannual Monetary Policy Report to Congress. President Trump once again called on the Fed chair to cut interest rates after the FOMC opted not to do so this past Wednesday.

Friday’s inflation update from the Bureau of Economic Analysis will be the key economic release of the week, while a bevy of data will further inform us on the state of a sluggish housing market.

The National Association of Realtors reports existing-home sales on Monday, S&P CoreLogic releases the Case-Shiller National Home Price Index on Tuesday, while the Census Bureau reports new home sales on Wednesday. The NAR on Thursday reports pending home sales.

And on Friday, the Bureau of Economic Analysis releases the personal consumption expenditures price index.

Federal Reserve governor Christopher Waller said the central bank could be positioned to cut interest rates at its next meeting in July, notwithstanding potential inflation pressures caused by new tariffs.

In a Friday morning interview with CNBC, Waller said the Fed should “look through” one-time price increases from tariffs and instead respond to the underlying trend in inflation, which has been cooling.

9:45 a.m.: U.S. Flash Manufacturing PMI
9:45 a.m.: U.S. Flash Services PMI
10 a.m: Existing Home Sales
1:15 p.m.: Federal Reserve Bank of Chicago President Austan Goolsbee speaks at Milwaukee Business Journal Mid-Year Outlook event
2:30 p.m.: FRB New York President John Williams and Federal Reserve Governor Adriana Kugler speak at Fed Listens roundtable discussion

8:30 a.m.: International Transactions
9 a.m.: Johnson Redbook Retail Sales Index
9 a.m.: U.S. Monthly House Price Index
9 a.m.: S&P CoreLogic Case-Shiller Indices
10 a.m.: State Employment and Unemployment
10 a.m.: Richmond Fed Business Activity Survey
10 a.m.: Consumer Confidence Index
10 a.m.: Federal Reserve Board Chair Jerome Powell presents Monetary Policy Report to U.S. House Financial Services Committee
12:30 p.m.: FRB New York President John Williams speaks at NY CREATES and the Center for Economic Growth sponsored event in Albany
1 p.m.: Money Stock Measures
2 p.m.: Federal Reserve Bank of Boston President Susan Collins speaks at launch of “State of the Nation's Housing” report
4 p.m.: Federal Reserve Governor Michael Barr delivers welcoming remarks at Fed Listens event

The median U.S. home-sale price hit a record $396,500 during the four weeks ending June 15, up 1% year over year, Redfin says. Prices hit this high despite this spring's housing market being fairly cool because of high costs. The prices don't yet fully reflect the historic imbalance of sellers and buyers in today's market. While the median sale price is at an all-time high, it's roughly $26,000 lower than the median asking price of $422,238. Homes are selling for under asking price because there are many more sellers than buyers in today's market. That gives buyers the upper hand and often allows them to negotiate prices down, though it's still difficult for many people to afford homes because costs are so high. — Chris Wack

• Business activity in Europe and some large economies in Asia continued to grow this month despite continued uncertainty about global trade policy and the threat of higher energy prices as conflict in the Middle East intensifies.
• Iranian ballistic missiles are raining down on Tel Aviv and Haifa. Israel’s main airport is shut. Much of the workforce is moving in and out of bomb shelters. For most countries, such a wartime scenario would send investors fleeing and markets tanking. The opposite is happening.
• The mood among British consumers improved a little this month, though global turmoil could see confidence darken again ahead. Consumer confidence improved two points to minus 18, according to research group GfK’s monthly index for June, published with the Nuremberg Institute for Market Decisions.
• Silver prices have surged nearly as much this year to the highest levels in more than a decade. That has spurred a rise in silver sellers who are flocking to coin shops, metals dealers and jewelers to cash in coins, silverware and bars.

WSJ Pro Central Banking brings you central banking news, analysis and insights from WSJ’s global team of reporters and editors. This newsletter was compiled by news associate Roshan Fernandez in New York. Send your tips, suggestions and feedback to roshan.fernandez@wsj.com.