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US Existing-Home Sales Edged Higher by 0.2% in May
Existing-home sales marginally increased in May, according to the National Association of REALTORS®. Sales were mixed among the four major U.S. regions, with the South and West posting improvements and the Northeast and Midwest experiencing pullbacks. All four regions experienced year-over-year sales declines. Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – rose 0.2% from April to a seasonally adjusted annual rate of 4.30 million in May. Year-over-year, sales dropped 20.4% (down from 5.40 million in May 2022). "Mortgage rates heavily ... (full story)
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The Conference Board Leading Economic Index® (LEI) for the U.S. declined by 0.7 percent in May 2023 to 106.7 (2016=100), following a decline of 0.6 percent in April. The LEI is ...
Thank you, President Mester. It is really a pleasure to be here in Cleveland to join you for this Fed Listens event. I'm especially pleased to be a part of today's discussions about how the economy continues to evolve in the post-pandemic environment.1 I find that I learn the most valuable information about economic conditions from those who are actually on the ground and working directly in the economy, so I am really looking forward to hearing from today's panelists to learn from their experiences and perspectives. As those of you here today know, the Federal Open Market Committee (FOMC) met last week to discuss the economy and expectations for economic activity. I'll begin the discussion with my views on the evolution of the U.S. economy since the onset of the pandemic and on the implications of those developments for the FOMC's congressionally mandated goals of maximum employment and stable prices. After the initial phases of the pandemic and the lockdowns and forced closures of most businesses, we saw strengthening economic activity accompanied by unacceptably high and persistent inflation. Over the past several years, as economic activity has continued to normalize, one consistent strength has been the resilience of the labor market. Jobs have grown at a solid pace, wages have increased for many workers, and we've seen continued low unemployment. On the other side of our mandate, price stability, the U.S. economy experienced the most significant inflation in 40 years, reaching a peak of over 9 percent last year. The FOMC has made progress in lowering inflation, but de post at 9:57am: FED'S BOWMAN: FURTHER POLICY RATE INCREASES WILL BE REQUIRED TO ACHIEVE SUFFICIENTLY RESTRICTIVE LEVEL AND CONTROL INFLATION. post at 9:58am: Fed's Bowman: - We will look for inflation on a consistent downward path in deciding appropriate policy steps at coming meetings -A level of inflation is still unacceptably high - I want to see signs inflation is on a consistent downward path.
post at 9:02am: BoE’s Bailey: We’re Not Seeking to Precipitate a Recession post at 9:05am: Bank Of England’s Bailey: We Cannot Continue To Have The Current Level Of Wage Increases - I'll Do What It Takes To Cut Inflation post at 9:04am: BOE GOV. BAILEY: WE ARE NOT SIGNALLING WHAT WILL COME NEXT ON RATES.
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In June 2023, DG ECFIN’s flash estimate1 of the consumer confidence indicator2 improved in the EU (1.1 percentage points (pps.) up) and the euro area (1.3 pps. up). At -17.2 (EU) ...
Federal Reserve Chairman Jerome Powell is testifying Thursday before the Senate Committee on Banking, Housing, and Urban Affairs. The hearing, set to focus on the central bank's ...
post at 10:13am: *POWELL'S PREPARED REMARKS IDENTICAL TO WEDNESDAY'S TESTIMONY post at 10:20am: Fed’s Powell: FOMC Broadly Feels It Will Be Appropriate to Raise Rates Again This Year and Perhaps Two More Times post at 10:22am: FED CHAIR POWELL: A STRONG MAJORITY OF COMMITTEE FEELS THERE IS A LITTLE FUTHER TO GO WITH RATE HIKES post at 10:23am: FED CHAIR POWELL: IT WOULD BE PERFECT, BUT NO GUARANTEE, THAT LABOR MARKET CAN GET INTO BETTER BALANCE WITHOUT UNEMPLOYMENT RISING post at 10:35am: FED'S POWELL: WE HAVE NOT SEEN MUCH PROGRESS IN SERVICES INFLATION.
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- Posted: Jun 22, 2023 10:04am
- Submitted by:Category: Medium Impact Breaking NewsComments: 0 / Views: 1,468
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