New home sales surge in March
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Fed's favorite inflation gauge rises faster than expected in March
An inflation measure closely watched by the Federal Reserve rose faster than expected in March as high prices continue to weigh on millions of Americans. The personal consumption expenditures index showed that consumer prices rose 0.3% from the previous month, according to the Labor Department, in line with expectations. On an annual basis, prices climbed 2.7% – higher than both the 2.6% forecast from LSEG economists and the 2.5% reading recorded the previous month. In another sign that progress...
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Home Sales Drop in March as Mortgage Rates Surge over 7 Percent
Existing home sales shrank in March as consumers respond to continuing price increases and rising mortgage rates. Sales for existing homes fell 4.3% in March compared to the previous month and 3.7% year-over-year, to an annual rate of 4.19 million, according to a press release from the National Association of Realtors (NAR). The average for a 30-year fixed-rate mortgage reached 7.10% this week, a substantial jump from 6.88% last week, depressing Americans’ desire to switch homes and possibly...
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Key Fed inflation measure rose 2.8% in March from a year ago, more than expected
The core personal consumption expenditures price index was expected to increase 2.7% from a year ago in March, according to the Dow Jones consensus estimate.