This Week: Home sales, Fed meeting minutes and consumer sentiment index
The National Association of Realtors releases its monthly snapshot of existing U.S. home sales Wednesday
A look at some of the key business events and economic indicators upcoming this week
SPOTLIGHT ON HOUSING
The National Association of Realtors releases its monthly snapshot of existing U.S. home sales Wednesday.
Economists project that sales of previously occupied homes slowed slightly in April from the previous month to a seasonally adjusted annual rate of 4.18 million homes. The spring homebuying season is off to a sluggish start this year as home shoppers contend with elevated mortgage rates and rising prices.
Existing home sales, in millions, seasonally adjusted annual rate:
Nov. 3.91
Dec. 3.88
Jan. 4.00
Feb. 4.38
March 4.19
April (est.) 4.18
Source: FactSet
FED CLOSE-UP
The Federal Reserve delivers the minutes from its most recent interest rate policy meeting Wednesday.
At that meeting, Fed officials emphasized that inflation has remained stubbornly high in recent months and said the central bank doesn’t plan to cut interest rates until it has greater confidence that price increases are slowing sustainably to its 2% target. Several hotter-than-expected reports on prices and economic growth have recently undercut the Fed’s belief that inflation was steadily easing.
EYE ON CONSUMERS
The University of Michigan issues its May index of U.S. consumer sentiment Friday.
The index, which measures how U.S. consumers are feeling about the economy and their personal finances, fell in April from the previous month to a reading of 77.2.
Consumer Sentiment Index, not seasonally adjusted, by month:
Nov. 61.3
Dec. 69.7
Jan. 79.0
Feb. 76.9
March 79.4
April 77.2
Source: FactSet
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