The Fed announced a new strategy this week to restore the labor market to full employment and lift inflation. Rising inflation typically pressures rates higher.

A second reading of the 2nd quarter GDP showed the economy plunged by a worst-ever 31.7%. However, this was actually better than the initial estimates.

Initial jobless claims last week came in at roughly 1 million, suggesting the labor market recovery could be stalling. Numbers should improve as businesses continue to reopen.


The housing market remains a bright spot in the economy, with July's existing home sales up a record 24.7%. However, tight inventory continues to be a problem.

Pending home sales were also up, jumping more than 15% annually. Properties are going under contract in record time, with 9 new contracts for every 10 new listings.

Low mortgage rates, strong demand, and low inventory are driving home prices higher. The median price of a home sold in July rose 8.5% annually to $304,100.