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  • The Fed's preferred inflation gauge rose 4.7% in May from a year ago, slightly less than expected but still stubbornly high.
  • Factory orders for durable goods rose more than expected in May, suggesting business investment remains firm despite economic concerns.
  • Fed Chair Powell insisted this week that the Fed is not deliberately trying to cause a recession and that the economy is on solid footing.

  • Despite gloomy headlines and higher mortgage rates, new home sales unexpectedly rose in May and reversed a 4-month slide.
  • Year-over-year home prices rose 20.4% in April, slightly less than March and the first deceleration since November.
  • Pending home sales rose slightly in May, up 0.7% compared with April. That broke a six-month streak of declining demand.