• Fed members continue to signal they will take aggressive action to curb inflation, including hiking policy rates at their May meeting.
  • Claims for jobless benefits are at their lowest levels since the 1960s, highlighting a job market where demand for labor exceeds supply.
  • This week’s Fed survey, known as the Beige Book, found little evidence inflation will turn appreciably lower, not a good sign for rates.

  • Inflation and higher mortgage rates are taking their toll on the nation’s homebuilders. Builder confidence fell for the 4th straight month in April.
  • Housing starts rose unexpectedly in March, increasing 0.3%. However, starts for single-family housing tumbled amid rising mortgage rates.
  • The median price of an existing home sold in March was $375,300, a 15% year-over-year increase and the highest median price ever recorded.