Sales of new single-family homes gained 3.3% to a 526,000 seasonally adjusted annual rate in April, according to data released by the Commerce Department yesterday.
The April figure came after a downwardly revised 509,000 rate in March, an 11.0% drop, originally reported as an 8.5% decrease to 526,000. IFR Markets’ poll of economists had predicted a 522,000 sales level for April.
A combination of a "stronger-than-expected economy, higher Treasury rates, robust supply, and rich valuations resulting in choppy markets" have made the trading environment in H124 "quite difficult," according to Barclays.
Two rating agencies upgraded Los Angeles Unified School District's bond ahead of multi-billion dollar refunding.
The Basel III Endgame proposal to restructure capital holding levels comes under fire.
Friday price talk for the unrated tax-exempt paper was between 11% and 15%.
The board approved that step at its second quarter board meeting held this week.
The Inflation Reduction Act, affordable housing and clean energy were among the topics discussed at Baker Tilly's DevelUP conference in Chicago this week.
