Gary Siegel

Economic growth slowed during the winter, mostly due to "transitory factors" and inflation will stay low "near term," but rise toward the Federal Open Market Committee's 2% target over the medium term, according to the statement released by the FOMC after its policy meeting.

Pending home sales increased 1.1% to an index reading of 108.6 in March, after a revised 3.6% increase to 107.4 in February, according to a report released Wednesday by the National Association of Realtors.

Texas service sector activity "increased in April," according to business executives responding to the Federal Reserve Bank of Dallas' Texas Service Sector Outlook Survey, as the revenue index grew to 14.6 from 10.7.

Service sector activity "varied in April," according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.

Manufacturing activity in the central Atlantic region "remained soft in April," according to the monthly business activity survey conducted by the Federal Reserve Bank of Richmond, as the manufacturing index narrowed to negative 3 in April from negative 8 in March.

The consumer confidence index fell to 95.2 in April from a revised 101.4 last month, The Conference Board reported Tuesday.

Texas factory activity, as measured by the production index, "declined in April," according to the monthly business activity survey conducted by the Federal Reserve Bank of Dallas, released Monday.

Manufacturing activity in the Federal Reserve Bank of Kansas City's region "declined further in April, although producers' expectations improved slightly from last month," according to the bank's monthly manufacturing survey, released Thursday.

Sales of new single-family homes plunged 11.4% to a 481,000 seasonally adjusted annual rate in March, according to data released by the Commerce Department Thursday.

Initial jobless claims gained 1,000 to 295,000 in the week ended April 18, the Labor Department said Thursday.

Existing home sales grew 6.1% to a seasonally adjusted 5.19 million-unit rate in March from an upwardly revised 4.89 million pace the previous month, first reported as 4.88 million, the National Association of Realtors announced Wednesday.

The region's non-manufacturing sector slumped in April, as the general business conditions index dropped to 41.0 from 48.8 in March, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.

Stressing that data will determine when the Federal Open Market Committee will start the normalization process by raising rates, Federal Reserve Bank of New York President and Chief Executive Officer William C. Dudley said Monday, "hopefully, the data support a decision to lift off later this year."

The Chicago Fed National Activity Index for March slipped to negative 0.42 from a revised negative 0.18 reading in February, while the three-month moving average (CFNAI-MA3) dropped to negative 0.27 from a revised negative 0.12 in February, the Federal Reserve Bank of Chicago reported Monday.

The composite index of Leading Economic Indicators was up 0.2% in March following a revised 0.1% rise in February, first reported as a 0.2% gain, the Conference Board reported Friday.

The University of Michigan's preliminary April consumer sentiment index reading was 95.9, compared to the final March 93.0, and the preliminary March 91.2, according to market sources.

Since the Federal Open Market Committee stated it wanted to see further labor market improvement and have confidence inflation will return to 2% over the medium term, now is not the time to raise rates, Federal Reserve Bank of Boston President & Chief Executive Officer Eric S. Rosengren said Thursday.

If incoming data show the first-quarter slowdown was "transitory," a liftoff "relatively soon" would be appropriate, Federal Reserve Bank of Cleveland President and Chief Executive Officer Loretta J. Mester said Thursday.

Taking a little longer to decide on liftoff may allow the economic picture to clear, but his backing a rate hike "will inevitably be a judgment call," Federal Reserve Bank of Atlanta President and Chief Executive Officer Dennis Lockhart said Thursday.

The region's manufacturing sector expanded at a faster pace in April, as the general business conditions index climbed to 7.5 from 5.0 in March, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.