Gary Siegel

The New York region's service sector activity "expanded following a pause in February and March," according to the Federal Reserve Bank of New York's April Business Leaders Survey, released Thursday.

Economic expansion continued in most of the country from mid-February through the end of March, although the Atlanta and Kansas City Federal Reserve districts termed conditions "steady," according to the Beige Book, released by the Federal Reserve on Wednesday.

Builders' confidence in the market for new single-family homes grew as the National Association of Home Builders' housing market index gained to 56 in April from a downwardly revised 52 in March.

Industrial production dropped 0.6% in March, the Federal Reserve reported Wednesday.

The Federal Open Market Committee could start raising rates "now," Federal Reserve Bank of St. Louis President James Bullard said Wednesday.

The Empire State Manufacturing Survey showed "business activity was flat for New York manufacturers," the Federal Reserve Bank of New York reported Wednesday, as the general business conditions index slipped to negative 1.19 in April from positive 6.90 in March.

The European Central Bank announced its Governing Council held interest rates at its latest monetary policy meeting Wednesday.

Business inventories were up 0.3% to $1.790 trillion in February, while sales were unchanged at $1.313 trillion, the Commerce Department reported Tuesday.

Market-based expectations can offer a great deal of data for policymakers, but they have limitations and can be difficult to interpret since prices are affected by factors other than those of interest to policymakers, according to a Federal Reserve Bank of San Francisco Economic Letter published Monday.

Consumers' view of short-term inflation held in the past month, but home price, earnings and spending growth expectations "returned to levels that prevailed during the second half of 2014," according to the Survey of Consumer Expectations, released by the Federal Reserve Bank of New York on Monday.

Wholesale inventories increased 0.3% in February, the Commerce Department reported Thursday. Wholesale sales dropped 0.2%.

Despite seeing growth had moderated since its last meeting, the Federal Open Market Committee altered its statement so it could start the normalization process when appropriate beginning as early as June, according to the minutes of the March 17-18 meeting, released Wednesday.

Labor market conditions continued to improve as the Federal Reserve Bank of Kansas City Labor Market Conditions Indicators (LMCI) narrowed to negative 0.262 in March from negative 0.330 in February, according to the Bank.

The first rate hike by the Federal Open Market Committee could come at its June meeting, Fed Governor Jerome H. Powell said Wednesday, noting there must be confidence inflation will rise toward the 2% target in the medium term.

Consumer credit increased by $15.5 billion in February to $3.343 trillion, the Federal Reserve reported Tuesday.

The Federal Open Market Committee should not raise interest rates until the last half of 2016, Federal Reserve Bank of Minneapolis President Narayana Kocherlakota said Tuesday.

The Federal Reserve's Labor Market Conditions Index, a compilation of 19 labor market measures, fell to negative 0.3 in March from a revised positive 2.0 in February.

The U.S. services sector expanded at a slightly slower pace in March as the non-manufacturing business activity composite index was 56.5 in the month, compared to 56.9 in February, on a seasonally adjusted basis, the Institute for Supply Management reported Monday.

Data will likely show a weak first-quarter economy, but, "these downside surprises" are mainly due to "temporary factors," Federal Reserve Bank of New York President William Dudley said Monday.

New orders for manufactured goods increased 0.2% in February, after falling a revised 0.7% in January, first reported as a 0.2% decline, the Commerce Department reported Thursday.