Gary Siegel

As inflation increases and more jobs are available, it may become necessary for the Federal Open Market Committee to start tightening rates "sooner rather than later," Federal Reserve Bank of Philadelphia President and Chief Executive Officer Charles I. Plosser said Tuesday.

The Federal Open Market Committee is closer to achieving its policy goals than it has been since 2009, Federal Reserve Bank of St. Louis President James Bullard said Friday.

The University of Michigan's preliminary May consumer sentiment index reading was 81.8, compared to the final April 84.1, and the preliminary April 82.6, according to market sources.

The New York region's service sector increased in May, according to the Federal Reserve Bank of New York's Business Leaders Survey, released Friday.

Groundbreaking for new U.S. home construction surged 13.2% in April to a seasonally adjusted annual rate of 1.072 million units as building permits spiked 8.0% to an annual rate of 1.080 million units, according to Commerce Department data released Friday.

The region's manufacturing sector expanded at a slower pace in May, as the general business conditions index slipped to 15.4 from 16.6 in April, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.

Builders' confidence in the market for new single-family homes fell as the National Association of Home Builders' housing market index slipped to 45 in May from a revised 46 in April, first reported as 47.

Initial jobless claims plunged 24,000 to 297,000 in the week ended May 10, the Labor Department said Thursday.

The Empire State Manufacturing Survey showed "business conditions improved significantly for New York manufacturers," in May, the Federal Reserve Bank of New York reported Thursday as the general business conditions index soared to 19.01 in May from 1.29 in April.

Businesses expect inflation to reach 1.9% in the next 12 months, unchanged from forecasts in April, according to the Federal Reserve Bank of Atlanta's most recent business inflation expectations survey for May.

Business inventories rose 0.4% to $1.717 trillion in March, while sales increased 1.0% to $1.326 trillion, the Commerce Department reported Tuesday.

Despite sophisticated models, experience and theories, predictions about when the Federal Open Market Committee will begin to raise the federal funds rate is nothing more than the "best guesses" of participants, Federal Reserve Bank of Dallas President and CEO Richard W. Fisher said Friday.

Wholesale inventories increased 1.1% in March, the Commerce Department reported Friday.

Initial jobless claims plunged 26,000 to 319,000 in the week ended May 3, the Labor Department said Thursday.

Monetary policy would be more transparent and forward guidance would be boosted if the Federal Reserve gave more details about policy would move based on conditions, Federal Reserve Bank of Philadelphia President and Chief Executive Officer Charles I. Plosser said Thursday.

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

Federal Reserve Board Chair Janet Yellen said there is no timetable for the first interest rate hike.

With considerable slack in labor markets and inflation below the Federal Reserve's 2% target, "a high degree of monetary accommodation remains warranted," Federal Reserve Board Chair Janet Yellen said Wednesday.

Newly issued Treasury securities held in stripped form increased about $870 million in April to a total of $207.894 billion, the Bureau of the Public Debt reported Tuesday.

The Conference Board's Employment Trends Index (ETI) gained to 118.00 in April from an upwardly revised 117.77 in March, and is up 5.1% from a year ago, the group announced Monday.