Housing

The Federal Reserve took center stage again Friday, with two presidents explaining why they dissented at the latest meeting and Vice Chair Richard Clarida terming it “healthy” debate.

The FOMC voted to cut the target range 25 basis points to 1.75% to 2% as “uncertainties” offset prospects for “sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective.”

Federal Reserve Board Chairman Jerome Powell again pledged the central bank “will act as appropriate to sustain the expansion,” despite “no recent precedents to guide” policy decisions.

“A couple” of Federal Open Market Committee members wanted a 50 basis point rate cut at its July 30-31 meeting, according to minutes released Wednesday, while “several” would have preferred no action.

The debate over yield curve inversion continued, as a summer Friday yielded little economic data, but the market waits to parse the minutes of the most recent Federal Open Market Committee and then eyes will turn to the Federal Reserve Bank of Kansas City’s annual Jackson Hole retreat.

Although new home sales rose for the first time in three months, the rate was lower than expected.

Existing home sales and the Federal Reserve Bank of Richmond’s manufacturing index support a 25 basis point Fed rate cut next week.

The economy was chugging along at about the same pace from mid-May through early July as it had in the previous period, according to the Federal Reserve’s Beige Book.

Declining consumer confidence and home sales back Powell's assessment that uncertainties are rising.

While leaders Powell and Clarida see a growing case for accommodation, Kashkari, Bullard say the need for a rate cut is already here.

While the markets are pricing in two or three interest rate cuts this year, doubters remain.

A decline in pending home sales and a widening trade deficit suggest growth will slow this year.

Softness in consumer spending may be ending, which would increase gross domestic product.

Financial markets ignored surprisingly strong data and stayed focused on tariffs and developments in talks with China.

Worse-than-expected economic data released on Wednesday may signal softer growth — and greater demand for bonds.

The last day of the month brings a host of economic indicators, which showed much good news for housing and labor, strong consumer confidence, but mostly softer manufacturing conditions.

Sales of new U.S. homes unexpectedly rose in March, climbing to a 16-month high.

The pace of existing home sales fell by 4.9% to a 5.21 million annual rate in March after a surge in February.

U.S. new-home construction unexpectedly fell in March, decelerating to the slowest pace since May 2017.

The National Association of Home Builders' housing market index rose to 63 in April from 62 in March.