Archive: July, 2013
In a Nutshell: "The Committee will closely monitor incoming information on economic and financial developments in coming months."
Rate Decision: Fed funds rate maintained at a range between 0% and 0.25%
Quantitative Easing Decision: Bond purchases remain at $85 billion
KEY DATA: GDP: +1.7%; Consumption: +1.8%; Investment: +9%/ADP: 200,000
IN A NUTSHELL: "While the economy limps along, job gains seem to be holding up quite well."
INDICATOR: May Case Shiller Home Price Index/June CoreLogic Foreclosures
KEY DATA: Case Shiller (20-Cities): up 1%; Year-over-Year: up 12.2%/CoreLogic Foreclosures: up 2.5%; Year-over-Year: down 20%
IN A NUTSHELL: "Home prices are rising and with the distressed homes falling sharply, those home price increases are likely to continue for a while."
KEY DATA: Durables: +4.2%; Excluding Aircraft: +1.5%; Business Investment: +0.7%/Claims: 343,000 (up 7,000)
IN A NUTSHELL: "Demand for big-ticket items remains strong but the continued growth is not being translated into a lot more jobs."
INDICATOR: June New Home Sales
KEY DATA: Sales: up 8.3%; Year-over-Year: up 38.1%; Median Prices (Year-over-Year): up 7.4%
IN A NUTSHELL: "The jump in new home sales is great news but whether it was due to growing demand or fears of even higher mortgage rates is not clear."
INDICATOR: May Federal Housing Finance Agency Home Prices
KEY DATA: FHFA: +0.7%; Year-over-Year: +7.3%
IN A NUTSHELL: "Home prices continue to rise but the pace may be slowing."
INDICATOR: June Existing Home Sales
KEY DATA: Sales: 5.08 million units annualized (down 1.2%); Prices (Year-over-Year): up 13.5%
IN A NUTSHELL: "Home sales are hanging in but it is too early to tell what the impact will be of the jump in mortgage rates."
KEY DATA: Leading Indicators: 0.0%/Phila Fed: up 7.3 points; Expectations: up 11.2 points/ Claims: 334,000 (down 24,000)
IN A NUTSHELL: "If growth was moderating in June, before the impact of higher rates hit, where will growth be during the summer?"