US After January’s cycle-high pace of existing US home sales, contract closings dipped in February to a 5.48-million unit pace. This was somewhat expected as pending home sales, which are counted when a contract is signed and are a leading indicator for existing home sales, declined in January. Low inventory of homes for sale and [...]
US The Federal Reserve raised its short-term target rate 25 bps at its March FOMC meeting, with one dissent. Median projections were largely unchanged and still point to three hikes in 2017 and 2018. The target range now rests between 0.75% and 1.00%. The timing of the next rate hike remains elusive, but with political [...]
US In the light of the recent positive readings, the FOMC is expected to raise the target range for the Fed funds rate on March 15th by 25 bps to 0.75% to 1.00% (an 88-bp midpoint), with the other policy rates following suit (interest rate paid on reserves to 1.00%, overnight reverse repo rate to [...]
US Speeches by Federal Reserve officials continued to prep the markets for an increase in interest rates “relatively soon.” Market expectations have responded, with the Fed fund futures pricing in a 96% probability that the Fed will raise rates at the March 15 meeting. The ISM manufacturing composite rose to 57.7 in February, which is [...]
