Last week, as expected, May’s headline PCE Index was up 0.1% from the previous month and 2.6% over 12 months, not far from the Fed’s 2% target rate. There is still a nearly 60% probability of a 0.25% rate cut in September.
Sales of new single-family homes in May fell by 11.3%. The median sales price of new houses sold was $417,400, the lowest median price in the past 12 months and below the peak median price of $440,900 set in May 2023. May’s PCE Index ...
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