- The core PCE rose 3.1% in April, more than expected. The index is generally considered a wide-ranging measure for inflation, and its growth reflects economic expansion.
- Oil prices are rising, supported by an OPEC+ decision to restore supply to the market gradually and by the slow pace of nuclear talks between Iran and the U.S.
- According to the Fed, the economic recovery picked up steam in the past 2 months, sparking price pressures as businesses contended with labor shortages and rising costs.
- High prices and low supply could finally be taking some heat out of the housing market. Purchase applications fell 3% for the week and were 2% lower than a year ago.
- According to a recent survey, a record high 51% of homes are selling over asking price. Last year that number was 26%, showing that demand is higher than available inventory.
- There is speculation that housing inventory could increase when the eviction moratorium expires at the end of June and more homeowners exit forbearance.
