Stocks rose after Fed Minutes showed urgency for raising rates to tame high inflation. Officials at this month’s meeting were in agreement on need for further half-point increases in June and July.
The MBA Purchase Index in the United States rose a bit, but is now far below prior highs.
• Mortgage applications fell.
• The MBA Purchase Index in the United States edged up 0.2% to 225.5 in the week ended May 20th 2022 but remains well off the highs.
• This Friday official PCE and Core PCE numbers come out, the preferred Fed inflation index.
Headlines of the Day
Fed Saw Aggressive Hikes Providing Flexibility Later This Year
Most Federal Reserve officials agreed at their gathering this month that the central bank needed to tighten in half-point steps over the next couple of meetings, continuing an aggressive set of moves that would leave policy makers with flexibility to shift gears later if needed.
Fed’s Inflation Fight Gets a Boost Amid the Wall Street Rout
Inflation expectations fall as financial conditions tighten. Market is showing ‘some faith’ in Fed’s credibility: BMO.
Three Takeaways From the Latest Round of Retail Earnings
It’s another big day for retail earnings, following reports from Best Buy , Abercrombie & Fitch , Ralph Lauren , and Petco Health & Wellness . The results show that Americans are still spending, but more selectively than they did before.
Beijing Punishes Officials for Covid; Tianjin Area Lockdown
Beijing punished a dozen officials over two Covid-19 clusters as China’s capital continues to report new infections in its now monthlong outbreak, while the nearby port city of Tianjin locked down its city center amid a simmering flareup.
Biggest US Ports Rank as World’s Least Efficient for Containers
Los Angeles, Long Beach are last in gauge of 370 maritime hubs. Asian ports perform well; Chinese operations dominate top 10.
Economic Data Results for 5-25-2022
United States MBA Mortgage Applications
Mortgage applications in the United States declined 1.2% in the week ended May 20th, following an 11% slump in the previous week, as high prices and rates continue to weigh on buyers' affordability, data from the MBA showed.
United States MBA Purchase Index
The MBA Purchase Index in the United States edged up 0.2% to 225.5 in the week ended May 20th 2022, but remains far off the highs.
United States Durable Goods Orders
New orders for US manufactured durable goods increased 0.4% month-over-month to $265.3 billion in April of 2022, following a downwardly revised 0.6% rise in March and below forecasts of 0.6%, in a sign business spending moderated.
Economic Data Due Tomorrow on 5-26-2022
GDP Price Index QoQ 2nd Est Q1
Initial Jobless Claims 21/MAY
Pending Home Sales YoY APR
Get The CML Close - End of Day Market Wrap
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