Federal Reserve Chairman Jerome Powell’s Testimony
The Federal Reserve Chairman, Jerome Powell, will testify before Congress this week, delivering the Semiannual Monetary Policy Report. This comes after the Federal Reserve decided not to cut interest rates, despite President Trump’s call for a rate cut. The June Summary of Economic Projections showed a median of two quarter-point rate cuts by the end of the year, unchanged from March’s projections.
Upcoming Economic Data
This week will see the release of key economic data, including the personal consumption expenditures price index on Friday. The National Association of Realtors will report existing-home sales on Monday, while the S&P CoreLogic Case-Shiller National Home Price Index will be released on Tuesday. The Census Bureau will report new home sales on Wednesday, and the National Association of Realtors will report pending home sales on Thursday.
Housing Market Update
The state of the housing market will be further clarified with the release of several key indicators. The housing market has been experiencing a slowdown, with high costs affecting sales. Despite this, the median U.S. home-sale price has hit a record high of $396,500, according to Redfin. However, homes are selling for under asking price due to the imbalance between sellers and buyers in the market.
Other Economic News
In other economic news, Federal Reserve governor Christopher Waller suggested that the central bank could cut interest rates in July, despite potential inflation pressures caused by new tariffs. Meanwhile, President Trump’s "big, beautiful bill" has been slimmed down in the Senate, with several controversial provisions removed.
Global Economic Trends
Globally, business activity in Europe and some large economies in Asia has continued to grow despite uncertainty about global trade policy. The mood among British consumers has improved slightly, although global turmoil could affect confidence in the future. Silver prices have surged to their highest levels in over a decade, leading to an increase in silver sellers.
Conclusion
This week’s testimony by Federal Reserve Chairman Jerome Powell and the release of key economic data will provide further insight into the state of the economy. The housing market continues to experience a slowdown, while global economic trends are marked by uncertainty and growth. As the economy continues to evolve, it will be important to monitor these developments and their impact on the financial landscape.
