Retail sales fell more than expected in February, probably due to the bitterly cold weather across the country. A rebound is considered likely next month.
The Fed kept policy rates unchanged this week, stating that current monetary policy is appropriate and there’s no reason to push back against the recent Treasury yield surge.
Jobless claims rose unexpectedly last week to 770,000, the highest number since mid-February, as the labor market recovers in fits and starts.
Homebuilder confidence in the single-family housing market fell in March. Builders continue to face rising mortgage rates and rising costs for materials, especially lumber.
Housing starts fell 10.3% to a 6-month low during February’s cold weather. It was likely a temporary setback for a housing market with lean inventory and strong demand.
Mortgage applications continued to fall as rates climbed, down 2.2% last week. However, purchase applications were still 5% higher than the same week a year ago.
“Who has a harder fight than he who is striving to overcome himself.” Thomas a Kempis Next weeks potential market moving reports are:
Monday, March 22nd – Existing Home Sales
Tuesday, March 23rd – New Home Sales
Wednesday, March 24th – Durable Goods Orders
Thursday, March 25th – First Time Jobless Claims
Friday, March 26th – Consumer Sentiment