Fed Chair Powell moves markets {Market Report} March 5th

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Now The Market Report . . .

New Fed Chair Jerome Powell appeared for his first time in front of Congress this week. He moved markets with his upbeat economic views, pressuring rates.

Consumer prices increased in January, and inflation posted its largest gain in 12 months. Inflation pressures rates higher, including mortgage rates.

The labor market continues to show strength as well. Filings for unemployment benefits fell last week to the lowest level in almost five decades.

Home prices accelerated in December, according to a recent Case-Shiller report. Prices were up 6.4% year-over-year with continued strong buyer demand.

Pending home sales were down 4.7% in January. However, the drop is likely due to tight inventory and bad weather rather than increased mortgage rates.

Buyer traffic was strong in January, but listings fell to an all-time low, down 9.5% year-over-year. This can continue to fuel price gains.

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This week’s potential market moving reports are:

Monday, March 5th:           ISM Non-Mfg Index

Tuesday, March 6th:          Factory Orders

Wednesday, March 7th:    MBA Mortgage Applications, ADP Employment Report

Thursday, March 8th:         First Time Jobless Claims

Friday, March 9th:               National Employment Situation

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