Your Friday Market Update is here — let’s get right to it!
Monday started off the with week with a quiet news day.
Come Tuesday we received a handful of housing data. FHFA reported year-over-year home appreciation up 11.4% for the month of December and Case-Shiller listed home appreciation up 10.4% across the entire country.
On Wednesday we received new home sales. Month over month, January was up 4% truly solidifying the robust new construction market here in CO.
More housing data for ya, on Thursday we got Pending Home Sales data. Reporting shows pending home sales are up 13% year-over-year. We also received some data from the Personal Consumption Expenditure (PCE). Here we’ll look at the core rate which strips out food and energy costs. With that being said, month-over-month PCE is up 3/10ths of a percent followed by inflation which year-over year sits at 1.5% compared to 1.3% from the previous year. Though inflation has risen slightly we know that the Federal Reserve plans to keep rates right around zero for a long time.
Lastly I’ve pulled up some graphs to show you the yield on the 10-year treasury and dive into why interest rates have risen slightly in the past week. Tune in to the video for a deeper explanation on this.