Friday - April 8
Fed Chair Yellen spoke on Thursday night on a panel that included former Fed Chairmen Greenspan, Bernanke and Volcker. Ms. Yellen said that the U.S. economy was on a solid course with some hints of inflation, putting the central bank on track for future rate hikes. The Fed Chair went on to say that the global economy has seen relatively weak growth, despite positive signs in the U.S. The Federal Reserve predicts that it will raise the benchmark Fed Funds Rate two times this year, down from the four that was originally projected.
Fannie Mae released its Home Purchase Sentiment Index (HPSI) for March on Thursday saying that the index is at its lowest point in 18 months. The HPSI decreased 2.5 points to 80.2 in March. The survey went on to show a more negative consumer outlook on the direction of the economy. The largest component of the index was the net share of consumers who think now is a good time to sell a home, which fell 8 percentage points.
Motor club AAA reports that gas prices in the first quarter of 2016 averaged $1.86, the lowest in 12 years led by plunging oil prices. And though prices will edge higher by Memorial Day weekend, prices will still be low compared to past years. AAA gives three reasons for the uptick in prices; higher oil prices, higher demand as more drivers hit the roads in the warmer weather, and government regulations state that refineries have to produce a more expensive blend of gas during peak summer driving months. The current national average price for a regular gallon of gasoline is $2.04, up from $1.81 a month ago, but well below the $2.38 seen a year ago.
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