Inflation eased a little in April, though remained elevated above market expectations. The rate of inflation continues to exceed growth in average hourly earnings for most workers, with some exceptions like for those in the leisure and hospitality sector.
The first estimate for GDP in Q1 2022 came in well under expectation, contracting at an annualized rate of 1.4%. This was largely due to worsening net exports and a decline in private inventories and government spending.
Real yields on treasury bonds have soared into near-positive territory on the back of Fed tightening. In the last month alone, five-year treasury yields increased nearly 1 percentage point. Fed Chairman Jerome Powell signaled on Thursday that a 50 basis point hike is likely in the May FOMC meeting.
Nearly 2.34 million people traveled through a TSA checkpoint in the U.S. on April 14, up 56.7% year-over-year.
The Manheim Used Vehicle Value Index decreased 7.8 points in March to 223.5, the biggest drop in used car prices since April 2020.
According to a Department of Agriculture survey, farmers anticipate planting a record high 91 million acres of soybeans in 2022, up 4% from last year. Intentions to plant corn, which requires more fertilizer to harvest, fell in 2022 amid surging costs.
A look at the card market shows robust competition among card networks and issuers.
The average 30-year fixed-rate mortgage increased 26 basis points in just one week, according to Freddie Mac. The last time the 30-year rate exceeded 4.4% was in March 2019. Mortgage rates across all loan types continue to move up.
Digging into the data showing that the market for deposits is highly competitive.
According to the Federal Open Market Committee dot plot, the Federal Reserve expects to increase rates six more times this year, which would take the federal funds rate from its current position, 25-50 basis points, up to 175-200 basis points.