Markets: They were really bumpy last week. Especially on Thursday when the idea of a significant capital gains tax increase was suggested by the Biden Administration. Listen to what I said about this with Bill Wills last Friday (link in Radio… below).
The S&P roller coaster last week: down, down, up, down, and up.
Housing: Mixed results. Existing home sales down -3.7% in March but are up YOY +12.3%. New home sales soared +20.7% in March, and YOY… wait for it… are up +66.8%. Wow.
Jobless claims: The number was lower than expected (615,000) again, coming in at 574,000.
Radio: Last week Bill & I discussed the potential impact of the Biden tax increases. Here’s the link… https://www.podbean.com/ew/pb-uq8ga-10188dc
Focus of the week: The focus this week with be the Federal Reserve. The April FOMC meeting is on Tuesday and Wednesday. And the metric that the Fed watches for inflation, the PCE index, gets updated on Friday morning. Will we see any changes in tone from the Fed?
Indicator focus: Durable goods orders (Mon); consumer confidence (Tue); international trade, Fed meeting statement, and the Fed Chair press conference (Wed); Q1 GDP, jobless claims (Thu), and the PCE index (Fri).