Fed Speaks; World Listens
Home Prices Edge Higher, FOMC Meeting, & Bernanke Press Conference:
Before Wednesday’s open, the Federal Housing Finance Agency (FHFA) House Price Index (HPI) was released which showed a slight uptick in home prices. The index unexpectedly rose in April, snapping a six-month losing streak. The FHFA house price index rose +0.8% in April, following a decline of -0.4% in March. The Federal Reserve held rates steady which matched expectations and largely reiterated their recent stance on the U.S. economy and inflation.