U.S. Review
The Hill Is Alive with the Sound of Yellen
- Yellen’s testimony to Congress this week did not change our outlook for a rate hike in June, as the Fed sees recent weakness in inflation as transitory.
- Consumer prices fell again in January, though much of the decline can be blamed on lower oil prices and a stronger dollar.
- Consumers remain confident despite the fall in the headline index. Weaker home sales numbers point to consumers’ hesitation to make major purchases.
- Durable goods orders rebounded some, though not enough to make up for recent weakness.
Global Review
Modest Pace of Growth Continues Abroad- Further evidence emerged this week that a modest cyclicalupswing appears to be taking hold in the Eurozone. Sentiment indicators continued to improve, consumer spending in France was stronger than expected and growth in bank lending turned positive for the first time in nearly three years.
- Revised real GDP data in the United Kingdom showed that consumer spending continues to be an important driver of growth in that economy. Economic data out of Japan were mixed, but they generally showed that the economy has continued to expand in the first quarter.
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