U.S. Review: Hard Data Still Not as Spectacular as Survey Data
|U.S. Review Hard Data Still Not as Spectacular as Survey Data
- Hard data from the U.S. housing market and durable goods orders from U.S. factories in February were mixed. Though readings were more muted than recent sentiment indicators, the hard data continue to point to a positive underlying trend.
- Existing home sales fell slightly in February, from January’s strong read, but resales are still off to a strong start for the year. New home sales were boosted by warmer weather in February, pulling up the spring home buying season.
- Durable goods orders posted a gain in February, which was to be expected given the strong survey reads, but details were lackluster.
Global Review MPC: Between a Rock and a Hard Place?
- Real retail spending in the United Kingdom rose more than expected in February. That said, growth in retail spending has clearly downshifted in recent months. Higher inflation, which currently exceeds the Bank of England’s two percent target, is eroding real income growth.
- For now, the Bank of England appears willing to allow inflation to exceed its target for an undisclosed period of time. We believe that the Monetary Policy Committee will refrain from hiking rates through at least the end of the year.
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