U.S. Economic News

June 22, 2017

U.S. Economic Indicators

The FHFA House Price Index shows that U.S. house prices rose 0.7% in April and were up 6.8% from the same period last year.  House prices rose on an annual basis in all nine census divisions. Report
Initial jobless claims increased 3,000 to 241,000 last week.  
The four-week moving average rose 1,500 to 244,750. DOL Report

U.S. News

Former Federal Reserve Governor Kevin Warsh said yesterday that the Federal Reserve is accountable to Congress and should be open to possible reforms.  Warsh also asserted that the Fed needs to review how it communicates internally as well as with the public in order to ensure transparency and accountability for monetary policy decisions. WSJ
The Wall Street Journal reports that congressional Republicans are struggling to agree on a fiscal year 2018 budget resolution, which is necessary to enact tax reform this year.  Some Republican members of Congress want to see significant boosts to defense spending while others seek a balanced budget, meaning there will likely have to be a bipartisan budget agreement as in past years. WSJ
President of the Federal Reserve Bank of Philadelphia Patrick Harker says that he supports a pause in interest rate hikes while the Fed begins shrinking its balance sheet. 
Harker argues that the Fed has discussed its balance sheet long enough and should take action in the coming months to reduce its holdings of various assets. FT