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Recent indicators point to slower growth of household spending and business fixed investment in the first quarter… In light of global economic and financial developments and muted inflation pressures, the Committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate.” In other words, the Fed is expecting slower growth ahead and is in no hurry to adjust interest rates.
Other economic reports out last week indicated that existing home sales increased 11.8% month-on-month in February to a seasonally-adjusted annual rate of 5.51 million, although total sales were still down 1.8% as compared to the same period last year. On a more positive note, the Conference Board’s index of leading economic indicators advanced in February for the first time in five months. The Conference Board’s Director of Economic Research was quoted as saying that “February’s improvement was driven by accommodative financial conditions and a rebound in stock prices, which more than offset weaknesses in the labor market components.” But as reported earlier, the recent Job Openings and Labor Turnover Survey (JOLTS) shows the upward trend in job openings is still trucking along as the spread of openings to hires rose to a record 1.78 million in January.
As for economic reports from overseas last week, Markit Economics reports that Germany’s flash composite PMI fell to a 69-month low of 51.5 in March as the manufacturing component dropped to a six and a half year low of 44.7, the 14th decline in the last 15 months for German manufacturing.
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