This is a narration of our weekly Rent and Operating Trends Report.
Economists will be focused this week on monetary policy as well as the first release of Q2 GDP. The Fed will meet on Tuesday and Wednesday, and while most forecasters anticipate another 25-basis point increase in interest rates, expectations are mixed on whether or not the Federal Open Markets Committee will raise interest rates again after this week. The Committee raised the Fed Funds rate from 0% to 5.25% in just 14 months, but then paused their monetary tightening at their last meeting. Many key inflation indicators such as the Consumer Price Index and the Personal Consumption Expenditures Index have retreated meaningfully in recent weeks. The Employment-Cost Index will be released Friday and represents the most comprehensive measure of wage growth. Recent strength in the labor market is leading some economists to forecast higher wage growth, thus pushing the Fed to keep interest rates higher for longer.
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