Home Prices Edged up in April

The Case-Shiller Home Price, just out this morning, showed that home prices continued to move higher in April despite the economy’s pandemic-induced lockdown. For the month, the 20-City Index rose by 0.33%; less than the prior month’s rise of 0.49% and also less than the expected increase of 0.5%. Year-over-year, prices rose by 3.98% against an expectation of 3.8%. For the broader U.S. Index, prices year-over-year rose by 4.73% against an expected move of 4.5%. Later this morning, the Conference Board is expected to report that its Consumer Confidence Index improved in June amid reopening optimism. Also today, Treasury Secretary Mnuchin and Fed Chairman Powell will be speaking to the House Financial Services Committee.

After yesterday’s big rally, equity markets look to open a little weaker while bond prices tread water. For now, the Ten-Year’s yield sits at an unchanged 62 basis points. The long bond’s yield is 1.37%. Crude oil has slipped less than a dollar to around $39 while gold is off about $3 to $1,770.