Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.<\/p>

Last Week’s Economic News<\/h2>

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• The Federal Open Market Committee maintained the target range for the federal funds rate at 5.25%-5.50%, as expected. In its statement, the FOMC indicated that, “The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2.0%.” During his press conference following the meeting, Fed Chair Jerome Powell noted that an interest rate cut is not on the immediate horizon. As to the increase in prices over the past few months, Powell said that the Committee anticipated that the path of lowering inflation may be bumpy. However, the FOMC is looking at the performance of inflation over time, not just a few months. The Fed retained its forecast for three rate cuts this year.<\/li>\n\n
• February saw sales of existing homes jump 9.5%, although sales declined 3.3% year over year. Additional supply and consistent demand have helped drive sales throughout the country. Unsold inventory sat at a 2.9-month supply in February, down from 3.0 months in January. The median existing-home sales price was $384,500 in February, up from $378,600 in January, and well above the February 2023 price of $363,600. Existing single-family home sales also grew in February, up 10.3% but down 2.7% from a year earlier. The median price for existing single-family homes was $388,700, higher than the January price of $382,900, and over the February 2023 price of $368,100.<\/li>\n\n
• The number of residential building permits issued in February was 1.9% above the January rate. The number of single-family building permits issued in February increased 1.0%. The number of housing starts in February rose 10.7% above the January estimate, while single-family housing starts increased 11.6%. Housing completions in February rose 19.7% over January. Single-family housing completions advanced 20.2% last month. Your\u00a0FREE<\/u>\u00a0personalized Moon Reading\u00a0explores the secret depths of your personality, relationships and true purpose in life<\/a><\/strong><\/li>\n\n
• The national average retail price for regular gasoline was $3.453 per gallon on March 18, $0.077 per gallon more than the prior week’s price and $0.031 per gallon more than a year ago. Also, as of March 18, the East Coast price increased $0.084 to $3.349 per gallon; the Midwest price rose $0.022 to $3.309 per gallon; the Gulf Coast price increased $0.154 to $3.099 per gallon; the Rocky Mountain price rose $0.089 to $3.166 per gallon; and the West Coast price increased $0.084 to $4.380 per gallon.<\/li>\n\n
• For the week ended March 16, there were 210,000 new claims for unemployment insurance, a decrease of 2,000 from the previous week’s level, which was revised up by 3,000. According to the Department of Labor, the advance rate for insured unemployment claims for the week ended March 9 was 1.2%, unchanged from the previous week’s rate. The advance number of those receiving unemployment insurance benefits during the week ended March 9 was 1,807,000, an increase of 4,000 from the previous week’s level, which was revised down by 8,000. States and territories with the highest insured unemployment rates for the week ended March 2 were New Jersey (2.9%), Rhode Island (2.7%), California (2.5%), Minnesota (2.5%), Massachusetts (2.4%), Illinois (2.2%), Montana (2.0%), New York (2.0%), Pennsylvania (2.0%), Alaska (1.9%), Connecticut (1.9%), and Washington (1.9%). The largest increases in initial claims for unemployment insurance for the week ended March 9 were in Oregon (+2,216), California (+462), Indiana (+427), Texas (+392), and Nevada (+342), while the largest decreases were in New York (-14,583), Ohio (-1,453), New Hampshire (-446), Massachusetts (-305), and Vermont (-289).<\/li><\/ul>

  Eye on the Week Ahead<\/h2>