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- US House Prices Higher Than Expected
Market Overview
Read time 0.6 minutes
Year To Date Performances:
| Dow Jones | 35,520.12 | 7.19% |
| S&P 500 | 4,566.75 | 19.42% |
| Nasdaq | 14,127.28 | 36.01% |
| Rusell 2000 | 1,980.36 | 13.12% |
| TSX | 20,561.64 | 5.75% |
| Bitcoin | $29,375.40 | 77.72% |
| Ethereum | $1,873.43 | 56.71% |
| US to Canadian Dollar | $1.32 | -2.84% |
The International Monetary Fund (IMF) has revised its global GDP growth forecast for 2023 to 3%, an increase from its previous estimate of 2.8% in April. However, this projection is lower than the 3.8% growth seen last year. The IMF maintained its 3% growth projection for 2024. Despite the upgrade, the IMF issued a cautionary note, stating that risks are still "tilted to the downside." These risks include potential tighter credit conditions, decreasing savings rates, and a sluggish recovery in China.
US home prices surpassed expectations for the third consecutive month with a 0.7% month-on-month increase in May. On a yearly basis, prices declined by 0.5%, but they are merely 1% below their peak from June 2022. Although regional data showed variations, the overall limited inventory relative to strong buyer demand continues to exert upward pressure on home prices.
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Headlines
The Federal Reserve announced another rate hike yesterday.
Oil prices remain above their 200-day moving average.
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