Friday – May 9
Fed Chair Janet Yellen was on Capitol Hill yesterday testifying on the state of the U.S. economy and, for the most part, she is upbeat, but the housing sector gives her cause for concern. Ms. Yellen said the sector has been recovering since 2011 and has been a disappointment so far this year. Ms. Yellen said, “The recent flattening out in housing activity could prove more protracted than currently expected rather than resuming its earlier pace of recovery.”
Corporate earnings season is coming down the final stretch for first quarter results. Of the 450 companies that have reported in the S&P 500, 76% have beaten profit estimates, while 53% have exceeded revenue expectations. Earnings season are the months of the year in which a majority of quarterly corporate earnings are released to the public.
After the recent surge in gas prices at the pump, prices seem to be stabilizing for consumers. The national average price for a regular gallon of gasoline is at $3.66, just below the $3.68 recorded a week ago. However, prices are 10 cents higher than a month ago and up 36 cents from the beginning of the year. AAA predicts that prices have already peaked, or are close to doing so, for this spring.
Mortgage Debt Consolidation
