Bernanke Indicates No Easing Up on the QE Gas Pedal
· FOMC Chairman Bernanke gave no indication of scaling back asset purchases in his testimony this week and continued to emphasize weakness in the labor market and low inflation.
· The housing market’s recovery marches on, with sales activity increasing in April. Rising inventories for new and existing homes should help sales gain further traction, as the amount of stock remains constrained.
· Durable goods orders rose more than expected in April and suggest that the recent slowdown in manufacturing activity should be short lived.