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The U.S. Bureau of Labor Statistics reported that the Producer Price Index (PPI) for final demand rose 0.7% in February (seasonally adjusted), following increases of 0.5% in January and 0.4% in December. Over the past 12 months, final demand prices advanced 3.4% (unadjusted), matching the largest annual gain since February 2025. The February increase was driven by both goods and services, with services rising 0.5% and goods climbing 1.1%. More than half of the overall advance came from services, led by a 0.6% increase in services excluding trade, transportation, and warehousing, while trade services and transportation and warehousing also rose 0.4% and 0.5%, respectively. On the goods side, the increase was broad-based, with food prices jumping 2.4% and energy rising 2.3%, alongside a smaller 0.3% gain in goods excluding food and energy. Core PPI (final demand less foods, energy, and trade services) increased 0.5% in February, marking a tenth consecutive monthly advance, and rose 3.5% over the past year.
The Federal Open Market Committee (FOMC) announced that it is maintaining the target range for the federal funds rate at 3.5% to 3.75%, opting to hold policy steady amid heightened uncertainty surrounding the economic impact of rising energy prices and geopolitical tensions. In its policy statement, the Committee emphasized that economic activity continues to expand at a solid pace, supported by resilient consumer spending and ongoing business investment, while the housing sector remains weak and job growth has moderated alongside slower labor force expansion. At his post-meeting press conference, Chair Jerome Powell noted that inflation remains somewhat elevated, with recent pressures driven in part by tariff effects and higher oil prices, adding that while longer-term inflation expectations remain anchored, the near-term outlook is highly uncertain. Powell stressed that policy is well positioned to balance risks to both employment and inflation and reiterated that future decisions will be made on a meeting-by-meeting basis as the Committee assesses incoming data and the evolving economic outlook.
The U.S. Census Bureau reported that sales of newly built homes decreased (-17.6%) month over month to a seasonally adjusted annual rate of 587,000 in January down from a revised December rate of 712,000 and 11.3% below the January 2025 rate. Monthly declines occurred across all regions, led by the Northeast (-44.7%), followed by the Midwest (-33.9%), West (-21.6%), and South (-8.1%), while total 2025 sales reached 677,000 units, a 1.3% decrease from 2024. The median sales price dropped to $400,500 from December’s $419,200, and the average price fell to $499,500 from $530,900. At the current sales pace, the 476,000 houses for sale represent a 9.7-month supply, up from 8.0 months in December; this inventory consists of 126,000 completed homes, 245,000 units under construction, and 105,000 where construction has not yet started.
Tuesday March 24 – S&P Global Manufacturing PMI (March)
Thursday March 26 – Initial Jobless Claims
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