Fed rate actions and home price movement – Markets in a Minute

A quick look at the markets for the week ending May 3, 2024 ‌ 

	The Fed kept its policy rate unchanged at this week’s FOMC meeting but kept alive hopes for at least one rate cut this year.
	Job openings fell to a 3-year low in March, and fewer people quit their jobs. Declining labor market conditions could be good for rates.
	Consumer confidence dropped to a 21-month low in April, falling for the 3rd straight month amid concerns about the cost of food and gas.
	The FHFA House Price Index climbed at a faster than expected 1.2% rate for the month in February, reversing a 0.1% decline in January.
	Construction spending fell unexpectedly in March, though the acute housing shortage supports continuing activity.
	The share of ARM applications rose to 7.8% of mortgage demand last week. Purchase apps fell 2% for the week and 14% from a year ago.