Economic Wrap and Economic Event Risks - Westpac

Analysts at Westpac offered and Economic Wrap and Economic Event Risks today.

Key Quotes:

Fed Chair Yellen’s testimony to the Senate Banking Committee was largely a repeat of last week’s FOMC statement and press conference. She noted that the labour market’s improvement had slowed in pace but also warned not to overreact to one or two reports.

Economic Event Risks

NZ: migration for May will be of interest to analysts. While inward migration levels remain very high, the growth rate has shown signs of slowing.

Australia: Westpac’s leading index improved from –1.51% in March to –1.08% in April, but that was its 12th consecutive negative print. The current level of the index continues to signal that growth will disappoint through the remainder of 2016.

US: Fed Chair Yellen speaks again, this time in front of the House Committee. Meanwhile in NY, Powell makes introductory remarks on a panel.

Existing home sales are also out. There has been a clear divergence between the existing and new home sale trends over the past year. Existing sales have been broadly flat as new home sales have jumped higher. In addition to existing sales, FHFA house prices for April are also due; moderate price momentum to persist.