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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK CPI advanced more than expected in May
In the UK, the CPI rose 2.10% on a YoY basis in May, compared to a rise of 1.50% in the prior month. Markets were expecting the CPI to record a rise of 1.80%.
UK house price index advanced less than expected in April
In the UK, the house price index registered a rise of 8.90% on a YoY basis in April, compared to a revised advance of 9.90% in the previous month. Markets were expecting the index to record a rise of 9.5%.
Fed keeps interest rate unchanged, projects two possible rate hikes by end of 2023
The Fed, at its latest monetary policy meeting, kept its benchmark interest rate unchanged at 0.25%. However, the Fed officials now expect to make two interest rate increases by the end of 2023, citing an improved health situation. Further, the policymakers raised its projections on inflation to 3.4% in the final three months of 2021, up from previous expectations of 2.4%.
US building permits dropped in May
In the US, building permits fell 3.00% on a MoM basis in May, compared to a revised drop of 1.30% in the previous month.
US housing starts advanced in May
In the US, housing starts rose 3.60% on a MoM basis in May, compared to a revised drop of 12.10% in the prior month.
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