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May 09, 2025
Preview: Due May 23 - U.S. April New Home Sales - Correction lower within a stable trend
May 9, 2025 4:47 PM UTC
We expect an April new home sales level of 695k, which would be a 4.0% decline if March’s surprisingly strong 7.4% increase to 724k is unrevised. March’s level was near the tip of the recent range but underlying trend continues to have little direction, suggesting a dip in April is likely.
Preview: Due May 22 - U.S. April Existing Home Sales - Pending home sales suggest a rise
May 9, 2025 3:47 PM UTC
We expect April existing home sales to rise by 4.5% to 4.20m, which would not fully erase a 5.9% decline seen in March. Sales would then be up 2.9% on a yr/yr basis, after two straight negatives.
Preview: Due May 20 - Canada April CPI - To fall, but only on removal of carbon tax
May 9, 2025 2:09 PM UTC
We expect April Canadian CPI to fall to 1.6% yr/yr from 2.3% with the fall entirely due to the April 1 removal of a carbon tax which the Bank of Canada estimates will reduce inflation by 0.7%, largely in gasoline. We expect the Bank of Canada’s core rates to be unchanged from March.
Canada April Employment - Private sector detail weak
May 9, 2025 12:48 PM UTC
Canada’s April employment gain is modest at 7.4k, and whole full time employment was up by 31.5k there was also a 37.1k increase in public administration. This makes the report on balance weak, particularly with unemployment rising to 6.9% from 6.7%.
This week's five highlights
May 9, 2025 10:00 AM UTC
India, Pakistan, and the New Escalation Paradigm
Tariff Man Posing for Another Strike
FOMC leaves rates unchanged, sees increased risk on both sides of mandate
BoE Divided by Scenarios
Norges Bank Policy Easing Continues to be Deferred
Riksbank Fresh Easing Hints Confirmed