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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK CPI advanced as expected in May
In the UK, the CPI climbed 9.10% on a YoY basis in May, at par with market expectations and compared to a rise of 9.00% in the previous month.
UK house price index unexpectedly climbed in May
In the UK, the DCLG house price index unexpectedly advanced 12.40% on a YoY basis in May, compared to a revised rise of 9.70% in the previous month. Market anticipations were for the index to record a rise of 9.70%.
Euro-zone consumer confidence index unexpectedly dropped in June
In the Euro-zone, the consumer confidence index unexpectedly fell to -23.60 in June, compared to a revised reading of -21.20 in the prior month. Markets were expecting the index to record a rise to -20.50.
US MBA mortgage applications advanced in the week ended 17 June 2022
In the US, the MBA mortgage applications rose 4.20% on a weekly basis in the week ended 17 June 2022, compared to a rise 6.60% in the prior week.
Jerome Powell says Fed ‘strongly committed’ to bring down inflation back to 2.0%
US Fed Chairman, Jerome Powell, in his testimony before a Senate committee, reiterated his commitment to bring down inflation through higher interest rates and stated that policymakers are not trying to cause a recession in the process. Meanwhile, he said that a recession is possible but still not likely.
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