Minutes released from the Fed's April meeting indicated officials were unconcerned about inflation, which they saw as transitory, but may want to discuss tapering bond purchases soon.

Retail sales were unchanged in April as the boost from stimulus checks faded. An acceleration in sales is likely in the coming months with continuing economic improvements.

Initial jobless claims unexpectedly fell to another post-pandemic low last week. The decline signals steady labor market improvement as business restrictions are lifted.

Homebuilders remain confident due to strong buyer demand amidst inventory shortages, but rising costs of construction materials are weighing on housing affordability.

Housing starts fell more than expected in April, likely pulled down by soaring lumber prices. The acute inventory shortage is still supporting construction.

Weekly mortgage purchase applications fell 4% last week. The average purchase application amount hit $411,400 — the highest since February.

Private payrolls showed a big gain in April, led by hospitality and leisure jobs, according to the ADP report. However, the 742,000 new jobs still fell short of Wall Street's expected 800,000.

Factory orders rebounded in March, and business spending on equipment was stronger than initially estimated, signaling continued economic growth.

Jobless claims dropped to below 500k last week, another sign the labor market is reaching pre-pandemic levels. Businesses are now struggling to find enough workers.

A federal judge has struck down the CDC's national eviction moratorium, saying it exceeds the agency's authority. The DOJ has requested a stay and said it plans to appeal the ruling.

Mortgage applications were down slightly for the week, as tight inventory continued to strain the market. Applications were still up 24% over last year's low pandemic-level activity.

Newly built homes now make up 26% of inventory, according to some estimates. The number of existing homes for sale has dropped to historic lows while builders ramp up production.

The economic recovery gained steam through the 1st quarter, as a rush of consumer spending helped push annual GDP growth to an estimated 6.4%.

The Fed left policy rates unchanged at this week's meeting and reiterated plans to maintain the current pace of bond buying, which will help keep mortgage rates low.

Jobless claims fell last week to a fresh pandemic-era low as more people got vaccinated and returned to work, signaling the job market is steadily returning to pre-pandemic strength.

New home sales rebounded in March, surging 20.7% to the highest level since 2006. The median price of a new home sold in March was $330,800, up slightly from a year ago.

Pending home sales rose less than the expected 5% in March, up just 1.9% from February. Growth was likely tempered by lean inventory.

Due to volatile rising lumber costs, builders have started protecting themselves from ongoing price increases by adding escalation clauses to home buyer contracts.

Surging demand stemming from the coronavirus pandemic led sales of consumer packaged goods — like toilet paper and canned soup — to climb 9.4% to $1.53 trillion last year.

The European Central Bank announced this week it will continue to buy bonds to support the eurozone economy, indirectly supporting U.S. bonds and helping keep rates low.

Jobless claims last week hit a pandemic low, falling to 547,000. Continuing claims also fell, showing the job market continues to rebound.

Existing home sales suffered a 2nd straight monthly decline, as tight supply pushed prices higher. The median price of existing homes sold was $329,100, a 17% annual increase.

Mortgage purchase applications were up 6% for the week and 57% over a year ago. Refi applications jumped 10% for the week but were still 23% lower than a year ago.

Congress allocated more than $45 billion in rental assistance, but states are struggling to get the money to renters, many of whom are still facing the threat of eviction.