This Week: Powell testimony, FedEx results, May home sales

Jun 19, 2022, 9:10 PM | Updated: 9:30 pm

A look at some of the key business events and economic indicators upcoming this week:

Powell testimony

Federal Reserve Chair Jerome Powell will testify before Congress on Wednesday and Thursday to give his regular, semi-annual updates on monetary policy. The Fed has been at the center of Wall Street’s massive moves this year, and any clues Powell gives about upcoming action are sure to guide trading. The Fed has been raising interest rates at an increasing pace, with the most recent hike the biggest since 1994, but Powell said such mega-moves won’t be common.

FedEx earnings

FedEx is in the midst of big changes as pressure increases from activist investors. The package delivery giant recently agreed to add two new directors to its board, and hiked its dividend by more than 50%. It also said it would tie some of its executives’ pay to how FedEx’s stock return measures up to the broader market. The company will report its latest quarterly results on Thursday.

New home sales

The housing market is one of the first to feel the direct effects of the Fed’s rate hikes, as more expensive mortgage rates claw into the industry. On Friday, economists expect a report from the Census Bureau to show sales of new homes slowed in May for the fifth-straight month.

Sales of new homes, seasonally adjusted annual pace

Dec. 839,000

Jan. 831,000

Feb. 792,000

March 709,000

April 591,000

May (est) 588,000

Source: FactSet

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


This photo provided by Robert Wilkes, owner of a house boat management company, shows smoke rising ...

Associated Press

Houseboats catch fire while docked at Wahweap Marina on Lake Powell

More than half a dozen house boats momentarily caught fire at a popular boating destination on the Utah-Arizona line on Friday.

3 days ago

File - Women work in a restaurant kitchen in Chicago, Thursday, March 23, 2023. On Friday, the U.S....

Associated Press

US hiring, unemployment jump in May and what that says about the economy

The nation’s employers stepped up their hiring in May, adding a robust 339,000 jobs, well above expectations.

3 days ago

(Pixabay Photo)...

Associated Press

Oath Keeper from Arizona sentenced for role in Jan. 6 riot at US Capitol

Edward Vallejo, a U.S. Army veteran from Phoenix, oversaw a “Quick Reaction Force” at a Virginia hotel that was prepared to deploy an arsenal of weapons into Washington if needed, authorities say.

4 days ago

FILE - U.S. Border Patrol Chief Raul Ortiz listens during a news conference, Jan. 5, 2023, in Washi...

Associated Press

US Border Patrol chief is retiring after seeing through end of Title 42 immigration restrictions

The head of the U.S. Border Patrol announced Tuesday that he was retiring, after seeing through a major policy shift that seeks to clamp down on illegal crossings at the U.S.-Mexico border following the end of Title 42 pandemic restrictions.

5 days ago

FILE - President Joe Biden talks with House Speaker Kevin McCarthy of Calif., on the House steps as...

Associated Press

House OKs debt ceiling bill to avoid default, sends Biden-McCarthy deal to Senate

The House approved a debt ceiling and budget cuts package late Wednesday, as President Joe Biden and Speaker Kevin McCarthy assembled a bipartisan coalition of centrist Democrats and Republicans against fierce conservative blowback and progressive dissent.

5 days ago

Sean Bickings (Family Photo via city of Tempe)...

Associated Press

Family of man who drowned last year in Tempe Town Lake files wrongful death lawsuit

The family of a man who drowned in Tempe Town Lake a year ago filed a wrongful death lawsuit against the city Wednesday, noting that its police department doesn't have a policy requiring officers to go into the water to save someone.

5 days ago

Sponsored Articles


OCD & Anxiety Treatment Center

5 mental health myths you didn’t know were made up

Helping individuals understand mental health diagnoses like obsessive compulsive spectrum disorder or generalized anxiety disorder isn’t always an easy undertaking. After all, our society tends to spread misconceptions about mental health like wildfire. This is why being mindful about how we talk about mental health is so important. We can either perpetuate misinformation about already […]



Thank you to Al McCoy for 51 years as voice of the Phoenix Suns

Sanderson Ford wants to share its thanks to Al McCoy for the impact he made in the Valley for more than a half-decade.


Day & Night Air Conditioning, Heating and Plumbing

Company looking for oldest air conditioner and wants to reward homeowner with new one

Does your air conditioner make weird noises or a burning smell when it starts? If so, you may be due for an AC unit replacement.

This Week: Powell testimony, FedEx results, May home sales