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 This material may not be published, broadcast, rewritten or redistributed.


Haitian migrant Gerson Solay, 28, carries his daughter, Bianca, as he and his family cross into Can...
Associated Press

US, Canada to end loophole that allows asylum-seekers to move between countries

President Joe Biden and Canadian Prime Minister Justin Trudeau on Friday announced a plan to close a loophole to an immigration agreement.
1 day ago
Expert skateboarder Di'Orr Greenwood, an artist born and raised in the Navajo Nation in Arizona and...
Associated Press

Indigenous skateboard art featured on new stamps unveiled at Phoenix skate park

The Postal Service unveiled the “Art of the Skateboard" stamps at a Phoenix skate park, featuring designs from Indigenous artists.
1 day ago
(Facebook Photo/City of San Luis, Arizona)...
Associated Press

San Luis authorities receive complaints about 911 calls going across border

Authorities in San Luis say they are receiving more complaints about 911 calls mistakenly going across the border.
7 days ago
(Pexels Photo)...
Associated Press

Daylight saving time begins in most of US this weekend

No time change is observed in Hawaii, most of Arizona, Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam and the Northern Marianas.
15 days ago
Mexican army soldiers prepare a search mission for four U.S. citizens kidnapped by gunmen in Matamo...
Associated Press

How the 4 abducted Americans in Mexico were located

The anonymous tip that led Mexican authorities to a remote shack where four abducted Americans were held described armed men and blindfolds.
15 days ago
Tom Brundy points to a newly built irrigation canal on one of the fields at his farm Tuesday, Feb. ...
Associated Press

Southwest farmers reluctant to idle farmland to save water

There is a growing sense that fallowing will have to be part of the solution to the increasingly desperate drought in the West.
22 days ago

Sponsored Articles

(Pexels Photo)...

Sports gambling can be fun for adults, but it’s a dangerous game for children

While adults may find that sports gambling is a way to enhance the experience with more than just fandom on the line, it can be a dangerous proposition if children get involved in the activity.
Fiesta Bowl Foundation

Celebrate 50 years of Vrbo Fiesta Bowl Parade magic!

Since its first production in the early 1970s, the Vrbo Fiesta Bowl Parade presented by Lerner & Rowe has been a staple of Valley traditions, bringing family fun and excitement to downtown Phoenix.
(Desert Institute for Spine Care photo)...

Why DISC is world renowned for back and neck pain treatments

Fifty percent of Americans and 90% of people at least 50 years old have some level of degenerative disc disease.
This Week: Powell testimony, FedEx results, May home sales