Today is Tuesday, May 12 and we are reading that core consumer prices saw the largest monthly drop ever in April, US grocery costs jump the most in 46 years and The Fed is starting its program to purchase corporate bond ETFs. We also see that as states reopen, homebuyers are rushing out, but sellers are staying on the sidelines and college acceptance rates may go higher as schools start aggressively courting applicants.
Consumer prices in April took their biggest drop in history going back to at least 1957 as the economy reeled from restrictions imposed to control the coronavirus.
Prices Americans paid for eggs, meat, cereal and milk shot higher in April as people flocked to grocery stores to stock up on food amid government lockdowns designed to slow the spread of Covid-19.
The Federal Reserve will be starting its long-awaited corporate bond program Tuesday amid a boom in debt issuance. The central bank will kick off its Secondary Market Corporate Credit Facility, which is part of a history-making initiative in which it will purchase exchange-traded funds that track the corporate debt market.
The number of for-sale listings plummeted in April, as both buyers and sellers dropped out of the market as a result of the pandemic. For the week ended May 2, total listings were down 19% annually, and new listings were down 39%, according to realtor.com.
More than ever, the nation’s colleges want you to enroll — even if you can’t set foot on campus. That means accepting more students for the Class of 2024 than in recent years.