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Following a blowout of an emergency door on a Boeing 737 Max in January, orders from Boeing almost completely disappeared for a month.

The Fed voted to hold interest rates steady at 525 – 550 basis points. However, it was Powell’s comments after the meeting that caught the markets’ attention. While there was still a lot of hedging in his statement on Wednesday, his comments stood as a marked shift in tone. This gave quite the gift to both the equity and bond markets.

The dominant economic news last week was around the topic of inflation. Retail Sales came in hotter than expected on Tuesday. On Wednesday, Housing Starts came in just slightly below expectations while Building Permits exceeded expectations. This was echoed on Thursday with Existing Home Sales which came in slightly above estimates.

Economic news was mixed last week. Existing homes sales came back slightly below estimates, while new home sales slightly exceeded them. The housing market continues to be impacted by a reduced inventory of homes as well as higher interest rates.
As of Thursday, Freddie Mac reported that the 30-Year Fixed Rate Mortgage Average in the United States hit a 22-year high at 7.23 percent. The last time that the 30-year fixed rate was this high was in June of 2001.