(Reuters) - Concerns about the effect of a weak housing sector on consumer confidence and spending have supported the view that the Federal Reserve would pare short-term interest rates later this year to stimulate economic growth.
The Standard & Poor's/Case-Shiller said its 20-city home price index was down 1.0 percent in February versus a year ago, while its 10-city home price gauge was 1.5 percent lower in February than a year ago. These levels of year-over-year declines have not been seen in almost 15 years, S&P/Case-Shiller said.
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