Top-of-mind economic news as we start the week:
— First Republic was acquired by JP Morgan Chase in a deal brokered by the FDIC, which will assume some of the losses on the bank’s loan portfolio.
— A key measure of US inflation — the Personal Consumption Expenditures (PCE) Index — slowed to 4.2% for the 12 months ended in March, down from 5.1% through February.
— This week, the Federal Reserve is expected to raise its key interest rate by 0.25 basis points, to 5% – 5.25%, the highest since 2006; speculation this will be final rate hike.
— Sales of new US homes surged 9.6% in March, with higher mortgage rates being offset by mortgage buydown programs; prices rose.
— Blackrock, Daimler, and NextEra will invest $650 million to create a US network for charging electrically powered trucks and other commercial vehicles.
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