CNBC Economy

Sales of newly built homes jumped far more than expected in May, according to the U.S. Census. After slowing dramatically in March, as the coronavirus shut down the economy, they posted the strongest May pace since 2007, a recovery that surprised even the builders themselves. But housing starts were not nearly as strong, and builders are struggling to meet this new demand.

The recession is playing out much differently across wealth, race and gender divides. Some are bearing the brunt of the economic contagion, while others hardly feel a thing.

As the Main Street lending facility wraps up its first full week of operation, Rosengren reported brisk interest on the borrowing side amid what looks like tepid interest from banks thus far.

Economists say the latest jobless claims report shows adds weight to calls for the extension of expanded unemployment benefits.

The elevated claims number persists even as all states have reopened to varying degrees and nonfarm payrolls grew by 2.5 million in May.

U.S. retail sales were expected to rise 8% in May, after plunging 16.4% the prior month as retailers went into lockdown amid the coronavirus crisis.

The Fed chairman repeated warnings about the economy during the first day of his semiannual testimony before Congress.

Powell said the central bank's announced move this week to buy corporate bonds fulfills a pledge it had made earlier but is not an effort to take over the market.

Builder sentiment jumped a striking 21 points in June to 58, the largest monthly increase ever in the National Association of Home Builders/Wells Fargo Housing Market Index.

Those purchases will go along with the ETFs the Fed already has been buying, the central bank announced Monday.

Monthly improvement came across the board, especially in the index of future business conditions.

U.S. import prices rebounded more than expected in May, which could further diminish fears of deflation as the economy battles a recession.

Treasury Secretary Steven Mnuchin told CNBC that shutting down the economy for a second time to slow Covid-19 isn't a viable option.

U.S. producer prices increased more than expected in May amid a surge in the cost of meat, but the underlying trend in producer inflation remained subdued.

Those collecting benefits declined as well, totaling 20.9 million, compared with a downwardly revised 21.5 million a week earlier.

The company that has purchased retailers such as Forever 21 out of bankruptcy is looking for buying opportunities during the coronavirus pandemic. "My strategy is simple. Buy low, sell high," Authentic Brands Group CEO Jamie Salter said.

The Fed also said it will continue to increase its bond holdings, targeting Treasury purchases at $80 billion a month and mortgage-backed securities at $40 billion.

This is a comparison of Wednesday's Federal Open Market Committee statement with the one issued after the Fed's previous policy-making meeting on April 29.

U.S. consumer prices fell for a third straight month in May as demand remained subdued amid a recession caused by the Covid-19 pandemic.

Rising interest rates did nothing to deter an onslaught of mortgage demand from homebuyers: Applications for loans to purchase a home rose 5% last week.