Spain Closes Airspace to US Warplanes Involved in Attacks on Iran

US Home Prices Dipped In February For First Time Since June 2025 For the first time since June 2025, US home prices (in the largest 20 cities) fell in February (by 0.05% MoM) according to the latest (admittedly lagging and smoothed) Case-Shiller data. The decline comes after prices surged into the turn of year and has now dragged the YoY gain in prices down to just +0.9% - the weakest since July 2023.  The trend is clear across almost every city... Given the lag in Case-Shiller data, one could argue that prices should...

Americans' Savings-Rate Slumps In April As Fed's Favorite Inflation Signal Soars After accelerating significantly in March, The Fed's favorite inflation indicator - Core PCE (a measure of price changes in consumer goods and services that excludes volatile food and energy costs) - rose 0.2% MoM in April (less than expected +0.3% MoM), but pulled up the YoY measure to +3.3% (as expected) - its highest since Nov 2023. The rise in Services costs (headlined by Housing & Utilities, Financial Services, and Healthcare) dominated the increase in Core PCE YoY... The headline PCE...