From the Desk - Economic Commentary
Brandon Casey, Member Strategies - 4/29/2026
U.S. equity markets are lower Wednesday as investors remain focused on geopolitical developments involving Iran while awaiting several key catalysts later in the day, including major technology earnings reports and the Federal Reserve’s latest policy decision. No change to interest rates is widely expected at today’s FOMC meeting, placing greater emphasis on Chair Jerome Powell’s post meeting remarks for insight into the outlook for inflation, growth, and the future path of monetary policy. All three major averages were lower on Tuesday.
U.S. durable goods orders increased in March, rising 0.8% month-over-month and exceeding expectations for a more modest gain. Strength was broad based, with orders excluding transportation climbing 0.9%, well above consensus forecasts. Core capital goods orders, a key proxy for business investment that excludes defense and aircraft, rose 3.3% during the month, the most since 2020.
Housing starts rose 10.8% in March to an annualized pace of 1.50 million units, rebounding from February’s 1.36 million rate and coming in above expectations. Single family starts increased notably, while multifamily construction also contributed to the gain. In contrast, building permits declined 10.8% in March to 1.37 million units after a strong increase in February.
MBA mortgage applications declined 1.6%, as refinancing activity fell 4%, though it remained well above year ago levels. Purchase applications edged higher by 1% on the week and continued to run meaningfully above last year’s pace. The average contract interest rate for a 30 year fixed conforming mortgage rose slightly to 6.37%, up 2 basis points from the previous week.
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