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Market News
The Federal Reserve kept the benchmark U.S. interest rate at 5.25 percent and stressed in new language that inflation is the greatest risk facing the economy.
Purchases of new homes fell 1.6 percent last month to an annual pace of 915,000, the Commerce Department reported Tuesday, and housing prices in 20 cities in April fell by the most in at least six years, according to S&P/Case-Shiller.
Residential investment, a component of gross domestic product accounts that includes everything from major remodels to new home construction, has dropped for six consecutive quarters, the longest slump since 1989-1990.