The Bernanke Consensus on Oil Shocks is Truer Than Ever

Published on June 24, 2025

If we’ve seen the worst of the oil price shock from the Israel-Iran conflict, then another ostensible impediment to Federal Reserve interest rate cuts may have just disappeared.

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FHFA House Price Index Down 0.4% in April

June 24, 2025
The Federal Housing Finance Agency (FHFA) house price index (HPI) fell to 434.9 in April, the first monthly decline since August 2022. U.S. house prices were down 0.4% from the previous month, lower than the expected 0.1% growth, and up 3.0% from one year ago.

S&P CoreLogic Case-Shiller Index: Annual Gains Continue to Slow

June 24, 2025
Home prices declined in April as the benchmark national index fell for a second straight month. The seasonally adjusted home prices for the national index saw a 0.4% decrease month-over-month and a 2.7% increase year-over-year. This marks the third straight month of year-over-year declines and is the smallest annual gain since August 2023. After adjusting for inflation, the monthly change fell to