CNBC Economy

San Francisco Fed President Mary Daly said she believes last year's rate cuts put the U.S. economy in a strong position to deal with external headwinds.

Using a scientific method initially developed to measure human skulls, researchers from MIT and State Street say there's a 70% of recession in the next 6 months.

Homeowners rushed to take advantage of the sharp drop in interest rates last week. Refinance demand pushed total mortgage application volume up 5% for the week to the highest level since 2013, according to the Mortgage Bankers Association.

Industries reported increases in new orders, suggesting the economy could continue to grow moderately this year even as consumer spending is slowing.

The spread of the coronavirus could lead global central banks including the Federal Reserve to leverage their policies to stem the weakness, says Benn Steil, international director of economics at the Council on Foreign Relations.

The U.S. trade deficit fell for the first time in six years in 2019 as the White House's trade war with China curbed the import bill, keeping the economy on a moderate growth path despite a slowdown in consumer spending and weak business investment.

China's virus outbreak has prompted traders to begin pricing in a U.S. interest rate cut by June but has not swayed the views of Atlanta Federal Reserve Bank President Raphael Bostic, one of 17 Fed officials who set U.S. monetary policy.

"The fact is, it does give businesses another thing to consider when they go through their review of their supply chain," Trump Commerce Secretary Wilbur Ross said of the deadly coronavirus.

The ISM reading came in at the highest level since July.

Claims data for the prior week was revised to show 12,000 more applications received than previously reported.

The 2.3% growth in U.S. gross domestic product for the full year well below the White House's projections following the 2017 tax revamp.

Economic growth in the final quarter of the year is expected to be on par with third quarter's 2.1%, but it is also likely to herald the start of a slower trend that could continue through the first half of this year.

Pending home sales, which measure signed contracts, not closings, dropped 4.9% in December compared with November, as the supply of homes hit a record low during the month.

In a tweet Tuesday morning, the president again said the central bank should cut its key lending rate so it's more in line with that of its global peers.

After cooling for much of last year, home price gains are accelerating again. Nationally, prices increased 3.5% annually in November, up from 3.2% in October, according to the S&P CoreLogic Case-Shiller national home price index.

Consumer confidence grew more than expected in January as the outlook around the labor market improved, data released Tuesday showed.

New orders for key U.S.-made capital goods dropped by the most in eight months in December and shipments were weak, suggesting business investment contracted further in the fourth quarter and was a drag on economic growth.

Sales of new U.S. single-family homes unexpectedly fell in December, likely held down by a shortage of more affordable homes, but the housing market remains supported by lower mortgage rates.

There is an even balance in the share of U.S. businesses reporting decreases and increases in employment for the first time in a decade, a survey showed on Monday.

First-time claims for state unemployment benefits were expected to total 215,000 in the most recent week, up from the 204,000 claims reported for the previous week.