Weekly Market Update

High-end real estate sales in Manhattan increased in the past month, despite concerns about a proposed pied-à-terre tax that could cause a wealth flight. Meanwhile, Federal Reserve Governor Stephen Miran is stepping down after proposing significant changes to the central bank's policies.

MARKET SNAPSHOT:

• Stocks: High-end real estate sales in Manhattan increased by 133 contracts signed for apartments, despite concerns about a proposed pied-à-terre tax.
• Mortgage Rates: Held essentially flat this week, according to Freddie Mac survey data, even as inflation data complicates the case for interest rate cuts.

WHAT HAPPENED AND WHY IT MATTERS:

High-end real estate sales in Manhattan increased by 133 contracts signed for apartments last month, despite concerns about a proposed pied-à-terre tax. This is good news for those who own or are interested in luxury properties, as it means they can sell their properties for a higher price.

The Federal Reserve Governor Stephen Miran is stepping down after proposing significant changes to the central bank's policies. His departure could lead to changes in the Fed's monetary policy, which could have an impact on interest rates and the overall economy.

WHAT TO WATCH NEXT WEEK:

• The U.S. inflation data for April will be released next week, which could give us a better understanding of how the economy is performing.
• Kevin Warsh, the newly appointed Federal Reserve chair, will begin his tenure at the central bank next week, which could lead to changes in monetary policy.

The increased demand for luxury properties in Manhattan and the departure of Stephen Miran from the Fed are signs that the economy is shifting. As interest rates may not change soon, this could be a good time for investors to consider putting their money into high-end real estate or other asset classes that benefit from low interest rates.