There’s no mystery why the housing sector is stumbling. Surging mortgage rates are taking a toll: a 30-year fixed rate, for example, is close to 7%, a 20-year high. The question is whether this key slice of the US economy will overwhelm the positive support from a so-far resilient labor market and strong consumer spending?
Daily Archives: October 20, 2022
Macro Briefing: 20 October 2022
* Embattled British Prime Minister Liz Truss under pressure to resign
* Fed’s Beige Book: US economy expands modestly since early September, but…
* Fed survey finds US firms becoming more pessimistic about economic conditions
* Japanese yen at weakest level vs. US dollar since 1990
* Price hikes boost earnings for Procter & Gamble
* Amazon founder Jeff Bezos warns of trouble ahead for US economy
* Home sales fall sharply in September, reports real estate firm Redfin
* Mortgage applications in US slide to a 25-year low in week through Oct. 14
* US housing starts fell more than expected in September:
