Rates & the buck move higher; guidance from the unvaxxed
Rates & the buck move higher; guidance from the unvaxxed
There were three primary economic releases this week: New Home Sales Price: -38k [-8.91%] m/m, Home Supply 7.9 [-0.8 m/m]. Bearish. Personal Income: +0.6% m/m [prior 0.3%, expected 1.0%], PCE +1.8% m/m, expected +1.2%. PMI Flash: Manufacturing +47.8, Services +50.5. Better than expected (rating of 50 = flat). Home prices appear to have peaked, and are now falling, as is the supply of new homes. Personal Consumption Expenditures (spending) shot higher (annualized rate: 21.6%!!), while Personal Income grew about a third as fast. The PMI (manufacturing) suggests a slowdown, but the PMI (services) moved sideways – i.e. it didn’t decline.
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