Following the FOMC Minutes release on Wednesday, four economic data points are due out on Thursday, two of which are housing related. As we have discussed recently, housing data has been coming in lower than expected and been generally weak since rates began to rise. Just yesterday, Existing Home Sales fell for the fourth straight month after an expected rise, while last week housing starts came in over six percent below expectations. From an economic standpoint, it has come from a lack of supply rather than a significant decline in demand, which ultimately should only serve to extend the economic cycle.
In other news, Initial Jobless Claims and the Markit PMI Index are due out on Thursday, which figures to be quiet ahead of Friday’s speech from FOMC Chairman Jerome Powell.
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