Mind the Macro

Mixed Signals: Housing & Regional Fed Presidents


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Markets were cheered this week by stronger-than-expected new home sales. We are less impressed. The data are notoriously volatile and often revised, offering at best a hazy snapshot of the housing market. More telling, perhaps, is the discord within the Federal Reserve. Regional presidents have struck markedly different notes from Jerome Powell’s message last week, underscoring the policy uncertainty that continues to shadow the economic outlook.

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Mind the MacroBy Michael Roberts and Jeff Baldwin