Very good data USD. Trend is valid now and rock
Monthly new residential sales, January 2023
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential sales statistics for January 2023. Sales of new single‐family houses in January 2023 were at a seasonally adjusted annual rate of 670,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 7.2 percent (±20.4 percent)* above the revised December rate of 625,000, but is 19.4 percent (±13.1 percent) below the January 2022 estimate of 831,000. Sales Price The median sales price of new houses sold in ... (full story)
Added at 10:11am
US New Home Sales Unexpectedly Soared In January As Prices Plunge
Before we dig into this morning's new home sales data, we note that both homebuilders and homebuyers have seen a rebound in confidence this year (even though the latter remains near extreme lows as one would expect). Despite soaring mortgage rates, mass layoffs, and barely perceptible price drops, new home sales have risen for the past three months and were expected to rise once again in January (despite an ongoing slump in existing home sales)... and they did - soaring a ridiculous 7.2% MoM (against expectations of a 0.7% MoM rise) and left sales down 19.4% YoY. That leaves the new home sales SAAR at 670k - the ... (full story)
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The bank thought it was talking to me; the AI-generated voice certainly sounded the same. On Wednesday, I phoned my bank’s automated service line. To start, the bank asked me to ...
Consumer prices in Japan continue to rise steadily, but this is of little concern to the central bank – a brutal combination for the Yen, which could repeat last year’s alarming ...
Personal income increased $131.1 billion (0.6 percent) in January, according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal ...
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post at 10:02am: FED'S MESTER: THE PCE REPORT SHOWS THAT THE FED NEEDS TO DO A LITTLE MORE. post at 10:02am: MESTER: RATE PEAK MATTERS MORE THAN MEETING TO MEETING MOVES post at 10:03am: FED'S MESTER: IT IS GRATIFYING THAT INFLATION DECLINED FROM PEAK, BUT MORE IS NEEDED.
UMich consumer sentiment for February 2023 • Prior month 64.9 • preliminary 66.4 • University of Michigan consumer sentiment 67.0 versus 66.4 expectations • Current conditions ...
Thank you very much for inviting me to discuss this paper. It is a timely review for central bankers charged with lowering inflation to targets or, in the terminology of the authors, managing disinflation. I really enjoyed reading it. Before I begin, let me remind you that the views I will express today are my own and not necessarily those of the Federal Open Market Committee (FOMC) or the Federal Reserve System. My discussion time is limited. Therefore, I'll be selective. I will begin by briefly describing what the paper is about. Then, I will summarize the authors' takeaways from their analysis. Next, I will share my takeaways. Finally, I will offer some concluding remarks. So what is this paper about? Conceptually, the paper can be divided into three parts. In the first part, the authors review historical disinflationary episodes in the United States and other countries to see what lessons we might learn from past experience. In the second part, the authors present a simple, tractable model that relates interest rates, inflation, inflation expectations, and slack in the labor market. They use the model to make predictions about future inflation. In the third part, the authors provide advice to monetary policymakers on how to address the current situation; that is, how to manage disinflation. With that, let me cut to consideration of the authors' takeaways. The authors' first takeaway, based on past disinflation episodes in the United States and abroad, is that policymakers should expect that disinfl post at 10:15am: JEFFERSON: INFLATION DRIVEN BY FACTORS NOT SEEN HISTORICALLY post at 10:15am: JEFFERSON: FED'S CREDIBILITY IS HIGHER NOW THAN IN 1960S AND 1970S post at 10:15am: FED'S JEFFERSON: THE ARGUMENT THAT POLICYMAKERS SHOULD ACCEPT THAT DISINFLATION WILL BE COSTLY IS WELL-REASONED. post at 10:16am: FED'S JEFFERSON: ONGOING IMBALANCE BETWEEN SUPPLY AND DEMAND FOR LABOR SUGGESTS HIGH INFLATION MAY COME DOWN, ONLY SLOWLY.