Housing starts data from the US Census Bureau
- Lowest since September 2016
- Prior was 1256K (revised to 1214K)
- Starts down 11.2% vs -0.1% exp
- Building permits 1326K vs 1290K expected
- Prior building permits 1328K (revised to 1322K)
- Permits +0.3% m/m
This is a worrisome data point as home builder sentiment has been poor and there have been signs of weak demand in existing home sales. It's clear to me that US buyers can't afford a 4.5% 30-year fixed and that the Fed can't continue to hike.
