Economic data (if you can trust the Biden administration more than the CCP) showed deceleration in housing prices, inventories, and the trade imbalance.
US home prices, according to S&P CoreLogic’s Case-Shiller index, fell for the 7th straight month (-0.42% MoM) leaving the home price index up 2.55% YoY (in January – this data is always very lagged) – the lowest growth since Nov 2019, reported Zero Hedge.
Financial markets are mixed as Fed policy is parsed – will rates rise further? Or will they cave and cut, leading to spiraling inflation?
Goods Trade Balance(Feb) PREL printed at -$91.6B vs -$91B consensus estimate.
Wholesale Inventories(Feb) PREL printed at 0.2% vs 0.6% estimate.
Redbook Index (YoY)(Mar 24) printed at 2.8%.
Housing Price Index (MoM)(Jan) printed at 0.2% vs -0.6% estimate.
S&P/Case-Shiller Home Price Indices (YoY)(Jan) printed at the 2.5% estimate.
Original Article: https://creativedestructionmedia.com/news/markets/2023/03/28/negative-trade-balance-gets-worse-inventories-home-prices-decelerate/
