Negative Trade Balance Gets Worse, Inventories, Home Prices Decelerate

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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.

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