Negative Trade Balance Gets Worse, Inventories, Home Prices Decelerate
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.