It's pretty funny how quickly sentiment can swing, but I think it's too soon for the Fed to pause (in raising rates). This morning's number keeps the Fed on track continuing 25 basis points (quarter-point) hikes.
More Quotes from John Shin:
The index is noisy on a week-to-week basis, but it is painting a broad picture of a cooling housing market.John Shin
Fourth-quarter growth is going to be softer, primarily because of lower consumer spending, but we expect better growth this quarter. A major part of it is the sharp drop in auto sales, and we wouldn't expect to see that again.
John Shin
We do think you're going to see a drop off in consumer spending in coming months. Part of the reason is workers are experiencing pain in their take-home pay. You're still seeing other areas of the economy kicking in. These will offset some of the negatives from lower consumer spending.
John Shin
We continue to expect that the Fed will keep its hawkish tone and hike on Sept. 20, in response to inflation pressures,
John Shin
The data are consistent with very gradual cooling in the housing market.
John Shin
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