Put in perspective, these levels are as high as they were in the late 1960s, so the fact that we've come off a little bit is most likely the reflection of anticipation of higher interest rates.
More Quotes from Kathleen Camilli:
On a year-on-year basis, before this number was released, housing starts are down 11 percent. So you can see they've gently rolled over, showing higher interest rates are taking their toll on some parts of the housing industry.Kathleen Camilli
Every Fed chairman has been greeted with a trial by fire.
Kathleen Camilli
Housing continues to remain the anomaly in this downturn, with continued strength coming presumably from the impact of a low unemployment rate, good income growth and historically high levels of home affordability.
Kathleen Camilli
It's a pretty big drop. It shows that we didn't have a large flow of imports and we know anecdotally that those cheaper imports, especially for the Christmas season, are coming.
Kathleen Camilli
This does imply we'll see higher CPI inflation. The bond yield will move up as long we continue to see greater-than-expected data.
Kathleen Camilli
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