- Prior starts 1.428M
- Starts change -8.5% vs +5.2% prior
- US August building permits 1.312M vs 1.37M expected
- Permits change -3.7% vs -2.2% prior
This is a poor reading and it is near the bottom of the post-covid range. Rate cuts will start to stimulate US housing so long as 30-year yields come down. If the Fed gets too dovish, we could see curve steepening and in that case then current 6.2% rates are as good as we’re going to get.
This article was written by Adam Button at investinglive.com.