The United States will publish a headline and core inflation rate on July 13, at 15:30 MT time.
American existing home sales head north
In November, American home sales suddenly tacked on, although recorded their greatest annual dive for 7-1/2 years due to the fact that the housing market was still plunged in weakness.
There are fears that the persistent housing market weakness could impact the broader economy that is still being backed by firm consumer spending.
The decreasing housing market isn’t anticipated to discourage the main American financial institution from lifting interest rates when Fed policy makers wrap up a two-day policy gathering on Wednesday. Eventually, the Fed has had borrowing costs ramped up three times in 2018.
As some experts pointed out, the trend in US housing is speeding down because affordability takes a bite.
According to the National Association of Realtors, existing home sales ascended by 1.9% to a seasonally updated annual rate of nearly 5.32 million units in November. As for October's sales tempo, it wasn’t updated, sticking with 5.22 million units.
For two straight months sales have managed to leap.
Market experts had hoped existing home sales would slip by 0.6% to 5.20 million units last month.
However, in November existing home sales headed south by 7% from last year, which turns out to be the largest annual sink since May 2011.
For the first 11 months, sales have dived by 2.3% in contrast with the same period of 2017.
The housing market is being impacted by higher mortgage rates, to say nothing of land as well as labor shortages that have provoked tight inventory. Despite house price inflation has speeded down considerably, it keeps outpacing wage surge, thus scaring away some first-time homebuyers.
Monday’s poll demonstrated that in December confidence among American single-family homebuilders dipped to more than a 3-1/2-year minimum. By the way, in November, single-family homebuilding sank to a 1-1/2-year minimum.
Federal Open Market Committee, a committee within the Federal Reserve System (the Fed), will reveal a detailed record of the most recent meeting on July 7 at 21:00 MT.
The United States will post the indicators of employment on July 2, at 15:30 MT time.
This week Apple, Microsoft, Google, Facebook, Pfizer, and other large US companies will deliver earnings reports…
The overall market sentiment is risk-on. The S&P 500 index (US 500) is getting close to the all-time high. Oil is recovering quickly from its recent losses.
What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…