It’s housing week in the US and that’s probably not a good thing


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The third week of the month is always a light one in terms of US economic data and with many Fed officials on vacation, that will be especially true.

Today has some items of interest though, starting with the Empire Fed at the bottom of the hour. The consensus is a dip to +5.0 from +11.1 but recent manufacturing numbers have surprised to the upside.

The main highlights come at 10 am ET with the NAHB home builder sentiment (chart above) and at 10:50 am ET when the Fed’s Waller speaks. Waller is a hawk but I think the Fed is comfortable with the recent flexibility and ambiguity in its stance. He will likely continue the line of talking around strict adherence to getting inflation to target but also saying the US can have a soft landing.