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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US DATA
- Existing home sales again fell more than expected, this time -5.9% M/M in July (cons. -4.9%) after the -5.5% in June for the sixth consecutive monthly decline.
- NAR Chief Econ: “the ongoing sales decline reflects the impact of the mortgage rate peak of 6% in early June” but "Home sales may soon stabilize since mortgage rates have fallen to near 5%”.
- Improving supply and falling sales sees unsold inventory hit 3.3 months supply vs 2.6 in Jul’21 and 3.0 in Jul’20, putting downward pressure on median sale prices, which fell on the month from a peak June but are still up 10.8% Y/Y.
- "We're witnessing a housing recession in terms of declining home sales and home building”. "However, it's not a recession in home prices. Inventory remains tight and prices continue to rise nationally with nearly 40% of homes still commanding the full list price."
- Treasuries keep towards sessions highs, with 2YY -6.7bps and 10YY -5.5bps on the day for a small steepening.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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