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On tap for Friday: Quiet end to.....>

US DATA PREVIEW
US DATA PREVIEW: On tap for Friday: Quiet end to the week with September
existing home sales (5.27); Atlanta Fed President Bostic on the outlook for the
US economy from Macon, GA, Q&A, while Fed Pres Kaplan will discuss Shadow Open
Mkt Comm in NY early afternoon.
- Nomura economists expect a "1.6% m-o-m decline in existing home sales to
5.26mn saar in September from 5.34mn saar in August. Pending home sales, which
tend to lead existing home sales, slowed in August and July and pose downside
risk to September existing home sales."
- Nomura posits that "slowing existing home sales suggest waning demand as
affordability continues to deteriorate. Moreover, higher mortgage rates will
likely continue to constrain supply via mortgage rate lock-in despite rising
prices. We think real residential investment will remain a weak spot in the
strong overall economy."

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