I feel like I am playing the board game Clue … except I already know the Colonel Mustard did it with a rope in the study. That is, we already know that The Fed is strangling the housing market from their study on Constitution Avenue in Washington DC. And Colonel Mustard is Fed Chair Powell.
The housing starts numbers for November have been released. 1-unit starts are down -4.63% MoM. But 5+ unti (multifamily) starts are up 24.85% YoY.
On a YoY basis, 11-unit starts are down 13.1% YoY as Colonel Mustart continues to strangle the housing market with Fed Fund Target increases and balance sheet unwinding.
Yes, Colonel Mustard (Fed Chair Powell) did it with a rope (monetary noose tightening) in the study (at The Fed’s offices in Washington DC). Case solved!
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