Announced this morning, Housing Starts were 1,643,000 in June, an increase of 6.3% for the month, which was much higher than. Conversely, Building Permits were 1,598,000 in June, down -5.1% for the month, which was more negative than expected. Overall, the increase in housing starts and decrease in permits highlight some of the issues facing the overall economy, including the difficulty in finding skilled workers, persistent low rates, and large price fluctuations in the inputs for housing in recent months. While more time is likely needed for these issues to normalize, the housing market remains important as it indirectly supports many other parts of the economy. In all, the 10-year yield has ticked lower this morning and futures are higher as we head into the market open.
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