Insightful speech at @nyuniversity by Dr. Phillip Lane, Chief Economist of @ecb
. The inflation is declining, but not likely to get to 2% before 2025. A sharp decline in credit activities in Eurozone is happening due to the banks’ cautious with lending. Very different from US.
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US Housing Starts fell 11.3% m/m to 1.283 million, the lowest since June 2020 as 7.5% mortgage rates reduced demand.
The Home Affordability Index is the lowest since Bloomberg records began in 1986, and has fallen at the fastest pace on record.
The data was last recorded at the end of Q2 when 30 year mortgage rates were 7.15% compared with 7.59% today.
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