Well we got the 1st of 4 housing numbers this morning and this one shows that the home builders are NOT feeling too good about the immediate future.
The reading of the National Association of Home Builders (NAHB) show a reading of 46 versus a forecast of 47. This reading is a measurement of current condition, conditions in 6 months and potential buyer traffic.
It is my thought that the Fed will watch the housing numbers closely and weigh some of their future action based the readings.
We have building permits and housing starts tomorrow and then existing home sales on Wednesday–no doubt the Fed wants to see these numbers weakening.