Federal Reserve Raises by 75 Basis Points and Notes Slowing Economy
Dr. Robert Dietz is Chief Economist and Senior Vice President for Economics and Housing Policy for the National Association of Home Builders states, "Among the clear signs of this slowing are just about every housing indicator, including seven straight months of declines for home builder sentiment. Indeed, an open macro question is whether the economy experienced a recession during the first half of 2022. GDP data for the second quarter published tomorrow will provide additional evidence (although a rising unemployment rate remains missing for the NBER call). However, given declines for single-family permits, single-family starts, pending home sales, and rising sales cancellations rates, it is clear a housing industry recession is ongoing."