Commerce Department reported that housing starts fell more than expected in August. No wonder Home builders' confidence dropped in September. New single family homes permits jumped though so there might a rebound expected at some point albeit it is not clear if it would be sustained given the high mortgage rates, rising interest rates and general macroeconomic environment. FOMC meeting is underway and all eyes on tomorrow's speech from the Federal Reserve Chairman. All three major US indices are in the red this morning (PST).
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