US housing market affordability is, by far, at its lowest point in history.
Even in the worst part of the 2008 financial crisis, affordability was ~15% BETTER than its current levels.
With the recent move higher in treasury yields, we should see 8%+ mortgages within a week or… pic.twitter.com/fhfRwmMcSf
— The Kobeissi Letter (@KobeissiLetter) September 29, 2023
There goes the consumer pic.twitter.com/S2wJrN3NDX
— zerohedge (@zerohedge) September 29, 2023
Warning: The probability of a recession in 2024 is at levels only seen 2 times since 1960 pic.twitter.com/dyNS2P7qte
— Game of Trades (@GameofTrades_) September 29, 2023
Are mainstream investors finally figuring out just how screwed everyone is? After years of the kicking the can down the road, the #Fed has arrived at an ominous fork. No matter which path it takes, it leads to imminent disaster. It's just a matter of which poison the Fed picks.
— Peter Schiff (@PeterSchiff) September 29, 2023
UMich Sentiment Drops, Inflation Expectations Climb in September
PCE indicators hint at rising inflation, echoing trends in CPI and PPI. UMich inflation outlooks increased, but were lower than August’s readings. Despite the market predicting inflation growth, sentiment suggests a slowdown. UMich Sentiment, while up from its preliminary figure, declined from August. Economic uncertainty is fueled by potential government shutdowns and auto industry disputes. Historically, declining household item buying conditions signal rising unemployment, suggesting a potential disconnect in current unemployment figures.