Rates are seeing their highest levels in over 20 years. We expect this to change favorably after the Central Bankers meet in Jackson Hole. We will also hear from Powell on Friday.

What we don’t want the Feds to be is hawkish.

Tom Barkin, the Richmond Fed President, spoke earlier this morning and said the Feds need to stick to their 2% target for credibility. The Feds need to see a weaker labor market before they stop for good or at least for a while.

Existing Home Sales, which measures closings on existing homes, showed sales fell 2.2% in July. Sales are down 16.6% Y/Y.

Inventory is half that of 2019. 74% of homes sold in less than 30 days.