Although it's not particularly good news for the housing market, the fact that you're seeing weakness here shows that monetary policy is working and the (Fed) would not have to blunt the economy with more hikes than the market has been anticipating.
More Quotes from Anthony Chan:
I think the risk is the downside, not the upside, ... I think the markets are fairly nervous about the prospects for growth. They're going to be dissecting the number. If we have slower than expected consumer spending and stronger than expected inventory growth, that's not going to bode well for the next quarter or so.Anthony Chan
It doesn't give support to a robust expansion, ... Expansion is coming, just not the garden-variety explosive economic expansion.
Anthony Chan
There's a huge hurricane hangover. I think the government will have to trip over itself to decide whether to have a huge downward revision to last month or whether the job losses will take a bigger hit this month.
Anthony Chan
Based on these trends, it is not too difficult to conclude that the average consumer is probably a bit overextended from a credit standpoint,
Anthony Chan
It's going to make the markets a bit jittery, especially when the market is conditioned to be data-dependent.
Anthony Chan
These jobless claims figures strongly suggest that any discussion of a runaway economic recovery have been greatly exaggerated, ... Instead, what we see here is a recovery that continues to face significant headwinds emanating from the employment front.
Anthony Chan
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