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Hawks at FOMC must have had relief in housing market data today after inflation disappointed to the downside. Weakness in US housing sector had been a concern for FED policymakers for quite long now.
- US Homebuilder confidence climbed to its highest level since November 2005, according to the National Association of Home Builders today.
- Index reached 62 mark, while reading above 50 indicates improvement. Analysts expected reading of 61.
After weak first quarter, US housing market activity has picked up considerably, which makes the case for a rate hike from FED, stronger.
With US recovery in stronger path, real concerns for FED is turmoil in emerging markets and how much a hike now could have an impact on rates and exchange rates and mostly over weak or no inflation after years of expansionary monetary policy.
Rate hike or not, forward guidance form FED becomes crucial tomorrow through FED chair Yellen's press conference.
