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20th Jun 2023 20:37U.S., Daily Monitor

  • No significant change in Chair Powell’s message; data-dependent, but with an upward rates bias.
  • The headline LEI points to a deep recession, but our core measure is much less alarming.
  • Existing home sales are yet to hit bottom; prices have much further to fall too, but that will take time.

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Keywords for: 22 June 2023 US Monitor No Change from Chair Powell

Pantheon Macro, Pantheon Macroeconomics, independent macro research, independent research, ian shepherdson, economic intelligence