U.S. Economic News
October 24, 2018
U.S. Economic Indicators
New home sales fell 5.5% to a seasonally adjusted annual pace of 553,000 in September, and are 13.2% below the September 2017 rate. The median sales price inched up to $320,000 and the inventory of new homes surged to 7.1 months at the current sales rate, the highest level since 2011. Census Bureau Report
U.S. News
The Wall Street Journal reports that Atlanta Fed President Raphael Bostic says that a continued, gradual raising of interest rates is appropriate. Bostic also said that the Fed is still a few rate hikes away from reaching a “neutral” policy rate that is neither accommodative nor contractionary. WSJ
According to the Wall Street Journal, foreign purchases of U.S. Treasurys were down by nearly 50% in the first 8 months of 2018 compared to the same period last year. Foreign buyers now hold just 41% of outstanding Treasury debt, down from 50% in 2013, which has helped fuel a run-up in long-term yields and has sent tremors through U.S. equity markets. WSJ