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🇺🇸 Housing starts miss big, but Warsh's import price problem is harder to ignore
The day in view

🇺🇸 Housing starts miss big, but Warsh's import price problem is harder to ignore

Macro Soup Newsroom Macro Soup Newsroom 3 min read

Housing starts fell 15.4% in May to a 1.177m annualized rate, most of it multi-family noise. Back-to-back import price prints near 2% MoM push the 12-month rate to 6.7%. That's the backdrop for Warsh's first FOMC meeting Wednesday.

Line chart of housing starts in thousand units from June to May, showing fluctuations and a sharp decline to the lowest point at the end.
US housing starts fell to their lowest level since May 2020 in May, underscoring the sector's sharp contraction ahead of the FOMC decision. Source

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