WS #16164
US housing data deteriorated further in September, with starts revising down by 5.9% month-over-month and building permits missing estimates, marking a third consecutive miss. With 10-year yields holding near 5.1%, the lack of rate relief is exacerbating the housing slowdown. This weak data reinforces the 'higher-for-longer' rate narrative, putting pressure on rate-sensitive sectors and consumer discretionary stocks.
US Housing and Macro Data Weakness
US housing data deteriorated further in September, with starts revising down by 5.9% month-over-month and building permits missing estimates, marking a third consecutive miss. With 10-year yields holding near 5.1%, the lack of rate relief is exacerbating the housing slowdown. This weak data reinforces the 'higher-for-longer' rate narrative, putting pressure on rate-sensitive sectors and consumer discretionary stocks.