New York, San Francisco condo prices fall year-over-year. Seattle flat year-over-year. After earlier declines, Denver, Boston hit new highs. Miami, Phoenix, Las Vegas try to regain nutty peaks of Housing Bubble 1.
The Fed has already accomplished more with its verbiage this year than it had last time when it cut rates all the way to zero and did trillions of dollars of QE.
For six months now, folks said the Fed had made a “U-turn” and would cut rates at the “next” meeting, etc. But none of it happened — and might not happen. Here’s why, in Powell’s words.
