Chart of the Week
The strength of the U.S. dollar is on display as it makes multi-decade highs against currencies around the world. The faster pace of interest rate hikes domestically compared to the rest of the world continues to pressure foreign currencies. Last week, Japan’s Ministry of Finance intervened in the currency market for the first time since 1998 to slow the Yen’s slide. This may be the first of many countries to contemplate intervention.
What We’re Reading
FOMC and Inflation: What You Need to Know – Henry McVey, KKR
Predicting the Next Recession – Calculated Risk
The Matter of Nukes and Ukraine [Video] – Zeihan on Geopolitics
Ivy Zelman Sees Home Prices Falling 9% from 2023 to 2024 – Fortune via Yahoo
Podcast of the Week
What Europe Needs To Do This Winter – Odd Lots
The Past Week
Housing data was mixed last week, though the homebuilder survey showing contraction at below 50 confirmed the negative outlook. The Fed raised interest rates 0.75% as expected. Jobless claims continued to fall while both manufacturing and services data surprised on the upside.
The Week Ahead
A snapshot of the economy will be out with data releases this week. The National Activity Index, a co-incident economic indicator, from the Chicago Fed showed steady growth in August. Investors are thinking about how earnings will be affected by the rise in interest rates and slowdown in certain sectors.
Talk to you next week
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