BMO Capital Markets Backslash Macro Horizons

The Fed has at least another 50 basis points of tightening to execute before we reach terminal. The three-month annualized rate in the change of home prices as presented by Case-Shiller was down negative 18.4%. For the time being there's little to suggest that Powell is anywhere close to a pivot and for this reason will remain cautious on the housing sector. We'd love to hear what you thought of today's episode so please email me directly with any feedback at eenlingen at bmo.com.