The boys are off and running with shenanigans from the beginning. Haroon inadvertently opens his energy drink before the show started so he can't entertain you with his usual unnecessary interruptions, but don't worry, he filled his can with water for reasons we still don't fully understand. They spend a good amount of time recapping Jerome Powell's commentary from Jackson Hole, Wyoming which were clearly designed to strike fear in to the markets. One of their favorite economists, Mohamed El-Erian is very concerned that the Fed's actions to date may have 'destroyed the housing market by crushing both supply and demand.' Which was a fantastic segue in to the complete trash nonsense that Zillow is attempting to market. What do you do when home affordability is at an all time low? Rates are rising, home values haven't come down. Well, if you're Zillow, you offer a 1% down payment program to lure in homebuyers so you can sell more leads to Realtors.
Resources:
Fed Chair Powell calls inflation ‘too high’ and warns that ‘we are prepared to raise rates further’ (CNBC)
Jerome Powell says it ‘takes time’ for slowdown in rent rises to show up in the Fed’s inflation gauge (Market Watch)
Fed's Mester sees another rate hike, says rate cuts may have to wait (Reuters)
The Fed may have destroyed the housing market by crushing both supply and demand, top economist Mohamed El-Erian says (Business Insider)
Zillow offers 1% down payment to lure homebuyers as mortgage rates hit 22-year high (NY Post)
Goldman Sachs unloads another business acquired under CEO David Solomon (CNBC)
A 'valuation reset' hits the IPO market as Better stock crashes 90% after debut (Yahoo! Finance)
Why the Era of Historically Low Interest Rates Could Be Over (Wall Street Journal)
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