CANADA DATA: Housing Starts Reach Third Highest Year On Record
Jan-16 13:50
- Housing starts in 2024 +2% YOY at 227,697 units, Canada Mortgage and Housing Corp says Thursday.
- After three straight months of increase, December housing starts -13% MOM to 231,468 units. That's below economist consensus for 270,000 units.
- 6M moving average in Dec. -0.7% at 242,637 units.
- “While this annual increase shows some signs of progress, Canada still needs significantly higher supply growth to restore affordability in urban centres, said Mathieu Laberge, CMHC’s Chief Economist.
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STIR: No Real Net Movement In Fed Pricing Following Retail Sales
Dec-17 13:48
The mixed U.S. retail sales data and revisions outlined elsewhere leave Fed pricing little changed to marginally more dovish.
- Fed funds futures last showing 24bp of cuts for tomorrow’s decision, 28bp through January, 40bp through March, 55bp through June and 70.5bp through Dec.
- That compares to 24bp, 28bp, 39.5bp, 54bp and 69.5bp ahead of the data.
- Labour market dynamics provide the focal point for the Fed at present, with today’s marginal downside surprises in core retail sales mostly countered by positive revisions and an expected rebound in the control group print.
US TSYS: Initial Limited Rally On Data Stalls
Dec-17 13:41
Softer-than-expected core retail sales data drives the initial market reaction, pushing Tsys away from lows.
- An inline control group reading, accompanied by firmer-than-expected headline retail sales and positive revisions then counters some of the initial reaction.
- TYH5 -0-05+ at 109-22 vs. pre-data levels of 109-18+ and session lows of 109-17. The contract traded as high as 109-24+ post-data.
- Next level of note to the downside comes at the Nov 15 low/bear trigger (109-02+) after 109-20 was breached ahead of the data.
- Tsy yields away from highs, last 1.5-2.5bp higher on the day, with 5s trough 20s under the most pressure. That compares to 2.0-3.5bp higher ahead of the data.
- 10s still below medium-term downtrend resistance at 4.46%, last 4.417%.
US: SFR Put spread, spread
Dec-17 13:38
SFRF5/G5 95.87/95.81ps, sold the Jan at flat in 5k.
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