Afternoon Note
Debt Deal Near
By Charles Payne, CEO & Principal Analyst
5/17/2023 1:00 PM
The market is getting a lift on hopes the debt ceiling deal is near.
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Economic Data
This morning housing data came in mostly in line with consensus.
- Starts climbed 2.2% to annual rate of 1.4 million
- Permits declined 1.5% to annual rate of 1.42 million
The best part of the report is on single family starts and permits.
Permits are supposed to be a proxy for future demand. So, it stands to reason it was down but nowhere near the level of pessimism seen in a recent Gallup survey on the best time to buy a house.
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