Charles Payne's Market Commentary

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.

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.

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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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