“I do think we’re going to get a cut in September.” – 02:06
Patrick Healey, President & CIO at Caliber Financial Partners, joins Remy Blaire at the New York Stock Exchange to discuss the current state of the U.S. housing market and broader economic indicators.
The interview begins with Patrick breaking down the latest housing figures, noting a rise in U.S. housing starts, although building permits fell short of estimates. Despite builders facing pressure, new home sales saw a slight increase of less than 1% in June, with the median price dropping to just over $401,000—down nearly 5% year-over-year. A silver lining emerges as U.S. mortgage rates have decreased, with the average 30-year fixed rate now at 6.58%, down from nearly 8% last fall.
As we approach the Jackson Hole Symposium, all eyes are on Fed Chair Jerome Powell and the implications of recent economic data, including nonfarm payrolls and CPI/PPI figures. Patrick shares his perspective on the mixed data, suggesting that the Federal Reserve may consider a rate cut in September, especially given the political pressures they face.
The pair also explore the stock market’s performance, with the Nasdaq and S&P 500 reaching record highs. Patrick highlights the strong earnings season, with over three-quarters of companies beating expectations, which bodes well for equities as we move toward the end of the year. He emphasizes the potential for rate cuts to further support market growth.