AUTHOR
Mick Weinstein
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The recent softness in residential construction is largely due to mortgage interest rates of nearly 7%, making homes less affordable for buyers, with permits for new home construction falling 3.7% from the previous period.
Wall Street analysts are bracing for a decline in record corporate profits, backing investor John Hussman’s view that what goes up must come down.
U.S. stocks are selling off for a fifth-straight day. The Fed minutes could be a catalyst, although stocks are not oversold and volatility remains low.
“The least unattractive asset class to me is stocks.”