July 27 (Wednesday)

Latest Morning Briefing Executive Summary: All About Housing
The US housing market is undergoing a reversal of fortune. The scorching hot market conditions of six months ago have reversed, as 40% home appreciation over the past two years plus soaring mortgage rates have priced homeownership beyond many Americans’ grasp. The resultant greater demand for rental units has spurred high rent inflation. Additionally, the pool of would-be homebuyers has shrunk, more deals are falling apart before closing, motivated sellers have begun dropping listing prices, and builders are slashing prices. … Today, we look at all things housing, including how recent demographic and domestic migration trends have affected market conditions and at how market conditions are affecting homebuilders.
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YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on July 25.

Global
IMF Again Cuts Global Growth Forecast Amid Inflation, War in Ukraine | W

Central banks
The Fed could surprise markets by sounding even more aggressive as economy teeters | C
Fed to unveil another big rate hike as signs of economic slowdown grow | R
Four Things Markets Are Watching at Today’s Fed Meeting | B
The problem with a persistently late Federal Reserve | The Hill

US
If it looks like a recession and quacks like a recession… | NN
Home-Price Growth Stayed Strong in May | W
Don’t Expect Big Consumer Brands to Lower Prices Soon | W
Low-Cost Cities With Strong Economies Remain Attractive as Housing Market Slows | W

Europe
Putin’s new gas squeeze condemns Europe to recession and winter of rationing | C

China
China’s property sales set for a worse plunge than in 2008, S&P says | C
Column: U.S. disapproval of China’s grain stockpiling full of irony | R
 
Geopolitics & trade
Ukraine Calls for More Sanctions in Response to Russia’s ‘Gas War’ | W
Kremlin: Gazprom is supplying as much gas to Europe as possible | R
With No Work or Money, Ukrainians Return Home to Russian-Controlled Territory | W
Map of ‘Power of Siberia’ gas pipeline that China, Russia are working on | C
China Targeted Fed to Build Informant Network and Access Data, Probe Finds | W

Beyond markets
Penn Station plan is the worst deal since Manhattan was sold for $24 | P
Monkeypox emergency could last months, with window closing to stop spread, experts say | R