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Weekly Economic Perspectives

Run of Extreme US House Price Increases Is Over

Chief Economist
Investment Strategist

The Economy

  • Solid employment gains continue in US but housing sector is rapidly cooling.
  • Canadian GDP growth slows despite massive inventory build.
  • Manufacturing activity contracts in the UK but house pries rebound.
  • German retail sales rebound but labor market continues to cool.
  • Japan’s retail sales and industrial production surprise positively.
  • Australian building approvals plunge.

Spotlight On Next Week

  • The ECB (75 bp), BoC (75 bp), and RBA (50 bp) are all expected to deliver outsized rate hikes.
  • Decent Q2 growth seen in Australia.

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