BREAKING: Richmond Fed and US existing home sales weaker than expected

US Existing Home Sales came in 3.89M vs 3.99 exp. and 4.11M previously (-5.4% YoY vs -3.04% exp. and -0.7% previously)

• US median home price for existing homes was $426,900 (4.1% YoY rise vs June 2023)

Richmond Fed index came in -17 vs -6 exp. and -10 previously

According to new economic Poll, Fed will cut rates by 25bps in September and December, say 70 of 100 economists (vs 58 of 116 in June). 73 of 100 economists said that Fed will cut rates by 50 bps in 2024, 13 think that Fed will cut rate by 25 bps, and only 3 signal no cuts this year. Despite some 'dovish signs' from US economy, USDIDX gains 0.2% today and almost didn't react to data.

Source: xStation5