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A Decade after the Peak, Housing Fallout Continues to Drag on Growth
In response to many customers wondering when housing might recover in their area, we set out this week to write a comprehensive update of the housing sector. Along the way, it became increasingly clear housing is not fully recovering because it cannot fully recover. Needless to say, this failure to rebound has big implications for construction and income, but the biggest impact is on consumption. Oh, and Yellen’s big speech last Friday in Boston, where she discussed five reasons interest rates might have to be very low for a long time? Housing is at the heart of four of them.
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