Housing Starts (New Residential Construction)
Today’s only relevant economic data was June's Housing Starts at 8:30 AM ET. It showed that new home groundbreakings jumped 8.3% last night, exceeding forecasts. The number of starts was much higher than analysts were expecting to see, hinting at strong growth in the new home portion of the housing sector. However, an upward revision to May’s starts meant that the headline percentage increase was not as much of a surprise as the data actually showed. Either way, the data was stronger than expected, making the report negative news for bonds and mortgage rates. Fortunately, this is not considered to be a highly important release or we would have seen a much stronger impact on today’s pricing.