Anthony Chan Hikes Quotations

Although it's not particularly good news for the housing market, the fact that you're seeing weakness here shows that monetary policy is working and the (Fed) would not have to blunt the economy with more hikes than the market has been anticipating.

For the equity market, this is somewhat good news because certainly (the report) is an important button for the Federal Reserve to see if its policies are working and that housing is slowing down, as it would be expected to do so, with all the hikes in short-term interest rates.

This is clearly a non-threatening report for investors and policy makers alike. Labor market conditions appear to be tepid enough to justify less rather than more Fed rate hikes while wage pressures did not spoil the party.