- Prior was 1.549m (revised to 1.591m)
- Permits 1.685m vs 1.650m expected
- Prior permits 1.695m
The Fed's Waller highlighted retail sales and this week's housing data as potential reasons to shift to 100 bps if they were 'materially' stronger than expected.
The headline here is weaker but it's balanced by the revisions to the prior and the beat on permits. In any case, this certainly isn't materially stronger and should put another nail in the coffin of the 100 bps debate.