It’s Thursday, Which Means

Initial unemployment claims remain low, and in what will undoubtedly be related news, yesterday, when I was appreciating the virtues of the anise flavored beverage Arak instead of blogging, the Federal Reserve raised its benchmark overnight interest rate by 25 basis points.(¼%)

Given that there are likely to be at least 6 other rate increases this year, as has been strongly implied by Federal Reserve Chairman Jerome Powell, or a total increase of at least 1½%.

Given that Powell has said that he would like to see wage increases slow, I would expect to see a lot of cooling in the economy, particularly in real estate.