US economic data release update
Soft housing data support Fed rate cut expectations, Inventory draw to support crude oil prices
U.S. existing-home sales declined by 2.7% in June 2025 to an annualized rate of 3.93 million units, falling below market expectations of 4.01 million and marking the slowest pace since September 2024. The persistent weakness in housing activity, due to record median home price of $435,300 for June—up for the 24th straight year-over-year period—underscores affordability challenges and tighter credit conditions.
Single-family home sales fell 3% to 3.57 million, while condominium and co-op sales remained unchanged. Regionally, declines were broad-based, reinforcing concerns about consumer resilience amid elevated borrowing costs.
The subdued housing data strengthens the case for a potential Federal Reserve rate cut in the coming months to stimulate demand.
Meanwhile, U.S. crude oil inventories declined sharply by 3.169 million barrels in the week ending July 18, 2025, far exceeding expectations of a 1.6 million-barrel draw. The tighter supply, along with a 1.738 million-barrel drop in gasoline stocks, helped support crude prices. Distillate stocks rose 2.931 million barrels, while Cushing hub inventories edged up. The supply draw may offer near-term support for oil markets.
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