Can you believe it's only Thursday? Phil Rosen here. The sheer volume of financial news this week is enough to fill a very thick book — but if it's okay with you, today we'll keep it to a single newsletter.
One thing I'm thinking about this morning: Elon Musk said he sees similarities between the $4
Now let's see how the $4 banking turbulence impacts the $4.
If this was forwarded to you, sign up here>$4. Download Insider's app here.>$4
1. Before the banking world was rocked last Friday, I spoke to Nadia Evangelou, senior economist and director of forecasting at the National Association of Realtors, about her $4.
Evangelou told me that home prices and sales would dip this year, but she anticipated a rebound in 2024.
"It seems that home sales activity has bottomed out, and 2023 will be the turning point for the housing market," she said. "$4."
That was $4.
She and I caught up again yesterday and had $4.
"We had expected mortgage rates to come down to the lower range of 6% sometime in the second half of 2023, but $4," Evangelou told me on Wednesday.
"The housing sector reacts immediately to changes in mortgage rates."
While her long-term $4, mortgage rates look set to fall faster than previously expected, which could $4.
Already, rates have fallen in the wake of the SVB collapse, and the number of people applying for mortgages jumped 6.5% compared to a week ago, according to Mortgage Bankers Association data.
In Evangelou's view, $4 could ease as a result of the recent troubles in the banking sector.
If mortgage rates dip to around 6%, she explained, $4 compared to when it's around 6.7% or higher.
And looking ahead to the Fed's meeting next week, Evangelou expects policymakers to $4.
"The previous week I could see the Fed hiking 50 basis points, but now I think 25 basis points is the highest hike that they may take," Evangelou said.
Many traders agree with the $4. CME's FedWatch Tool tells us that markets think the odds of whether the Fed makes a quarter-point move or no move at all amount to basically a coin toss.
Do recent bank failures mean conditions could ease enough to open up the housing market to more buyers? Tweet me (@philrosenn>$4) or email me (prosen@insider.com) to let me know.
In other news:
2. Credit Suisse shares rose as much as 40% at the open in Zurich early Thursday, following news that the bank is $4 from the Swiss National Bank. The rebound has since pulled back, with shares currently up 18%. $4.
3. Earnings on deck: FedEx, Dollar General Corporation, and more, all $4.
4. Buy these 52 top stocks now before a multi-year market recovery begins. Strategists at BMO Capital Markets shared which names stand out as winners for the coming years — $4
5. Catch up quick on why Credit Suisse is under fire this week. The Swiss bank's stock has tumbled, its largest shareholder said it won't provide any more financial help, and$4 are ballooning. $4
6. Bank of America took in over $15 billion in new deposits as SVB chaos spiraled. Bloomberg reported that the influx is part of the biggest deposit movement in a decade, with depositors ushering in a flight to safety in light of recent bank failures. $4
7. A rogue version of ChatGPT had predicted that the stock market would crash this week. While there wasn't quite as severe a downturn as the bot forecasted, there was some prescience to its outlook. $4
8. These two friends bought their first home as college students. "Alan and I are not your typical success story," said Aria Khosravi, who took five years to complete high school and finished with a 1.9 GPA. $4
9. A top UBS equity strategist shared which sectors to buy into for protection as stocks slide. Investors should keep their portfolios balanced with a defensive tilt, Nadia Lovell explained. $4
10. Apple will be the safest tech stock over the next six months. That's according to Deepwater's Gene Munster. The iPhone maker, he explained, is $4
Curated by Phil Rosen in New York. Feedback or tips? Tweet @philrosenn>$4 or email prosen@insider.com.
Edited by Max Adams (@maxradams>$4) in New York and Hallam Bullock (@hallam_bullock>$4) in London.