Macro Briefing: 18 July 2024

* Fed Gov. Waller says central bank ‘getting closer’ to an interest rate cut
* US Q2 GDP nowcast revised up to +2.7% vs. 1.4% in Q1 via GDPNow model
* Federal Reserve’s Beige Book suggests economy is slowing
* US industrial production rose more than expected in June
* US housing starts rose in June, but remain near 2-year low:

Among the key reasons that the Federal Reserve has been reluctant to cut interest rates: sticky housing inflation. Recent data suggests shelter costs have not only peaked, but that the pace of disinflation may be picking up. The shift gives the Federal Reserve more support for cutting interest rates, according to a new research note from TMC Research, a division of The Milwaukee Co., a wealth manager.