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US housing starts for March 1139K vs 1225K estimate

US housing starts for March from the Census Bureau

  • Prior month report
  • Housing starts prior month 1162K revised to 1142K
  • Housing starts -0.3% vs 5.4% exp
  • 6- month average 1189K
  • Building permits 1269K vs 1300K exp
  • Building permits prior 1291K unrevised at 1291K
  • Permits -1.7% vs 0.7% exp
  • Midwest starts fell -17.6%
  • West rose 31.4%
  • Single family starts fell -0.4% and permits were down -1.1%
  • Multi family was unchanged after falling -2.7% last month
Housing starts fall

The BOJ has cut the amount of 10-25 year JGBs purchased at today’s operation

A reduction in its purchases in the 10 to 25 years remaining until maturity window.

160bn yen compared with 180bn last time around.
The last time the BOJ did similar was about 8 weeks ago.
Also a smaller purchase amount in 25 – 40 year window. 40bn yen vs. 50bn previous.
When the BOJ first reduced buying like this we saw a knee jerk yen strengthen, the reaction has diminished when they have done so recently though.