Good morning. US stock futures inched higher in Tuesday morning trading as investors looked ahead to the latest US inflation print.
🏡 Homebuying demographics changing face
Facing limited home inventory, rising prices and high mortgage rates, house hunters were forced to increase their down payment: For first-time buyers, it reached 8% of the total price, the highest rate since 1997.
The average homebuyer’s income jumped to $107,000 in 2023 from $88,000 a year earlier.
Buyers are also getting older, at 35 for a first house compared with 29 in the early 1980s, the report found.
💡 So what: Housing prices have skyrocketed along with sharp rises in interest rates over the past 18 months. The implications of higher prices means that only the upper echelon of income earners could even be considered as potential home purchasers which further skews the market and makes it difficult for those of lesser income to find affordable housing.
Tuesday - US Consumer Price Index, Fed Vice Chair Jefferson Speaks
Wednesday - New York Fed President John Williams Speaks
Thursday - Initial Jobless Claims (wk end Nov 10th), Philadelphia Fed Manufacturing Survey, Fed Governor Waller Speaks
Friday - No Major Economic News
📉 Retailers offer deep discounts as holiday season picks up!
📱 US to free up more wireless spectrum
WHY: Demand for spectrum use is soaring as are planned new uses like connected vehicles that can communicate with the internet, other vehicles and additional sources. Mobile U.S. wireless data traffic rose 38% in 2022.
🥤 Pepsi on track to surpass Coke’s market value
WHY: Coca-Cola has long held down the top spot in part due to its strong brand portfolio and record of sales growth.
🚫 Another day, another TikTok ban
WHY: Countries including the United States, Britain and New Zealand have banned the app on government phones despite TikTok repeatedly denying that it has ever shared data with the Chinese government and would not do so if asked.
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