{"id":1569408,"date":"2022-07-25T08:05:57","date_gmt":"2022-07-25T12:05:57","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1569408"},"modified":"2022-07-25T08:07:32","modified_gmt":"2022-07-25T12:07:32","slug":"the-housing-market-goes-cold","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-housing-market-goes-cold\/","title":{"rendered":"The Housing Market Goes Cold"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">10<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fthe-housing-market-goes-cold%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1569408&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><em>This post was originally published on <\/em><a href=\"https:\/\/www.tker.co\/p\/june-housing-market-data-cool?utm_source=substack&#038;utm_medium=email\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:TKer.com.\" class=\"link\"><em>TKer.com.<\/em><\/a><em>\u00a0<\/em><\/p>\n<p>Low financing costs, <a href=\"https:\/\/www.tker.co\/p\/excess-savings-consumption-inflation\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:excess savings\" class=\"link\">excess savings<\/a>, and a <a href=\"https:\/\/www.tker.co\/p\/weekly-home-construction-supply-chain\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:demand for more space\" class=\"link\">demand for more space<\/a> during the pandemic fueled a frenzy in the housing market that sent home prices surging.<\/p>\n<p>Homebuyers, however, are now confronting an increasingly unaffordable housing market that\u2019s been <a href=\"https:\/\/www.tker.co\/p\/weekly-home-construction-supply-chain\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:plagued by shortages\" class=\"link\">plagued by shortages<\/a>.<\/p>\n<p>And with the <a href=\"https:\/\/www.tker.co\/p\/federal-reserve-june-2022-75bps-rate-hike\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Federal Reserve forcing financing costs higher\" class=\"link\">Federal Reserve forcing financing costs higher<\/a> in recent months, housing market activity has cooled off considerably.<\/p>\n<p>\u201cHousing is likely just at the beginning of recession,\u201c Tom Porcelli, chief U.S. economist at RBC Capital Market, wrote on Monday. \u201cOf course, a large amount of activity was pulled forward during the pandemic and then you layer on top of that the sharp rise in rates (monthly mortgage payments up about +60% over the last year) and housing was sure to fall hard.\u201c<\/p>\n<p>Last week came with a flood of housing market data, and none of it looked good for those in the market.<\/p>\n<p>For starters, affordability is a big problem.<\/p>\n<p>According to <a href=\"https:\/\/www.zillow.com\/research\/june-2022-market-report-31239\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Zillow\u2019s monthly housing market report\" class=\"link\">Zillow\u2019s monthly housing market report<\/a> released Tuesday, the monthly mortgage payment on the average U.S. home was $1,613 in June, up 4.5% from a month ago and 62.2% from a year ago.<\/p>\n<figure class=\"caas-figure\">\n<div>\n<div>\n<div class=\"caas-img-container caas-img-loader noheight\"><noscript><img decoding=\"async\" alt=\"\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/https3A2F2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com2Fpublic2Fimages2F9689bce6-cb29-400e-811e-b637abd25f53_799x499.png\" class=\"caas-img\" \/><\/noscript><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<p>Again, you can thank <a href=\"https:\/\/www.tker.co\/p\/household-consumer-business-finances-strong\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:cash-flush consumers\" class=\"link\">cash-flush consumers<\/a> for helping to <a href=\"https:\/\/www.tker.co\/p\/weekly-home-construction-supply-chain\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:fuel a housing market boom\" class=\"link\">fuel a housing market boom<\/a> that caused home prices to surge over the past two years.<\/p>\n<p>More recently, you have a <a href=\"https:\/\/www.tker.co\/p\/complicated-state-of-markets-economy\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Fed that\u2019s been tightening financial conditions\" class=\"link\">Fed that\u2019s been tightening financial conditions<\/a>, which has come with surging mortgage rates. This has made affordability worse.<\/p>\n<p>According to <a href=\"https:\/\/www.freddiemac.com\/pmms\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Freddie Mac\" class=\"link\">Freddie Mac<\/a> data, the average rate for the 30-year fixed rate mortgage was 5.54% as of July 21. Mortgage rates have surged to levels last seen in December 2008.<\/p>\n<figure class=\"caas-figure\">\n<div>\n<div>\n<div class=\"caas-img-container caas-img-loader noheight\"><img class=\"caas-img caas-lazy has-preview\" src alt=\"image\" \/>Freddie Mac)&#8221; data-src=&#8221;https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/f4f9mzIhlsGWEBlP4ddVCQ&#8211;\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA&#8211;\/https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F69969d48-c6e6-4e7b-b849-964ab333ea41_1200x630.png&#8221;><noscript><img src alt=\"image\" \/>Freddie Mac)&#8221; src=&#8221;https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/f4f9mzIhlsGWEBlP4ddVCQ&#8211;\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA&#8211;\/https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F69969d48-c6e6-4e7b-b849-964ab333ea41_1200x630.png&#8221; class=&#8221;caas-img&#8221;><\/noscript><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<p>High home prices and high mortgage rates have turned off potential home buyers.<\/p>\n<p>According to the <a href=\"https:\/\/www.mba.org\/news-and-research\/newsroom\/news\/2022\/07\/20\/mortgage-applications-decrease-in-latest-mba-weekly-survey\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Mortgage Bankers Association\" class=\"link\">Mortgage Bankers Association<\/a> (MBA), mortgage purchase and refinance application activity last week fell to its lowest level in 22 years. Bill McBride, author of <a href=\"https:\/\/www.calculatedriskblog.com\/2022\/06\/feds-flow-of-funds-household-net-worth.html\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Calculated Risk\" class=\"link\">Calculated Risk<\/a>, charted the slowdown:<\/p>\n<figure class=\"caas-figure\">\n<div>\n<div>\n<div class=\"caas-img-container caas-img-loader noheight\"><img class=\"caas-img caas-lazy has-preview\" src alt=\"image\" \/>Calculated Risk)&#8221; data-src=&#8221;https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/kSHxjVlqVNibcPwlcd7xFA&#8211;\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA&#8211;\/https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F83139f96-3eaa-4c39-824b-e613822fa326_1083x689.png&#8221;><noscript><img src alt=\"image\" \/>Calculated Risk)&#8221; src=&#8221;https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/kSHxjVlqVNibcPwlcd7xFA&#8211;\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA&#8211;\/https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F83139f96-3eaa-4c39-824b-e613822fa326_1083x689.png&#8221; class=&#8221;caas-img&#8221;><\/noscript><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<p>\u201cPurchase activity declined for both conventional and government loans, as the weakening economic outlook, high inflation, and persistent affordability challenges are impacting buyer demand,\u201d the MBA\u2019s Joel Kan <a href=\"https:\/\/www.mba.org\/news-and-research\/newsroom\/news\/2022\/07\/20\/mortgage-applications-decrease-in-latest-mba-weekly-survey\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:said\" class=\"link\">said<\/a> on Wednesday.<\/p>\n<p>This is all reflected in the declining number of homes being sold.<\/p>\n<p>Sales of previously-owned homes fell 5.4% in June to an annualized rate of 5.12 million units, according to the <a href=\"https:\/\/www.nar.realtor\/newsroom\/existing-home-sales-slid-5-4-in-june\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:National Association of Realtors (NAR)\" class=\"link\">National Association of Realtors (NAR)<\/a>. It was a 14.2% drop from a year ago.<\/p>\n<figure class=\"caas-figure\">\n<div>\n<div>\n<div class=\"caas-img-container caas-img-loader noheight\"><img class=\"caas-img caas-lazy has-preview\" src alt=\"image\" \/>@NAR_Research)&#8221; data-src=&#8221;https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/wy_fpGU4xXPpFpI3XbrHyg&#8211;\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA&#8211;\/https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9cae55e4-c98b-44bb-9024-28511c6072fe_1590x860.png&#8221;><noscript><img src alt=\"image\" \/>@NAR_Research)&#8221; src=&#8221;https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/wy_fpGU4xXPpFpI3XbrHyg&#8211;\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA&#8211;\/https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F9cae55e4-c98b-44bb-9024-28511c6072fe_1590x860.png&#8221; class=&#8221;caas-img&#8221;><\/noscript><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<p>\u201cBoth mortgage rates and home prices have risen too sharply in a short span of time,\u201d NAR chief economist Lawrence Yun <a href=\"https:\/\/www.nar.realtor\/newsroom\/existing-home-sales-slid-5-4-in-june\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:said\" class=\"link\">said<\/a> on Wednesday.<\/p>\n<p>Indeed, the price of the average existing home sold was a record $416,000 in June, up 13.4% from a year ago.<\/p>\n<figure class=\"caas-figure\">\n<div>\n<div>\n<div class=\"caas-img-container caas-img-loader noheight\"><img class=\"caas-img caas-lazy has-preview\" src alt=\"image\" \/>NAR_Research)&#8221; data-src=&#8221;https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/M3G.lLHhepybJpsvqpAFyA&#8211;\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA&#8211;\/https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F83798bcb-a101-452d-8a3b-87a4c1232c03_1599x863.jpeg&#8221;><noscript><img src alt=\"image\" \/>NAR_Research)&#8221; src=&#8221;https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/M3G.lLHhepybJpsvqpAFyA&#8211;\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA&#8211;\/https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F83798bcb-a101-452d-8a3b-87a4c1232c03_1599x863.jpeg&#8221; class=&#8221;caas-img&#8221;><\/noscript><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<p>Part of what\u2019s going on in housing is <a href=\"https:\/\/www.housingwire.com\/articles\/existing-home-sales-are-still-savagely-unhealthy\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:limited supply\" class=\"link\">limited supply<\/a>. But are builders clamoring to take advantage of high selling prices? No.<\/p>\n<p>\u201cProduction bottlenecks, rising home building costs and high inflation are causing many builders to halt construction because the cost of land, construction and financing exceeds the market value of the home,\u201d Jerry Konter, Chairman of the National Association of Home Builders (NAHB), <a href=\"https:\/\/www.nahb.org\/news-and-economics\/press-releases\/2022\/07\/builder-confidence-plunges-as-affordability-woes-mount\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:said\" class=\"link\">said<\/a> on Monday.<\/p>\n<p>According to NAHB data released Monday, <a href=\"https:\/\/www.nahb.org\/news-and-economics\/press-releases\/2022\/07\/builder-confidence-plunges-as-affordability-woes-mount\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:home builder sentiment plunged in July\" class=\"link\">home builder sentiment plunged in July<\/a> to its lowest level since May 2020.<\/p>\n<figure class=\"caas-figure\">\n<div>\n<div>\n<div class=\"caas-img-container caas-img-loader noheight\"><img class=\"caas-img caas-lazy has-preview\" src alt=\"image\" \/>Calculated Risk)&#8221; data-src=&#8221;https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/COiOhZHBITSz4OBgDo2X_Q&#8211;\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA&#8211;\/https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F66de6044-4683-45bd-a038-6c3dbf2ecf6a_1071x685.png&#8221;><noscript><img src alt=\"image\" \/>Calculated Risk)&#8221; src=&#8221;https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/COiOhZHBITSz4OBgDo2X_Q&#8211;\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA&#8211;\/https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F66de6044-4683-45bd-a038-6c3dbf2ecf6a_1071x685.png&#8221; class=&#8221;caas-img&#8221;><\/noscript><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<p>\u201cApart from April 2020, this was the largest one-month decline in the 37 year history of the series,\u201d UBS economist Sam Coffin observed. \u201cThe housing market index had been trending down gradually since the start of the year, but now, its decline is steeper than at the equivalent time seven months into the housing crisis. In short, it suggests significant further deterioration in homebuilding.\u201c<\/p>\n<p>Home construction data confirm the depressed sentiment.<\/p>\n<p>According to <a href=\"https:\/\/www.census.gov\/construction\/nrc\/pdf\/newresconst.pdf\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Census Bureau data released\" class=\"link\">Census Bureau data released<\/a> Tuesday, home construction starts fell to an annualized rate of 1.559 million units in June, down 2.0% from a month ago and down 6.3% from a year ago.<\/p>\n<figure class=\"caas-figure\">\n<div>\n<div>\n<div class=\"caas-img-container caas-img-loader noheight\"><img class=\"caas-img caas-lazy has-preview\" src alt=\"image\" \/>@USCensusBureau)&#8221; data-src=&#8221;https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/M.b_dXDk8bU6NnQynSBZ5A&#8211;\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA&#8211;\/https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F986a4616-85a9-45a5-9822-e706e98d2957_704x360.jpeg&#8221;><noscript><img src alt=\"image\" \/>@USCensusBureau)&#8221; src=&#8221;https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/M.b_dXDk8bU6NnQynSBZ5A&#8211;\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA&#8211;\/https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F986a4616-85a9-45a5-9822-e706e98d2957_704x360.jpeg&#8221; class=&#8221;caas-img&#8221;><\/noscript><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<p>By most measures, housing market activity is cooling and looks ripe to cool further as long as affordability problems persist.<\/p>\n<p>That said, we may soon see prices broadly move lower sooner than later as more and more sellers are finding that they\u2019re listing their homes for too high a price.<\/p>\n<p>\u201cOn average, 7.3% of homes for sale each week had a price drop, a record high as far back as the data goes, through the beginning of 2015,\u201d Redfin analyst Tim Ellis <a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-homes-take-longer-to-sell\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:wrote\" class=\"link\">wrote<\/a>.<\/p>\n<figure class=\"caas-figure\">\n<div>\n<div>\n<div class=\"caas-img-container caas-img-loader noheight\"><img class=\"caas-img caas-lazy has-preview\" alt=\"\" data-src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/https3A2F2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com2Fpublic2Fimages2F148422e7-d9dc-474d-869b-36529d256ab4_1024x767.png\" src \/><noscript><img decoding=\"async\" alt=\"\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/https3A2F2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com2Fpublic2Fimages2F148422e7-d9dc-474d-869b-36529d256ab4_1024x767.png\" class=\"caas-img\" \/><\/noscript><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<p>All that said, what we\u2019re witnessing in the housing market is the desired outcome of the Fed, which continues to use tighter financial conditions \u2014 including rising mortgage rates \u2014 to cool economic activity in its effort to bring down inflation.<\/p>\n<p><a href=\"https:\/\/www.tker.co\/subscribe?utm_medium=web&#038;utm_source=subscribe-widget&#038;utm_content=64766549\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Subscribe now\" class=\"link\">Subscribe now<\/a><\/p>\n<h2>Elsewhere in the economy<\/h2>\n<p>Labor market data continues to go <a href=\"https:\/\/www.tker.co\/p\/jobs-market-wage-growth-just-right\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:from hot to less hot\" class=\"link\">from hot to less hot<\/a>.<\/p>\n<p>Last week, we learned <a href=\"https:\/\/www.tker.co\/p\/apple-google-microsoft-snap-slow-hiring\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Apple, Google, and Microsoft were among companies slowing their hiring\" class=\"link\">Apple, Google, and Microsoft were among companies slowing their hiring<\/a>.<\/p>\n<p>Also, initial claims for unemployment insurance benefits <a href=\"https:\/\/www.dol.gov\/ui\/data.pdf\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:increased to 251,000\" class=\"link\">increased to 251,000<\/a> during the week ending July 16. It was the fourth consecutive week of increases, and it represented the highest print since November 2021.<\/p>\n<figure class=\"caas-figure\">\n<div>\n<div>\n<div class=\"caas-img-container caas-img-loader noheight\"><img class=\"caas-img caas-lazy has-preview\" alt=\"\" data-src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/https3A2F2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com2Fpublic2Fimages2Fb310d34e-f32d-4a50-8639-507e65cf281e_2400x1240.png\" src \/><noscript><img decoding=\"async\" alt=\"\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/https3A2F2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com2Fpublic2Fimages2Fb310d34e-f32d-4a50-8639-507e65cf281e_2400x1240.png\" class=\"caas-img\" \/><\/noscript><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<p>While these developments aren\u2019t favorable for job seekers, they\u2019re exactly the kinds of developments the Fed <a href=\"https:\/\/www.tker.co\/p\/fed-rate-hike-job-openings-unemployment-chart\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:has been hoping for as it battles inflation\" class=\"link\">has been hoping for as it battles inflation<\/a>.<\/p>\n<h2>Early signs of contraction<\/h2>\n<p>According to <a href=\"https:\/\/www.pmi.spglobal.com\/Public\/Home\/PressRelease\/52db97a5557c433d855b74a46c5ecff6\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:S&#038;P Global\u2019s preliminary US Manufacturing PMI\" class=\"link\">S&#038;P Global\u2019s preliminary US Manufacturing PMI<\/a> report released on Friday, the headline index dropped to 47.5 in July from 52.7 in June. Any reading below 50 signals contraction, and this was the first sub-50 print since June 2020.<\/p>\n<figure class=\"caas-figure\">\n<div>\n<div>\n<div class=\"caas-img-container caas-img-loader noheight\"><img class=\"caas-img caas-lazy has-preview\" alt=\"\" data-src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/https3A2F2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com2Fpublic2Fimages2F5da9331a-0f2f-4ea2-b8a8-67ea572125d1_1008x722.png\" src \/><noscript><img decoding=\"async\" alt=\"\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/https3A2F2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com2Fpublic2Fimages2F5da9331a-0f2f-4ea2-b8a8-67ea572125d1_1008x722.png\" class=\"caas-img\" \/><\/noscript><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<p>The services business activity index fell to 47.0 from 52.7 a month ago. And the manufacturing output index fell to 49.9 from 50.2.<\/p>\n<p>\u201cExcluding pandemic lockdown months, output is falling at a rate not seen since 2009 amid the global financial crisis, with the survey data indicative of GDP falling at an annualized rate of approximately 1%,\u201d Chris Williamson, Chief Business Economist at S&#038;P Global Market Intelligence, said on Friday. \u201cManufacturing has stalled and the service sector\u2019s rebound from the pandemic has gone into reverse, as the tailwind of pent-up demand has been overcome by the rising cost of living, higher interest rates and growing gloom about the economic outlook.\u201d<\/p>\n<p>S&#038;P Global\u2019s findings were echoed by the <a href=\"https:\/\/www.philadelphiafed.org\/surveys-and-data\/regional-economic-analysis\/mbos-2022-07\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Philly Fed\u2019s Manufacturing Business Outlook Survey\" class=\"link\">Philly Fed\u2019s Manufacturing Business Outlook Survey<\/a> released Thursday. The report\u2019s general activity index plunged 9 points to -12.3 in July. Any reading below 0 signals contraction.<\/p>\n<figure class=\"caas-figure\">\n<div>\n<div>\n<div class=\"caas-img-container caas-img-loader noheight\"><img class=\"caas-img caas-lazy has-preview\" src alt=\"image\" \/>Philadelphia Fed)&#8221; data-src=&#8221;https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/9OwzO6SJAng.ti6arYxmuQ&#8211;\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA&#8211;\/https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F869998c7-4a5b-4a6f-8bef-8b9c8f4149ec_1356x940.png&#8221;><noscript><img src alt=\"image\" \/>Philadelphia Fed)&#8221; src=&#8221;https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/9OwzO6SJAng.ti6arYxmuQ&#8211;\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA&#8211;\/https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F869998c7-4a5b-4a6f-8bef-8b9c8f4149ec_1356x940.png&#8221; class=&#8221;caas-img&#8221;><\/noscript><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<h2>The big picture<\/h2>\n<p>We continue to live in a world where the <a href=\"https:\/\/www.tker.co\/p\/complicated-state-of-markets-economy\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Federal Reserve has been trying to slow the economy\" class=\"link\">Federal Reserve has been trying to slow the economy<\/a> by <a href=\"https:\/\/www.tker.co\/p\/stock-market-conundrum-fed-inflation\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:bludgeoning financial markets\" class=\"link\">bludgeoning financial markets<\/a> in its efforts to get <a href=\"https:\/\/www.tker.co\/p\/june-cpi-inflation-highest-1981\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:inflation\" class=\"link\">inflation<\/a> down.<\/p>\n<p>Indeed, <a href=\"https:\/\/www.tker.co\/p\/hawkish-fed-monetary-policy-bearish-for-markets\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:markets have been doing terribly\" class=\"link\">markets have been doing terribly<\/a> and the <a href=\"https:\/\/www.tker.co\/p\/june-core-pce-inflation\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:economic data has turned decidedly south\" class=\"link\">economic data has turned decidedly south<\/a>. And prices for some stuff, including <a href=\"https:\/\/twitter.com\/GasBuddyGuy\/status\/1550433294520549376\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:gasoline\" class=\"link\">gasoline<\/a>, have been coming down.<\/p>\n<p>But, it may still be difficult to <a href=\"https:\/\/www.tker.co\/p\/june-cpi-inflation-highest-1981\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:argue that inflation\" class=\"link\">argue that inflation<\/a> is moving lower in a \u201c<a href=\"https:\/\/www.tker.co\/p\/complicated-state-of-markets-economy\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:clear and convincing\" class=\"link\">clear and convincing<\/a>\u201d way, which means we should expect the Fed to remain very hawkish.<\/p>\n<p>The Fed holds its regular monetary policy meeting next Tuesday and Wednesday. At the conclusion, Fed chair Jerome Powell will update us on the central bank\u2019s assessment of inflation and its outlook for monetary policy.<\/p>\n<p>A hawkish or dovish tilt in Powell\u2019s tone could spark volatility in the markets.<\/p>\n<p>&#8211;<\/p>\n<p><strong><em>Related from TKer:<\/em><\/strong><\/p>\n<p><a href=\"https:\/\/www.tker.co\/subscribe?utm_medium=web&#038;utm_source=subscribe-widget&#038;utm_content=64766549\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Subscribe now\" class=\"link\">Subscribe now<\/a><\/p>\n<h2>Last week \ud83e\ude9e<\/h2>\n<p>\ud83d\udcc8 <strong>Stocks climb<\/strong>: The S&#038;P 500 increased by 2.5% last week to close at 3,961.63. The index is now down 17.4% from its January 3 closing high of 4,796.56 and up 8.0% from its June 16 closing low of 3,666.77. <em>For more on market volatility, read <\/em><a href=\"https:\/\/www.tker.co\/p\/warren-buffett-berkshire-meeting-market-timing\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:this\" class=\"link\"><em>this<\/em><\/a><em> and <\/em><a href=\"https:\/\/www.tker.co\/p\/stock-market-drawdowns\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:this\" class=\"link\"><em>this<\/em><\/a><em>. If you wanna read up on bear markets, read <\/em><a href=\"https:\/\/www.tker.co\/p\/sp500-bear-market-historical-data\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:this\" class=\"link\"><em>this<\/em><\/a><em> and <\/em><a href=\"https:\/\/www.tker.co\/p\/stock-prices-earnings-long-term-trends\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:this\" class=\"link\"><em>this<\/em><\/a><em>.<\/em><\/p>\n<figure class=\"caas-figure\">\n<div>\n<div>\n<div class=\"caas-img-container caas-img-loader noheight\"><img class=\"caas-img caas-lazy has-preview\" alt=\"\" data-src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/https3A2F2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com2Fpublic2Fimages2Fbe3464d9-819d-4d27-8911-03037b494925_2400x1240.png\" src \/><noscript><img decoding=\"async\" alt=\"\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/https3A2F2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com2Fpublic2Fimages2Fbe3464d9-819d-4d27-8911-03037b494925_2400x1240.png\" class=\"caas-img\" \/><\/noscript><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<p>As I <a href=\"https:\/\/www.tker.co\/p\/stock-market-conundrum-fed-inflation\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:wrote\" class=\"link\">wrote<\/a> last month, it appears that the markets will be held hostage by the Fed as long as inflation isn\u2019t showing \u201c<a href=\"https:\/\/www.tker.co\/p\/complicated-state-of-markets-economy\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:clear and convincing\" class=\"link\">clear and convincing<\/a>\u201d signs of easing. <em>Read more about this <\/em><a href=\"https:\/\/www.tker.co\/p\/stock-market-conundrum-fed-inflation\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:here\" class=\"link\"><em>here<\/em><\/a><em> and <\/em><a href=\"https:\/\/www.tker.co\/p\/jpmorgan-ezekiel-25-17-fed-hawkish\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:here\" class=\"link\"><em>here<\/em><\/a><em>.<\/em><\/p>\n<h2>Next week \ud83d\udee3<\/h2>\n<p>It\u2019s going to be a busy week.<\/p>\n<p>Earnings season kicks into high gear this week with Coca-Cola, UPS, GM, McDonald\u2019s, Alphabet, Microsoft, Meta, Ford, Apple, Amazon, and ExxonMobil among the big companies to announce quarterly financial results.<\/p>\n<figure class=\"caas-figure\">\n<div>\n<div>\n<div class=\"caas-img-container caas-img-loader noheight\"><img class=\"caas-img caas-lazy has-preview\" src alt=\"image\" \/>The Transcript)&#8221; data-src=&#8221;https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/Y9ii81rtGVr30DKUnA6ubQ&#8211;\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA&#8211;\/https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fe200f102-5ef0-47a7-a9d7-3c075adb93a8_1920x1080.jpeg&#8221;><noscript><img src alt=\"image\" \/>The Transcript)&#8221; src=&#8221;https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/Y9ii81rtGVr30DKUnA6ubQ&#8211;\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA&#8211;\/https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fe200f102-5ef0-47a7-a9d7-3c075adb93a8_1920x1080.jpeg&#8221; class=&#8221;caas-img&#8221;><\/noscript><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<p>The Fed concludes its regular two-day monetary policy meeting on Wednesday afternoon, which is when the central bank is expected to announce <a href=\"https:\/\/www.tker.co\/p\/federal-reserve-june-2022-75bps-rate-hike\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:another\" class=\"link\">another<\/a> 75 basis point interest rate hike. However, there are <a href=\"https:\/\/twitter.com\/SamRo\/status\/1547268407485161473\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:some economists\" class=\"link\">some economists<\/a> who think the Fed should hike by 100 basis points. What matters is what Fed Chair Powell says about the direction of inflation at his 2:30 pm ET press conference. Does he think inflation is improving? Or is it too early to tell?<\/p>\n<p>Thursday comes with the Bureau of Economic Analysis\u2019 first estimate of Q2 GDP. According to a Bloomberg survey of economists, the average forecast is for a 0.5% growth rate. Though, there are plenty of economists who expect the growth rate to be negative, which would be the second straight quarter of negative GDP.<a href=\"https:\/\/www.tker.co\/p\/june-housing-market-data-cool?utm_source=substack&#038;utm_medium=email#footnote-1\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:1\" class=\"link\">1<\/a><\/p>\n<p>Friday comes with the June core PCE price index, the Fed\u2019s preferred measure of inflation. Economists estimate this metric increased to 4.8% year-over-year <a href=\"https:\/\/www.tker.co\/p\/june-core-pce-inflation\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:from 4.7% in May\" class=\"link\">from 4.7% in May<\/a>.<\/p>\n<figure class=\"caas-figure\">\n<div>\n<div>\n<div class=\"caas-img-container caas-img-loader noheight\"><img class=\"caas-img caas-lazy has-preview\" alt=\"\" data-src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/https3A2F2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com2Fpublic2Fimages2Fc401b570-8c60-47d5-8602-38a4aa9472fd_2400x1240.png\" src \/><noscript><img decoding=\"async\" alt=\"\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/https3A2F2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com2Fpublic2Fimages2Fc401b570-8c60-47d5-8602-38a4aa9472fd_2400x1240.png\" class=\"caas-img\" \/><\/noscript><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<p>Inflation continues to be top of mind as it has been <a href=\"https:\/\/www.tker.co\/p\/june-cpi-inflation-highest-1981\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:persistently high\" class=\"link\">persistently high<\/a>. Until inflation metrics move decidedly lower, <a href=\"https:\/\/www.tker.co\/p\/fed-inflation-stock-market-bottom\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:expect the Fed to keep bludgeoning markets and the economy\" class=\"link\">expect the Fed to keep bludgeoning markets and the economy<\/a>.<\/p>\n<p><a href=\"https:\/\/www.tker.co\/p\/june-housing-market-data-cool?utm_source=substack&#038;utm_medium=email#footnote-anchor-1\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:1\" class=\"link\">1<\/a>. Some pundits will argue that two consecutive quarters of negative GDP growth means the economy is in a recession. That\u2019s not accurate. For more on how recessions are defined, read <a href=\"https:\/\/www.tker.co\/p\/june-jobs-payrolls-not-recession\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:this\" class=\"link\">this<\/a>.<\/p>\n<p><em>This post was originally published on <\/em><a href=\"https:\/\/www.tker.co\/p\/june-housing-market-data-cool?utm_source=substack&#038;utm_medium=email\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:TKer.com.\" class=\"link\"><em>TKer.com.<\/em><\/a><\/p>\n<p><em>Sam Ro is the founder of Tk.co. Follow him on Twitter at <\/em><a href=\"https:\/\/twitter.com\/SamRo\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:@SamRo\" class=\"link\"><em>@SamRo<\/em><\/a><em>.<\/em><\/p>\n<p><a href=\"https:\/\/finance.yahoo.com\/topic\/stock-market-news\/\" data-ylk=\"slk:Click here for the latest stock market news and in-depth analysis, including events that move stocks\" class=\"link\"><strong>Click here for the latest stock market news and in-depth analysis, including events that move stocks<\/strong><\/a><\/p>\n<p><a href=\"https:\/\/finance.yahoo.com\/news\/\" data-ylk=\"slk:Read the latest financial and business news from Yahoo Finance\" class=\"link\"><strong>Read the latest financial and business news from Yahoo Finance<\/strong><\/a><\/p>\n<p><em>Download the Yahoo Finance app for <\/em><a href=\"https:\/\/itunes.apple.com\/ca\/app\/yahoo-finance\/id328412701?mt=8\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Apple\" class=\"link\"><em>Apple<\/em><\/a><em> or <\/em><a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.yahoo.mobile.client.android.finance&#038;hl=en\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Android\" class=\"link\"><em>Android<\/em><\/a><\/p>\n<p><em>Follow Yahoo Finance on <\/em><a href=\"https:\/\/twitter.com\/YahooFinance\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Twitter\" class=\"link\"><em>Twitter<\/em><\/a><em>, <\/em><a href=\"https:\/\/www.facebook.com\/yahoofinance\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Facebook\" class=\"link\"><em>Facebook<\/em><\/a><em>, <\/em><a href=\"https:\/\/www.instagram.com\/yahoofinance\/?hl=en\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Instagram\" class=\"link\"><em>Instagram<\/em><\/a><em>, <\/em><a href=\"https:\/\/flipboard.com\/topic\/yahoofinance\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Flipboard\" class=\"link\"><em>Flipboard<\/em><\/a><em>, <\/em><a href=\"https:\/\/www.linkedin.com\/company\/yahoo-finance\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:LinkedIn\" class=\"link\"><em>LinkedIn<\/em><\/a><em>, and<\/em><a href=\"http:\/\/youtube.com\/c\/yahoofinance?sub_confirmation=1\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:YouTube\" class=\"link\"><em> YouTube<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This post was originally published on TKer.com.\u00a0Low financing costs, excess savings, and a demand for more space during the pandemic fueled a frenzy in the housing market that sent home<\/p>\n","protected":false},"author":1,"featured_media":1575401,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1569408","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1569408","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1569408"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1569408\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1575401"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1569408"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1569408"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1569408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}