RUSH TRANSCRIPT Cheryl well ░░░░░░░░ data for January out ░░░░░░░░ kind of sent some ░░░░░░░░ signals as you can ░░░░░░░░ Housing starts declined by ░░░░░░░░ more than expected 9 ░░░░░░░░ month over month Building ░░░░░░░░ actually ticked up slightly ░░░░░░░░ expectations for a decline ░░░░░░░░ s a question could ░░░░░░░░ chill in the housing ░░░░░░░░ be thawing out A ░░░░░░░░ to parse through I ░░░░░░░░ to bring in for ░░░░░░░░ on that and the ░░░░░░░░ economic picture qi research ░░░░░░░░ and chief separate is ░░░░░░░░ Danielle DiMartino Booth Let ░░░░░░░░ start with that data ░░░░░░░░ the housing starts I ░░░░░░░░ was the bigger concern ░░░░░░░░ of the two numbers ░░░░░░░░ morning Into GDP We ░░░░░░░░ a temporary reprieve a ░░░░░░░░ bit of a bump ░░░░░░░░ recent GDP reports and ░░░░░░░░ looks like that s ░░░░░░░░ to be trailing off ░░░░░░░░ ll see I think ░░░░░░░░ though might be the ░░░░░░░░ issue We saw the ░░░░░░░░ bankers associate weekly application ░░░░░░░░ this morning that showed ░░░░░░░░ to purchase a new ░░░░░░░░ have given back nearly ░░░░░░░░ of their gains for ░░░░░░░░ the back to where ░░░░░░░░ were in early January ░░░░░░░░ well if you look ░░░░░░░░ this chart here there ░░░░░░░░ some months where you ░░░░░░░░ some really big jumps ░░░░░░░░ then equal falls Cheryl ░░░░░░░░ as a whole was ░░░░░░░░ volatile Do you think ░░░░░░░░ s going to the ░░░░░░░░ this year or do ░░░░░░░░ think we re going ░░░░░░░░ have more stabilitying By ░░░░░░░░ Wall Street Journal had ░░░░░░░░ good story last week ░░░░░░░░ showed a tremendous number ░░░░░░░░ American home sellersed that ░░░░░░░░ their homes for sale ░░░░░░░░ the market So if ░░░░░░░░ re listening to if ░░░░░░░░ ve got your ear ░░░░░░░░ the ground a lot ░░░░░░░░ people in the housing ░░░░░░░░ see a major bump ░░░░░░░░ coming in inventory for ░░░░░░░░ once we hit the ░░░░░░░░ selling season Cheryl that ░░░░░░░░ going to be existing ░░░░░░░░ The sun belt which ░░░░░░░░ still too many homes ░░░░░░░░ we don t necessarily ░░░░░░░░ them in addition to ░░░░░░░░ apartments Cheryl well at ░░░░░░░░ that ll help with ░░░░░░░░ of the housing crisis ░░░░░░░░ well we want Laughter ░░░░░░░░ want to see a ░░░░░░░░ improve don t get ░░░░░░░░ wrong This is not ░░░░░░░░ news for buyers This ░░░░░░░░ increasingly becoming a buyer ░░░░░░░░ market That s good ░░░░░░░░ that sed good Yeah ░░░░░░░░ s get those interest ░░░░░░░░ down just a little ░░░░░░░░ Let s talk about ░░░░░░░░ because this is interesting ░░░░░░░░ re denying reports that ░░░░░░░░ fha is about to ░░░░░░░░ it s going to ░░░░░░░░ off about 40 of ░░░░░░░░ staff That s a ░░░░░░░░ large cut to that ░░░░░░░░ agency is What would ░░░░░░░░ mean for the house ░░░░░░░░ market if we did ░░░░░░░░ that type of work ░░░░░░░░ cut We ve seen ░░░░░░░░ set where we have ░░░░░░░░ layoffs and don t ░░░░░░░░ to have any discontinuity ░░░░░░░░ the services that are ░░░░░░░░ We don t know ░░░░░░░░ won t know But ░░░░░░░░ will welcome any kind ░░░░░░░░ an audit of the ░░░░░░░░ the same way I ░░░░░░░░ welcome an audit of ░░░░░░░░ Federal Reserve And that ░░░░░░░░ because in recent years ░░░░░░░░ think a lot of ░░░░░░░░ have tapped into an ░░░░░░░░ that was really designed ░░░░░░░░ to help first time ░░░░░░░░ buyers people who are ░░░░░░░░ struggling whereas it s ░░░░░░░░ a go to and ░░░░░░░░ s even heard to ░░░░░░░░ kind of one with ░░░░░░░░ the areas where we ░░░░░░░░ seeing mortgage fraud Cheryl ░░░░░░░░ do you make of ░░░░░░░░ conversation that we re ░░░░░░░░ to see the privatization ░░░░░░░░ fannie and freddie Is ░░░░░░░░ that I think that ░░░░░░░░ still kind of out ░░░░░░░░ I m not I ░░░░░░░░ t necessarily a it ░░░░░░░░ going to take year ░░░░░░░░ Cheryl okay okay B ░░░░░░░░ fannie and freddie have ░░░░░░░░ to have have always ░░░░░░░░ the implicit backing of ░░░░░░░░ U S government I ░░░░░░░░ we re in dangerous ░░░░░░░░ to suggest a complete ░░░░░░░░ That really would revamp ░░░░░░░░ way mortgages are approached ░░░░░░░░ the United States Cheryl ░░░░░░░░ yeah yeah Okay that ░░░░░░░░ good to know Good ░░░░░░░░ see some movement in ░░░░░░░░ mortgage market if nothing ░░░░░░░░ Retail sales this is ░░░░░░░░ because we ve seen ░░░░░░░░ data actually really pressured ░░░░░░░░ You ve got inflation ░░░░░░░░ retail sales you should ░░░░░░░░ The December under pressure ░░░░░░░░ necessary number was not ░░░░░░░░ number was not great ░░░░░░░░ s a lot of ░░░░░░░░ about the consumer right ░░░░░░░░ a lot In fact ░░░░░░░░ you dug into that ░░░░░░░░ York fed report we ░░░░░░░░ seeing that American families ░░░░░░░░ derev languaging leveraging This ░░░░░░░░ the first time we ░░░░░░░░ seen them cutting back ░░░░░░░░ their debt The last ░░░░░░░░ precedents are 2001 and ░░░░░░░░ you know those are ░░░░░░░░ good precedents So we ░░░░░░░░ are tracking this closely ░░░░░░░░ for everybody who said ░░░░░░░░ the retail sales report ░░░░░░░░ some kind of reflection ░░░░░░░░ the weather why on ░░░░░░░░ did we see see ░░░░░░░░ 1 9 decline in ░░░░░░░░ sales We learned that ░░░░░░░░ the pandemic yet that ░░░░░░░░ one of the weakest ░░░░░░░░ that we saw Cheryl ░░░░░░░░ really quickly we ve ░░░░░░░░ seen in all the ░░░░░░░░ data the personal savings ░░░░░░░░ a has been declining ░░░░░░░░ month That for me ░░░░░░░░ with what the banks ░░░░░░░░ telling us about credit ░░░░░░░░ debt and I forget ░░░░░░░░ bank it was this ░░░░░░░░ saying that some of ░░░░░░░░ unforgivable loans the ones ░░░░░░░░ re never going to ░░░░░░░░ the money back basically ░░░░░░░░ re writing off more ░░░░░░░░ those types of loans ░░░░░░░░ more charge ups from ░░░░░░░░ 4re7bders Even credit card ░░░░░░░░ they re going to ░░░░░░░░ up rolling back into ░░░░░░░░ and further chargeoffings So ░░░░░░░░ think the consumer s ░░░░░░░░ to be faced with ░░░░░░░░ lending standards into 2025 ░░░░░░░░ s not good because ░░░░░░░░ economy lives and dies ░░░░░░░░ on debt creation Cheryl ░░░░░░░░ it s great to ░░░░░░░░ you Many studio always ░░░░░░░░ great to have you ░░░░░░░░ New York Well let ░░░░░░░░ take a look at ░░░░░░░░ Children are going to ░░░░░░░░ better lives than you?