June’s existing home sales data disappointed expectations, showing a 5.4% month-over-month decline. Kristina Hooper, Invesco’s chief global industry strategist, joins Catalysts to discuss her outlook on the Federal Reserve and industry trends.
Hooper attributes the housing industry’s challenges to the Fed’s tightening cycle, which she says created “golden handcuffs” and forced affordability issues. However, she believes the Fed recognizes these housing industry concerns. Looking ahead, Hooper is optimistic about the possibility of two rate cuts in 2024, even suggesting “there is a potential for three.”
Addressing the ongoing rotation in the tech sector, Hooper states, “I think this is very much a Fed trade.” She explains that investors are anticipating Fed rate cuts, which could prevent a downturn and lead to re-acceleration. Consequently, “the most cyclically sensitive parts of the stock industry… are performing very well.”
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