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Home sales of existing homes in the U.S. dropped in October to their lowest level since 2010.
Heather Long described the slowdown as a dramatic slump, adding that both home sales and home building are drying up as mortgage rates remain above 7 percent and home prices remain elevated.
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Rising prices remain a theme, with business inflation reaching 6.3 percent in September according to reporting by Heather Long. The Federal Reserve signaled a continued focus on inflation after a recent 'hawkish skip,' as Fed Chair Kevin Warsh noted that further action may be needed. Elevated inflation and policy expectations have weighed on housing and other interest rate–sensitive sectors.