While things go wrong for Jay Powell in repo, they are going right in housing. Sort of. It's more than cliché that the real estate sector is interest rate-sensitive. It surely is, and much of the Fed's monetary policy figuratively banks on it.
When policymakers talk about interest rate stimulus, they largely mean the mortgage space.
Homebuilders, at least, responded in August 2019 to the first rate cut in a decade exactly the way the FOMC had imagined when policymakers finally came around to considering it. According to the Census Bureau, the number of permits