Unveiling the Truth Behind the So-Called "Mortgage Demand" and "Declining Spending"

Despite reports of a surge in mortgage demand due to lower interest rates, the reality is that mortgage applications remain at their lowest levels in decades, with a minimal uptick that pales in comparison to previous increases. Additionally, retail sales in the US dipped slightly in October, but the volatility of the data and revisions make it necessary to look at the three-month moving average, which shows a slowdown compared to last year. Prices of goods dropped, leading to increased consumer purchases, but inflation has shifted towards services.