2025-06-09-花旗集团-每日构建_强劲就业报告后降息预期推迟至九月_10页_276kb

Summary of The Daily Build Report - June 9, 2025

• Citi Rate Cut Expectations: The solid jobs report has delayed the expected next rate cut to September, from a previous July estimate due to stronger employment data, limiting the impact on 30-year FRM rates to mid-6% levels by year-end.

• Construction Employment Data: Employment decelerated for the 5th consecutive month in May (Y/Y +1.5% to 8.31mm), with infrastructure growing faster, while hourly wages in Sun Belt states rose sharply, potentially affecting builder costs.

• Housing Market Trends: Continued softness observed through May, with increased price cuts, falling sales prices in key metros, and inventory growth easing moderately, reflecting a shift to a buyer's market in some regions.

• Upcoming Economic Events: Key data releases include BLS CPI and PPI data, Zillow insurance premium analysis, and a University of Michigan consumer sentiment report, which could influence market conditions.