The U.S. home price index fell 0.7% in September. Annual growth slowed from 13.9% to 11.9%. Demand for real estate is falling precipitously amid rising mortgage rates.
That's a positive for the markets. The S&P 500 Index is up 1%. After all, the cooling of one item of inflation gives hope for an early loosening of Fed policy. However, it's still a long way off.