Bond yields staged their biggest decline in more than a month as fears grew that weakness in the US housing sector would lead the nation into recession.
Construction companies broke ground on the fewest new houses in 14 years last month, according to data released on Wednesday, and a Federal Reserve survey showed growth across its 12 regional districts slowing because of tighter consumer lending standards.
“The continuing risks posed by the housing downturn and the credit crunch and the ensuing deceleration in activity across a number of districts increase the odds of the Fed cutting rates in October,” said Drew Matus, economist at Lehman Brothers.
Construction companies broke ground on the fewest new houses in 14 years last month, according to data released on Wednesday, and a Federal Reserve survey showed growth across its 12 regional districts slowing because of tighter consumer lending standards.
“The continuing risks posed by the housing downturn and the credit crunch and the ensuing deceleration in activity across a number of districts increase the odds of the Fed cutting rates in October,” said Drew Matus, economist at Lehman Brothers.
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