We believed the underlying level of claims peaked in the spring. This suggests that they may now genuinely have begun to decline.
This is a significant decline in confidence, ... Presumably the combination of higher interest rates and stagnant stock prices lies behind the moves, but the key point is that the steady rise in recent months has abruptly begun to reverse.
The Fed has begun to prepare the markets for higher interest rates, ... almost balanced.
By early next year we expect starts to have begun to decline, though activity can probably remain close to current levels for another couple of months,