Key insight: The biggest hurdle to shrinking the Fed’s balance sheet is the amount of reserves in the banking system necessary to ensure smooth market function. Fears of 2019-like reserve scarcity have shaped balance sheet management in the post-COVID era. Expert quote: “They are haunted by this. They feel that was an own-goal and there’s […]

One year ago, I talked about how we were about to see a positive shift in the housing market, and with our weekly Housing Market Tracker articles and podcast, I’ve made sure to explain what has really been going on in the housing market since then and what hasn’t. As we sit here on a

On Friday, the U.S. Department of Housing and Urban Development (HUD) published a document with a proposed rule aimed at spurring more multi-story manufactured housing supply.  The rule would expand the definition of a manufactured home and support multi-story manufactured housing construction. It would further permit upper-level sections to be transported and assembled without a