On US Housing, Canada, & S&P 500 Earnings

The US housing market is haunted by poor affordability, Melissa reports; that’s why sales have been moribund despite supportive household wealth and income statistics. Would-be buyers are spooked by affordability challenges, and would-be sellers are averse to trade their low-rate mortgages for much higher ones. It will take lower interest rates and/or lower home prices to jumpstart sales. … Also: William discusses how Canadian policymakers are thinking about US tariffs. Tariff uncertainty has already stopped the central bank from easing, but prolonged uncertainty might be better than cutting a hasty deal. … Also: Joe assesses the strength of Q2 from the results of the three-fourths of S&P 500 companies that have reported so far.