Happy Thanksgiving!

The Weekly Recap

The Fed wants more evidence before cutting rates but nothing from their last meeting suggests that raising rates is on the table. US home sales fell to a 13 year low nationwide as prices continue to surge. Sam Altman lost his job and got it back again as the CEO of OpenAI while the CEO of Binance, CZ, lost his job among a massive fine payment, and the NFL is experiencing a billion dollars worth of quarterback injuries this season.

Happy Thanksgiving!

Hope you all had a wonderful Thanksgiving and have an even more successful Black Friday today. We’ll return next week with deeper insight into the NYC market. Incredibly thankful for all of you!

Market Performance

Here are how some other indexes and asset classes have performed as of this mornings opening bell.

NYC Market Update

Here is a view of new inventory that has come onto the NYC market over the past week as well as newly signed contracts in Manhattan. Expected slowdown headed into the long holiday weekend.

Mortgage Rate Update

Mortgage rates continued to decrease heading into the Thanksgiving holiday. In recent weeks, rates have dropped by half a percent, but potential homebuyers continue to hold out for lower rates and more inventory. This dynamic is reflected in the latest data showing that existing home sales have fallen to a thirteen-year low nationwide.

News You Can Use

• Fed Gave No Indication About Possible Rate Cuts at Last Meeting CNBC

• US Existing Home Sales Slump to 13 Year Low as Prices Accelerate Reuters

• The Fed Wants More Evidence Before Changing Rate Stance Wall Street Journal

• Bitcoin ETF Hype Has Wall Street Eyeing $100B Crypto Potential Bloomberg

• Homes for the Rich Thrive While Others Are Locked Out Axios

• Why Thanksgiving Week Is Typically Bullish for Stocks Yahoo Finance

• Dear Miami, Taking Wall Street From NYC Won’t Be Easy Bloomberg

• How the Fed Should Think About It’s Goals Axios

• Binance Pleads Guilty, Ordered to Pay $4.3 Billion in Fines as CEO Steps Down Yahoo Finance

• The NFL’s Billion Dollars’ Worth of Injured Quarterbacks Wall Street Journal

The Deep Insight

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