Updated on June 18, 2019 10:02:02 AM EDT
This morning’s only economic data failed to have an impact on the markets. Mays Housing Starts was posted at 8:30 AM ET, revealing a 0.9% decline in new home groundbreakings. Analysts were expecting to see a small increase in home starts, so the headline number appears to be good news for bonds and mortgage rates. However, a sizable upward revision to April’s starts skewed this morning’s results and left the number of groundbreakings higher than original forecasts. In other words, while a decline is good news for rates, we still saw a higher number of starts than was expected. Because this data is not considered to be highly important, it took a backseat to the other news of the morning.