U.S. home builder sentiment, New York state factory activity drop

The National Association of Home Builders/Wells Fargo Housing Market Index fell 6 points to 49 this month, the eighth consecutive monthly decline. A reading under 50 indicates that more builders view conditions as poor than good. The Fed’s increasingly aggressive fight to quash high inflation by lifting borrowing costs has already begun to be felt in the housing sector, which is highly sensitive to interest rates. A separate survey by the New York Fed showed the ‘Empire State’ index on current business conditions plummeted 42.4 points to a reading of -31.3 this month. The effort has fueled fears of a recession, but the effort, however, has fueled concerns of recession. The U.S. central bank has raised its benchmark overnight interest rate by 225 . . .