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  • Jay Powell, the Federal Reserve Chairman, in a speech discussed headwinds for the US economy for 2019 (fading domestic fiscal stimulus, global slowdown, impact of short term interest rate hikes) – quite a volte face from previously describing the US economy as extraordinary
  • The UK unemployment rose slightly to 4.1% from a previous reading of 4.0%. In the scenario of a “hard” Brexit (not our base case) expect this to be much higher
  • Irish residential property prices grew at 8.2% yoy, with higher growth more evident outside of Dublin
  • US residential housing indicators have started to come off their peaks and builders confidence has begun to wane (see graph of NAHB Market Index)