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This article was written by Adam Button at www.forexlive.com.

US-based employers announced 47,786 job cuts in June, which is roughly 20% higher than the same month a year ago. The monthly pace of layoffs has been easing a touch since February, so that’s a slight positive.

This article was written by Justin Low at www.forexlive.com.

• The value of R-Star is always highly uncertain
• But the case for a sizable increase has yet to meet two important tests
• Recent data reinforce the continuation of pre-pandemic trends in global demographics and productivity growth
• One should not overly rely on estimates of R-Star in determining appropriate monetary policy setting at a given point in time

This is a debate for economists and not really one for traders. There is a camp in the former that argues that the real neutral rate of interest has risen but Williams is downplaying that as you would expect, given that the Fed is looking to cut rates with no actual target floor just yet.

This article was written by Justin Low at www.forexlive.com.

• Prior +0.8%
• Market index 206.5 vs 212.0 prior
• Purchase index 142.9 vs 147.8 prior
• Refinance index 544.1 vs 552.4 prior
• 30-year mortgage rate 7.03% vs 6.93% prior

Mortgage applications fell in the past week with both purchases and refinancing activity also declining. It comes as the average rate of the most popular US home loan rises back above the 7% mark. Overall, it still points to rather subdued conditions in the housing market.

This article was written by Justin Low at www.forexlive.com.