Goldman Says US Housing Upturn Probably Head Fake

Recent macro data out of the US economy was too much of a good thing. Last month's cross-asset malaise was a testament to that. During the first several weeks of 2023, a resilient labor market was interpreted by investors as evidence in favor of the "soft landing" narrative, but once the "no landing" scenario entered the lexicon, good news was made bad again. Frustrated, thoroughly exhausted market participants now find themselves confronting a ridiculous quandary: The better the data, the mor