The US housing market seemed like it was moving in the right direction recently, some better results people said were lower mortgage rates finally starting to work. But then reality dropped like a hammer today when the nation’s largest realtor group reported a massive 9.3% drop in pending home sales for December, biggest monthly decline since 2020. Stunned analysts are trying to figure out why lower rates aren’t stimulating housing and what these latest results mean.

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US Pending-Home Sales Plunge by Most Since Start of Pandemic
https://www.bloomberg.com/news/articles/2026-01-21/us-pending-home-sales-plunge-by-most-since-start-of-pandemic

NAR Pending Home Sales Report Shows 9.3% Decrease in December
https://www.nar.realtor/newsroom/nar-pending-home-sales-report-shows-9-3-decrease-in-december

NAR First-Time Home Buyer Share Falls to Historic Low of 21%, Median Age Rises to 40
https://www.nar.realtor/newsroom/first-time-home-buyer-share-falls-to-historic-low-of-21-median-age-rises-to-40

BlackRock and Housing: Setting the Record Straight
https://www.blackrock.com/corporate/literature/brochure/blackrock-and-housing-setting-the-record-straight.pdf

Trump Signs Order Targeting Institutional Housing Investors
https://www.bloomberg.com/news/articles/2026-01-21/trump-signs-order-targeting-institutional-housing-investors

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Macy’s is the latest retailer to admit to struggling in the current economic climate, closing several of what it calls fulfillment centers, basically warehouse facilities in Connecticut and Oklahoma and shedding thousands of those jobs. That comes in addition to even more store closings across the country. Why? Because only the wealthy are spending so the company wants to focus as much as possible on that segment. Macy’s is not alone.

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Eurodollar University's Money & Macro Analysis

Delta Declines on Tepid Forecast as Geopolitics Weigh on Travel
https://www.bloomberg.com/news/articles/2026-01-13/delta-places-major-boeing-order-as-earnings-support-travel-boom

Macy’s plans to close stores in 12 states—see if your city is listed
https://www.msn.com/en-us/foodanddrink/foodnews/macy-s-plans-to-close-stores-in-12-states-see-if-your-city-is-listed/ar-AA1UirgL?cvid=696b13e01f884a7ab6d68a7ead48018f&ocid=BHEA000

Macy’s to close Oklahoma fulfillment center
https://www.supplychaindive.com/news/macys-to-close-tulsa-oklahoma-fulfillment-center-bold-new-chapter/809289/

Macy’s to lay off nearly 1,000 at Connecticut fulfillment center
https://www.retaildive.com/news/macys-layoffs-cheshire-connecticut-fulfillment-center/809837/

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Chinese retail sales just did something they’ve never done before outside of the lockdowns. At the same time, capital investment continues to legitimately crash, December was third month in a row of steep declines leading to the first yearly negative for it in China’s modern history. The only thing, the ONLY thing, keeping the economy from completely falling off a cliff is China selling everything it can everywhere else, especially in Europe.

Eurodollar University's Money & Macro Analysis

China NBS Basic Situation of National Fixed Asset Investment in 2025
https://www.stats.gov.cn/sj/zxfb/202601/t20260119_1962326.html

China’s economy looks more resilient than it feels as a property slump drags on
https://apnews.com/article/china-economy-property-tariffs-jinping-17e9a32cf105764f457c1111f185dd3f

Macron threatens tariffs on China "in the coming months" due to trade surpluses
https://fr.tradingview.com/news/forexlive%3A3395740c5094b%3A0-macron-threatens-tariffs-on-china-in-the-coming-months-due-to-trade-surpluses/

Tariffs of up to 50% go into effect, hitting imports from China, other non-FTA countries
https://mexiconewsdaily.com/news/mexico-tariffs-go-into-effect-china/

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