(Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.A surprisingly bullish Reserve Bank of Australia said it will stick with its planned tapering of bond purchases, wagering that the economy will recover rapidly from a contraction this quarter driven by Sydney’s protracted virus lockdown.The currency rose after Governor Philip Lowe wrong-footed economists by staying on track to reduce the pace of weekly buying to A$4 billion ($3 billion)
Lowe's (LOW) closed at $190.96 in the latest trading session, marking a -0.9% move from the prior day.
Lumber is vital for many of the projects that people go to Home Depot (NYSE: HD) and Lowe's (NYSE: LOW) for. Lumber prices are crashing. Interestingly, as the price of lumber was rising, Home Depot and Lowe's were raising prices they charge customers, and so far, those higher prices have not decreased demand.