<div id="readability-page-1"><div>Wayfair CFO Kate Gulliver appeared at JPMorgan's conference Monday morning in a discussion with the bank's retail analyst, Christopher Horvers.What caught our attention in the 35-minute conversation, which ranged from the online home-goods retailer's financial position to broader consumer trends, was Gulliver's outlook on home goods and housing markets.A more active housing market typically drives demand for big-ticket home purchases such as sofas, tables, and other furnishings sold on Wayfair's online platform.<img width="500" height="271" src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/2026-05-18_12-12-43.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/2026-05-18_12-12-43.png"/>However, her forecast for the remainder of the year was decidedly muted, a gloomy outlook that may leave realtors and mortgage brokers uneasy.Horvers asked Gulliver about the home goods and housing markets, including whether she was worried about soaring energy prices, the post-stimulus era, and how those factors could affect consumer demand for home goods over the rest of the year.Her outlook for the rest of the year was not great. She noted that the home goods category &#34;has not been a tailwind for us.&#34;&#34;At some point, this cyclical category will recover, but our expectations for 2026 and our guidance for the second quarter do not assume any category recovery. Our operating assumption for 2026 is that the category stays where it is,&#34; Gulliver explained.Gulliver's dismal view of the home goods and housing markets for the rest of the year offers valuable insight because Wayfair is one of the largest online home-furnishings platforms in the U.S.Much of Wayfair's consumer base consists of millennials and Gen Xers in the household-formation cycle, including raising a family, buying a home, or moving into a larger residence, all of which drive demand for furniture and such.This muted activity she observes and forecasts also comes as the 30-year mortgage rate is back around 6.5%, up roughly 35 basis points from when the U.S.-Iran conflict began in late February.<img width="500" height="276" src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/Snag_8832e7fa.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/Snag_8832e7fa.png"/>Related:<ul><li>Most Americans Can't Afford New Homes</li><li>Home Prices Register Biggest Annual Increase In More Than A Year: Report</li><li>The Frozen Market For Homes</li></ul>Gulliver's view serves as a proxy for the housing market. Her comments this morning offer no relief for the struggling realtors and mortgage brokers over the last several years.Also to note, rate markets are pricing in hikes next year as energy inflation from the Hormuz chokepoint disruption pushes up inflation expectations and TSY yields soar.</div></div>

美国房产建设 ETF - iShares

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Wayfair 首席财务官 Kate Gulliver 在摩根大通会议上对家居用品需求表达了悲观的展望，指出该类别预计在 2026 年不会恢复。这一预测引发了房地产经纪人和抵押贷款经纪人的担忧，因为更活跃的住房市场通常会提升家居用品的需求。随着 30 年期抵押贷款利率约为 6.5%，Gulliver 的评论反映了住房市场持续面临的挑战，进一步复杂化了行业专业人士的处境

Wayfair CFO's Muted Home-Goods Demand Outlook Offers More Bad News For Realtors

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摩根大通

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

Wayfair 首席财务官对家居用品需求的低迷展望为房地产经纪人带来了更多不利消息