US lumber prices extended their 2-day decline to 10% after the Fed hiked interest rates by 75 basis points on Wednesday. The aggressive interest rate hike from the Fed helped solidify the recent surge in mortgage rates to above 6%. "The lumber market continues to be in a state of overall malaise as buyers anticipate lower overall demand going forward," Sherwood Lumber said. US softwood lumber prices fell 6% on Thursday, extending their two-day decline to 10% after the Federal Reserve hiked interest rates by another 75 basis ...
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