The Nobel-prize-winning economist called on the central bank to cut interest rates by 50 basis points at its approaching policy meeting.
AdvertisementFriday's weaker-than-expected reading did not completely ease concerns, putting pressure on the Fed to ease policy quickly.
But Stiglitz, speaking ahead of the data's release, told CNBC that he would pursue deeper rate cuts regardless of Friday's report.
Builder confidence also tanked to a December bottom, though experts anticipate that falling interest rates should eventually boost sentiment.
AdvertisementMeanwhile, homebuyers appear sidelined as they wait for interest rate cuts to ease mortgage rates.
Persons:
—, Joseph Stiglitz, Stiglitz, homebuyers
Organizations:
Service, CNBC, Business