The continued 'choppiness' of our economic new abnormal-normal is reflected in the ever present unexpected data numbers...it appears that the fundamentals do not have a solid base to build upon and the QE to infinity program has created the monster in the basement that generates fear anytime the discussion moves to taper talk....an economy built on a QE platform is showing its weaknesses and faults. What will history say about the efficacy of QE, the FOMC and ultimately the Fed's economic decision making ability!
This morning’s economic data came in weaker-than-expected. Housing starts fell to their lowest level of the year and building permits fell, both were below estimates. The data may take on greater-than-usual importance because of some of Bernanke’s comments. He will say “Housing has contributed significantly to recent gains in economic activity...but it will be important to monitor developments in this sector carefully.” (The Market Today ONLINE)
Housing Data Softens
Source: Bloomberg
Indicator Period Est. Actual Prior Revised
| 7/17/2013 6:00 AM | MBA Mortgage Apps. | 12-Jul | -- | -2.6% | -4.0% | |
| 7/17/2013 7:30 AM | Housing Starts | JUN | 960K | 836K | 914K | 928K |
| 7/17/2013 7:30 AM | Building Permits | JUN | 1000K | 911K | 974K | 985K |
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