Succinct Summations for the week ending August 21st
1. Housing starts came in at 1.21mm, up from 1.2 and better than the 1.185 expected.
2. Philly Fed came in at 8.3, up from 5.7 and better than the 6 expected.
3. Mortgage rates fell to another multi month low at 4.11%,
4. Refinance applications rose 7.2% and are up 21.2% y/o/y.
5. Japanese exports rose 7.6% y/o/y.
1. Rough week for stocks, with the S&P 500 posting its largest 5-day decline since November 2011.
2. FOMC minutes from July reflect a divided committee leaning towards an increase this year, in September or December.
3. Not a whiff of inflation, CPI and core CPI rose just 0.1%.
4. Markit US manufacturing fell to 52.9, the lowest reading since October 2013.
5. Empire manufacturing fell to -14.9 vs expectations of +3.9.