Succinct Summation of Week’s Events 9.23.16

Succinct Summations for the week ending September 23rd 2016:

Positives:

1.FOMC announced they would keep rates unchanged. Global equity markets responded positively.
2. Jobless claims fell to 252k, the 4-week moving average fell to 258.5k.
3. Permits for single-family homes rose 3.7%.
4. FHFA house price index rose 0.5% m/o/m, above the 0.4% expected increase.
5. The housing market index rose from 60 to 65, above the 60 expected.

Negatives:

1. PMI manufacturing index flash came in at 51.4, down from 51.2 previously and slightly below expectations.
2. Existing home sales came in at a 5.33M SAAR, below the 5.440M expected.
3. Existing home sales fell 0.9%. The previous fall of 3.2% was revised down to -3.4%.
4. MBA mortgage applications fell 7.3% w/o/w.
5. Housing starts rose to 1.142M, slightly below the 1.19M expected. Down from 1.211 previously.

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