Succinct Summations for the week ending September 20th 2019
Positives:
1. Markets stabilize as everyone gets used to Trade War noise;
2. Existing home sales came in at an annualized rate of 5.49Mm above expected 5.38M.
3. Home mortgage apps rose 6.0% w/o/w, above the previous increase of 4.0%.
4. Housing starts rose to 1.36M, above the expected 1.25M.
5. Industrial production rose 0.6% m/o/m, above the expected increase of 0.2%.
6. Housing market index came in at 68 for September, above the expected 66.
Negatives:
1. Federal Reserve forced to add liquidity for 4th straight day to facilitate repo markets.
2. Duke University quarterly survey of CFO’s fell to a 3 year low. Optimism index has high correlations to future GDP growth and hiring.
3. Same store sales rose 5.4% w/o/w, decelerating from the previous increase of 6.4%.
4. Jobless claims rose 2k w/o/w, from 206k to 208k.
5. Home refinance apps fell 4.0% w/o/w, below the previous increase of 5.0%.
6. Philly Fed Business Outlook Survey came in at 12 this month, below the previous 16.8.
Thanks, Matt!
