Succinct Summations for the week ending September 20th 2019
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.
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.