As is usual at this time of year, the Chairman of the Federal Reserve Board and FOMC will gain inordinate attention due to the upcoming Jackson Hole assembly. Ben Bernanke in his stint made use of the PR to first introduce his ideas about coming intervention and manipulation. Janet Yellen may or may not do the same, but she will [...]
In addition to continued retrenchment in housing construction (and likely sales as we will see next week) mortgage applications absolutely plunged again this week. According to the latest estimates from the Mortgage Bankers Association, their application index fell 9.2% from the prior week. That’s a pretty large drop reminiscent of the worst financial days last fall. Refis, as has been [...]
It seems like January has been associated with adverse weather for as long as January has existed. I think even the simple folk that lived in more agrarian times were aware that winter tended to be very evident in January, and could vary in intensity from year to year. Jean-Paul Sartre realized the impact of January weather when he said, [...]
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