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The S&P 500 just passed its highest valuation level in almost 18 years
2/21/2020 2:47 PM
As of Wednesday, the S&P 500 traded at 19 times 12-month forward earnings, the highest the P/E level has been since May 23, 2002....(read more)
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In next downturn, Fed may opt for quick, strong action
2/21/2020 2:45 PM
In the next economic downturn, the Federal Reserve and other central banks may need to roll out their big guns sooner and add new bazookas to their recession-fighting arsenals, or risk getting mired in growth-sapping deflation or worse....(read more)
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Fed"s Mester calls for changes in how rate decisions are communicated
2/21/2020 12:35 PM
The Cleveland president said the central bank should be providing markets more information about what is influencing monetary policy....(read more)
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Fed policymakers call for quick, strong action in next downturn
2/21/2020 11:20 AM
The U.S. central bank will need to act aggressively to counter future downturns, deploying old tools more quickly and adopting new ones, Federal Reserve Governor Lael Brainard said on Friday....(read more)
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Q1 GDP Forecasts: 0.7% to 2.6%
2/21/2020 10:47 AM
From Merrill Lynch: We are tracking 0.7% qoq saar for 1Q GDP and 2.0% for 4Q. [Feb 21 estimate] emphasis added From Goldman Sachs: we raised our Q1 GDP tracking estimate by one tenth to +1.5% . [Feb 19 estimate] From the NY Fed Nowcasting Report The New York Fed Staff Nowcast stands at 2.0% for 2020:Q1 . News from this week"s data increased the now...Read More
 
Larry Kudlow says falling bond yields don"t reflect the US economy"s "fundamentals"
2/21/2020 9:43 AM
Larry Kudlow says falling bond yields don"t reflect the US economy"s "fundamentals"<br/>https://www.cnbc.com/2020/02/21/larry-kudlow-says-falling-bond-yields-dont-reflect-the-us-economys-fundamentals.html...(read more)
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Fed"s Bostic says "we won"t have to do anything" on rates, despite market expectations
2/21/2020 9:08 AM
Despite market expectations for up to two cuts this year, Bostic said that unless there"s a significant shift in economic performance, the Fed should stay put....(read more)
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The Federal Reserve thinks low rates have had only a "modest" impact on stock market prices
2/21/2020 7:36 AM
That"s contrary to the conventional Street wisdom which ties the low rates and money-printing to a market bull run that is less than a month away from its 11th anniversary...(read more)
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U.S. dollar, bonds get safe-haven rush as virus spreads
2/21/2020 7:03 AM
Asian shares were cast adrift on Friday as fears over the creeping spread of the coronavirus sent funds fleeing to the sheltered shores of U.S. assets, lofting the dollar to three-year highs....(read more)
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Expectations for a rate cut will fade as coronavirus fear eases, Fed"s James Bullard says
2/21/2020 7:01 AM
Central bank officials have indicated that they are content to keep policy on hold as they watch economic developments play out....(read more)
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Rates on Construction Loans Continue to Drift Downward
2/20/2020 2:00 PM
In the fourth-quarter of 2019, builders and developers reported declining interest rates on all types of loans covered in NAHB"s quarterly survey on acquisition, development and construction (AD&C) financing (Exhibit 8).  The average interest rate declined from 6.39 to 6.13 percent on loans for land acquisition, from 6.31 to 5.94 percent on...Read More
 
Phoenix Real Estate in January: Sales up 18.1% YoY, Active Inventory Down 38.9% YoY
2/20/2020 12:27 PM
This is a key housing market to follow since Phoenix saw a large bubble / bust followed by strong investor buying. The Arizona Regional Multiple Listing Service (ARMLS) reports ("Stats Report"): 1) Overall sales were at 6,328 in January, down from 7,585 in December, but up from 5,357 in January 2019. Sales were down 16.6% from December 2019 (last m...Read More
 
Wall Street tumbles as coronavirus fears mount
2/20/2020 12:27 PM
U.S. stock indexes fell about 1% on Thursday, dragged down by technology heavyweights, as investors fretted over a rise in the cases of coronavirus and its economic impact....(read more)
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Americans are fleeing the most expensive US cities—and moving to these 10 more affordable places
2/20/2020 10:49 AM
Many Americans are looking to leave expensive coastal cities, according to Redfin.com"s housing migration report for Q4 of 2019, which analyzed data from more than 1 million Redfin users. Here are 10 metro areas they"re flocking to instead....(read more)
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Philly Fed Manufacturing Suggests Activity Increased in February
2/20/2020 8:49 AM
From the Philly Fed: Current Manufacturing Indicators Suggest a Pickup in Growth in February Manufacturing firms reported an improvement in regional manufacturing activity, according to results from the February Manufacturing Business Outlook Survey. The survey"s current indicators for general activity, new orders, and shipments increased this mont...Read More



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