Existing home sales rose 2% in October to 5.48M units SAAR, according to the National Association of Realtors. b
This morning, the US Treasury 10 year – 2 year yield curve crashed through the 60 basis point barrier hitting the 58.294 level.
Fed Study Says San Francisco Fed research blames low inflation, neutral rate
Chris Whalen posted an interesting articile this morning entitled “Is Multifamily Lending a Threat to US Banks?
Housing starts rose 13.7% MoM in October to 1,290K units SAAR (or 1.29 million). However, the largest share of housing starts were in the 5+ unit (multifamily) category.
Recently, the Hindenburg Omen has been flashing red, signifying a coming stock market correction. But the Omen has flashed several times since 2008 and nothing has happened.
As Bruce Springsteen sang, “We’re goin’ down!” At least the US Treasury curve contines to flatten and real weekly earnings growth YoY continues to decline.
The US Treasury 10Y-2Y curve slope declined to the lowest level since early November 2007. One good reason is the Core PPI YoY is surging!
The crypto-currency Bitcoin just plunged over 1,000! The NYA seems to be experiencing a Hindenburg Omen moment of its own.