The Fed Report will not be published today. There were no Treasury Auctions, no new Treasury Announcements, and no substantive changes in any of the other data tracked in the report except for the Mortgage Applications Index. That showed a steep drop to another 7 year low, below the lowest level recorded in 2001. It’s a sign that not only is the housing market not recovering, but that the rate of deterioration is steepening. The Fed Report will return tomorrow evening with a complete update and analysis of the data from the Fed’s weekly H41 statement showing activity in all of the Fed’s alphabet soup programs.
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