Good news for guys like me who lend money for a living: CoreLogic reported that the percentage of all-cash home sales decreased 1.9% to 27.7% of total transactions (meaning that more people are getting loans to buy homes). The number of existing homes that sold last month incidentally, is up 3.2% from last month. That’s like a 5% pay raise this month if you’re a lender!
New York Federal Reserve Bank President William Dudley (“Do Right”) said that the Fed will raise interest rates later this year “if the economy stays on the current trajectory”. Not feeling quite as confident, the European Central Bank is keeping their interest rates unchanged at 0.25% and will continue to purchase notes to keep other rates low as well.
Stocks are mixed, Bonds are flat. Oh BTW, the Beige Book was blase: forty-six pages of “modest to moderate paces of expansion” and “tight labor conditions” language throughout the 12 tracked districts. And on that note, I am heading up to the Homestead Resort for Fall Break with my family in a few hours. I hope that you also get to enjoy some respite from the grind this weekend!