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In her address to the nation on Wednesday, Janet Yellen said that the U.S. economy has been resilient in the face of “shocks”, and that despite global economic “developments” in recent months, the domestic economic activity has been expanding at a moderate pace.  This has been eased, in part, by stimulus packages put together by Asian and European sovereigns.  In other words, We don’t need to do much because other countries have already taken care of it.

In housing news, Fannie Mae says “A less optimistic outlook for future wage gains, especially among small business employees, coupled with continued strong home price appreciation boosted by lean inventory, is adding to the housing affordability challenge”.  In other words, home prices are increasing faster than your paycheck.  Thankfully, interest rates are still low.