The Federal Open Market Committee starting up today. It will be the last for current Vice-Chair Stanley Fischer. He was a former economist at World Bank, and noted teacher at MIT, with illustrious pupils such as former Fed Chair Ben Bernanke and European Central Bank President Mario Draghi. Mr. Fischer has been a bit of an inflation hawk, warning of the risks of a prolonged low-rate environment. His vacancy opens up a fourth empty seat at the Fed for President Trump to fill.
Speaking of President Trump, he welcomes Heads of State from across the globe to New York City this week for the United Nations General Assembly. It will be a great opportunity to be Presidential and unite voices to promulgate peaceful understanding. Germany, North Korea, and Russia are all absent from the event.
Newly constructed homes represent about 10% of the housing market across the country. This morning’s reading shows a 0.8% drop in Housing Starts, but number of new Building Permits requested rose 5.7% last month.