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Word on the street is that the Fed doesn’t want to make waves in order to maintain calm in the markets.  The zero percent chance of a rate hike today, 23% chance at the next meeting in June, and 71% chance by year’s end just confirm what history has repeatedly shown: rates aren’t going up before the election.  Anything short of runaway inflation will be brushed off by middle-aged folks in New York crying “serenity now”.

The Pending Home Sales report out today shows a 1.4% expansion rate, slower than last month’s 3.4% growth but well above the 0.3% crawl expected.