The Housing Market Is Showing Signs of Weakness

Mortgage applications to buy a home fell 3% last week after surging for five straight weeks. There isn’t enough housing supply to meet demand. But demand could drop as young people can’t afford a house. The U.S. housing market is showing signs of weakness. While mortgage rates were at a record low last week, total …

U.S. Stock Rally Gets Supercharged as the World Unites Against China

Eight major nations have united in a coalition to counter China and its threat against ‘global trade, security and human rights.’ The battle against China is no longer exclusive to the U.S., as American allies unite. The rallying U.S. stock market is likely to boost with the unified stance of Europe’s biggest economies against China. …

Wild Stock Market Has a Bottom. That’s When the Panic Really Begins

The stock market is facing an “important test” according to Fidelity strategists. The S&P needs to hold 2,500 or stocks will careen back to the March 23 low, or even further. Morgan Stanley is confident we won’t go below that level and is aggressively buying the dips. We’ve just witnessed the fastest crash in the …

U.S. Consumer Confidence Is Plunging – But More Pain Is Coming

The Conference Board’s gauge of U.S. consumer confidence plunged from 132.6 to 120 in March, while economists expected a 110 number. Confidence is likely to decline further in the coming months. It will probably take a long time before consumers start spending like before the crisis. The Conference Board said Tuesday its consumer confidence index …

Atlanta Fed’s Q1 GDP Forecast Is Almost as Laughable as the Fed Itself

The Atlanta Fed’s GDP Tracker is projecting annual growth of 2.7% in the first quarter despite the onset of coronavirus. If the forecast holds, it would mark the highest rate of expansion for the U.S. economy since Q1 2019. Fed prognosticators are notoriously bad at predicting the future. Their glaring coronavirus omission is laughable. The …