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  • Wed, Jan 13 2021
  • 2:32 PM » The unemployment rate is above 20% for the lowest-paid workers, Fed's Brainard says
    Published Wed, Jan 13 2021 2:32 PM by CNBC
    Federal Reserve Governor Lael Brainard said the figure underscores the importance of policy help for the economy.
  • 2:32 PM » Biden to unveil new Covid stimulus plan, hopes for bipartisan support
    Published Wed, Jan 13 2021 2:32 PM by CNBC
    A person familiar with Biden's stimulus plans says the president-elect will seek bipartisan support for his Covid relief proposal.
  • 12:48 PM » Houston Real Estate in December: Sales Up 27% YoY, Inventory Down 29% YoY
    Published Wed, Jan 13 2021 12:48 PM by Calculated Risk Blog
    From the HAR: The Houston Housing Market Defies a Pandemic to Set New Records in 2020 Not even a devastating global pandemic could stop the Houston real estate market from shattering records as it crossed the finish line for the 2020 calendar year. Single-family home sales surpassed 2019's record volume by more than 10 percent, even as the supply of homes withered to the lowest levels of all time. ... According to HAR's 2020 annual market report, single-family home sales rose 10.5 percent to 96,151. Sales of all property types for the year totaled 115,523. That represents an 11.6-percent increase over 2019's record volume and marks only the second time in history that total property sales broke the 100,000 level. Total dollar volume for 2020 shot up 18.1 percent to a record-breaking $35.3 billion. ... December single-family home sales jumped 25.5 percent year-over-year with 9,652 units sold; Total December property sales increased 27.2 percent to 11,572 units ; ... Total active listings, or the total number of available properties, fell 28.6 percent from a year earlier to 26,821. emphasis added Inventory declined 28.6% year-over-year from 37,574 in December 2019 to 26,821 in December 2020.   This is just 1.9 months of supply. Note that the closed sales in December were for contracts that were mostly signed in October and November.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 11:47 AM » Cleveland Fed: Key Measures Show Inflation Soft in December
    Published Wed, Jan 13 2021 11:47 AM by Calculated Risk Blog
    The Cleveland Fed released the median CPI and the trimmed-mean CPI this morning: According to the Federal Reserve Bank of Cleveland, the median Consumer Price Index rose 0.1% December. The 16% trimmed-mean Consumer Price Index rose 0.2% in December. "The median CPI and 16% trimmed-mean CPI are measures of core inflation calculated by the Federal Reserve Bank of Cleveland based on data released in the Bureau of Labor Statistics' (BLS) monthly CPI report". Note: The Cleveland Fed released the median CPI details for December  here . Motor fuel was up 161% annualized in December. Click on graph for larger image. This graph shows the year-over-year change for these four key measures of inflation. On a year-over-year basis, the median CPI rose 2.2%, the trimmed-mean CPI rose 2.1%, and the CPI less food and energy rose 1.6%. Core PCE is for November and increased 1.4% year-over-year. Overall inflation will not be a concern during the crisis. Important Note: We will likely see some year-over-year jumps in some measures of inflation, since we saw some deflation in 2020. For example, we saw negative Month-to-month (MoM) core CPI and CPI readings in March, April and May 2020. Assuming positive readings in those months in 2021, the YoY change in CPI and core CPI will jump. We also saw negative MoM PCE and core PCE reading in March and April 2020.  Ignore a jump in YoY inflation in March, April and May!
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:53 AM » Consumer Prices Increase in December
    Published Wed, Jan 13 2021 10:53 AM by
    In December, consumer prices increased due to a jump in energy prices. However, inflationary pressures remained weak as the economy is struggling amid the COVID-19 pandemic. The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose by 0.4% in December on a seasonally adjusted basis, faster than a 0.2% increase in November. Excluding the volatile food... Read More ›
    Click Here to Read the Full Article

  • 8:43 AM » Treasury yields slip following strong 10-year note auction
    Published Wed, Jan 13 2021 8:43 AM by CNBC
    U.S. Treasury yields dipped on Wednesday, after strong demand in an auction for $38 billion of 10-year notes on Tuesday.
  • 8:42 AM » Lagarde stands by growth forecasts despite new lockdowns hitting Europe
    Published Wed, Jan 13 2021 8:42 AM by CNBC
    The ECB is sticking to its growth projections despite new coronavirus restrictions that could extend the economic crisis in the euro area.
  • 8:11 AM » Despite historically low mortgage rates, consumers' homebuying and home-selling sentiment fell in December 2020.
    Published Wed, Jan 13 2021 8:11 AM by
    Despite historically low mortgage rates, consumers' homebuying and home-selling sentiment fell in December 2020. Learn more: (Feed generated with FetchRSS )
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