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  • Fri, Jun 15 2018
  • 5:18 PM » Expiring Provisions of the Tax Cuts and Jobs Act
    Published Fri, Jun 15 2018 5:18 PM by eyeonhousing.org
    The Tax Cuts and Jobs Act (TCJA) added numerous temporary provisions to the tax code. Temporary tax law can be difficult to track and compliance can be expensive. The Joint Committee on Taxation released a guide to expiring tax provisions, sorted by year of expiration, earlier this year. The table below shows how many items in the tax code will... Read More ›
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 3:20 PM » Fed's Kaplan says trade is an opportunity, not threat
    Published Fri, Jun 15 2018 3:20 PM by Reuters
    FORT WORTH, Tx., June 15 (Reuters) - Dallas Federal Reserve Bank President Robert Kaplan on Friday said trade with Mexico and Canada boosts jobs in the United States, and warned that it will be difficult to solve problems that plague U.S.-China relations if trade frictions continue in North America.
  • 3:17 PM » Wall Street edges lower on renewed trade jitters, oil price drop
    Published Fri, Jun 15 2018 3:17 PM by Reuters
    (Reuters) - Wall Street stocks were down marginally on Friday after the United States announced hefty tariffs on Chinese imports and China vowed to respond in kind, stoking investor worries over an escalating tit-for-tat trade dispute.
  • 1:00 PM » Dudley Foresees Need for Fed Rate Hikes to Slow the US Economy
    Published Fri, Jun 15 2018 1:00 PM by Bloomberg
    Bloomberg Dudley Foresees Need for Fed Rate Hikes to Slow the US Economy Bloomberg The Federal Reserve will probably have to raise interest rates in the years ahead above levels officials consider neutral for the U.S. economy because of how far the unemployment rate has fallen, outgoing New York Fed President William Dudley said. and more »
  • 12:50 PM » Goldman Sachs model now points to 4% second-quarter GDP growth
    Published Fri, Jun 15 2018 12:50 PM by CNBC
    The U.S. economy is likely to grow faster than expected, according to a Goldman Sachs tracker model.
  • 12:32 PM » Citigroup to pay $100 million in rate-rigging settlement
    Published Fri, Jun 15 2018 12:32 PM by Reuters
    NEW YORK (Reuters) - Citigroup Inc has agreed to pay $100 million to settle charges by most U.S. states that it rigged the Libor benchmark interest rate to boost profit at the expense of investors.
  • 10:39 AM » BLS: Unemployment Rates Lower in 14 states in May
    Published Fri, Jun 15 2018 10:39 AM by Calculated Risk Blog
    From the BLS: Regional and State Employment and Unemployment Summary Unemployment rates were lower in May in 14 states and stable in 36 states and the District of Columbia, the U.S. Bureau of Labor Statistics reported today. Eleven states had jobless rate decreases from a year earlier and 39 states and the District had little or no change. The national unemployment rate edged down from April to 3.8 percent and was 0.5 percentage point lower than in May 2017. ... Hawaii had the lowest unemployment rate in May, 2.0 percent. Alaska had the highest jobless rate, 7.2 percent. emphasis added Click on graph for larger image. This graph shows the number of states (and D.C.) with unemployment rates at or above certain levels since January 2006. At the worst of the employment recession, there were 11 states with an unemployment rate at or above 11% (red). Currently only one state, Alaska, has an unemployment rate at or above 7% (light blue); And only Alaska is above 6% (dark blue).
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:12 AM » Consumer sentiment hits 99.3 in June vs. 98.3 estimate
    Published Fri, Jun 15 2018 10:12 AM by CNBC
    Consumer sentiment was anticipated to fall slightly in the beginning of June, after the index slipped in May.
  • 9:40 AM » Older Americans planning to downsize should brace for sticker shock
    Published Fri, Jun 15 2018 9:40 AM by CNBC
    With competition fierce for smaller and less-expensive homes, many retirees are surprised that their long-assumed plan to downsize will cost more than they anticipated.
  • 9:32 AM » Industrial Production Decreased 0.1% in May
    Published Fri, Jun 15 2018 9:32 AM by Calculated Risk Blog
    From the Fed: Industrial Production and Capacity Utilization Industrial production edged down 0.1 percent in May after rising 0.9 percent in April. Manufacturing production fell 0.7 percent in May, largely because truck assemblies were disrupted by a major fire at a parts supplier. Excluding motor vehicles and parts, factory output moved down 0.2 percent. The index for mining rose 1.8 percent, its fourth consecutive month of growth; the output of utilities moved up 1.1 percent. At 107.3 percent of its 2012 average, total industrial production was 3.5 percent higher in May than it was a year earlier. Capacity utilization for the industrial sector decreased 0.2 percentage point in May to 77.9 percent , a rate that is 1.9 percentage points below its long-run (1972-2017) average. emphasis added Click on graph for larger image. This graph shows Capacity Utilization. This series is up 11.3 percentage points from the record low set in June 2009 (the series starts in 1967). Capacity utilization at 77.9% is 1.9% below the average from 1972 to 2017 and below the pre-recession level of 80.8% in December 2007. Note: y-axis doesn't start at zero to better show the change. The second graph shows industrial production since 1967. Industrial production decreased in May to 107.3. This is 23% above the recession low, and 2% above the pre-recession peak.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:38 AM » NY Fed: Manufacturing "Business activity continued to grow strongly in New York State"
    Published Fri, Jun 15 2018 8:38 AM by Calculated Risk Blog
    From the NY Fed: Empire State Manufacturing Survey Manufacturing firms in New York State reported that business activity expanded at a faster pace than in May. The general business conditions index rose five points to 25.0, its highest level in several months . The index for number of employees climbed ten points to 19.0, its highest level thus far in 2018, pointing to a pickup in employment levels. emphasis added This was above the consensus forecast and a strong reading.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:17 AM » Trump administration to slap a 25% tariff on $50 billion of Chinese goods, threatens more
    Published Fri, Jun 15 2018 8:17 AM by CNBC
    President Donald Trump said he could impose additional tariffs if China retaliates with duties of its own.
  • 8:04 AM » Volcker 'fix' may cause new headaches for Wall Street
    Published Fri, Jun 15 2018 8:04 AM by Reuters
    WASHINGTON (Reuters) - A proposal to simplify a rule banning banks from proprietary trading, rather than making life easier for Wall Street, could ensnare billions of dollars' worth of assets not currently caught by the regulation.
  • 8:04 AM » Powell Styles Himself a Fed Chairman for the People
    Published Fri, Jun 15 2018 8:04 AM by Bloomberg
    Bloomberg Powell Styles Himself a Fed Chairman for the People Bloomberg Alan Greenspan famously said he'd mastered the art of mumbling "with great incoherence" as Federal Reserve chairman. Jerome Powell is attempting the opposite approach. "Because monetary policy affects everyone, I want to start with a plain English ... and more »
  • Thu, Jun 14 2018
  • 3:19 PM » Regulation: Over 30 Percent of the Cost of a Multifamily Development
    Published Thu, Jun 14 2018 3:19 PM by eyeonhousing.org
    Regulation imposed by all levels of government (whether local, state or federal) accounts for 32.1 percent of the cost of an average multifamily development, according to a new study conducted jointly by the National Association of Home Builders (NAHB) and the National Multifamily Housing Council (NMHC). The study is based primarily on a survey of multifamily developers from both organizations. The results... Read More ›
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 3:18 PM » Sorry, Sellers: Your ‘For Sale' Sign May Be ‘Ugly and Desperate'—Here's Why
    Published Thu, Jun 14 2018 3:18 PM by www.realtor.com
    "For Sale" signs in front of homes are being called "ugly and desperate" by one town in Connecticut, which may ban the signs completely. Is the town right? The post Sorry, Sellers: Your ‘For Sale’ Sign May Be ‘Ugly and Desperate’-Here’s Why appeared first on Real Estate News & Insights | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 3:18 PM » Trump's tariffs pose risk to global trade, U.S. economy: IMF
    Published Thu, Jun 14 2018 3:18 PM by Reuters
    WASHINGTON (Reuters) - The International Monetary Fund warned on Thursday that U.S. President Donald Trump's new import tariffs threaten to undermine the global trading system, prompt retaliation by other countries and damage the U.S. economy.
  • 1:31 PM » The Fed has taken the first step toward an early exit from its balance sheet reduction
    Published Thu, Jun 14 2018 1:31 PM by CNBC
    The Federal Reserve has begun preparing for what could be an early end to the reduction of bonds it purchased to pull the economy out of the financial crisis.
  • 12:35 PM » Jolted Awake by the Fed, And Now Back to Sleep
    Published Thu, Jun 14 2018 12:35 PM by Bloomberg
    Bloomberg Jolted Awake by the Fed, And Now Back to Sleep: Taking Stock Bloomberg Finally, something gave this market a jolt. The S&P 500 whipsawed once the Fed decision hit the tape on Wednesday, eventually picking a direction in the last hour of trading with a straight selloff into the close. But that was yesterday, and things are ... and more »
  • 12:35 PM » Ex-Trump advisor Gary Cohn says trade deficits don't matter, contradicting the president
    Published Thu, Jun 14 2018 12:35 PM by CNBC
    Cohn's comments illuminate in part why he left a White House insistent on shifting the trade balance with key partners.
  • 12:34 PM » Freddie Mac Announces New Employment Initiative for Homeowners in High-Needs Areas
    Published Thu, Jun 14 2018 12:34 PM by freddiemac.mwnewsroom.com
    Freddie Mac Announces New Employment Initiative for Homeowners in High-Needs Areas
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 11:54 AM » EU nations back retaliating against U.S. steel tariffs
    Published Thu, Jun 14 2018 11:54 AM by Reuters
    BRUSSELS (Reuters) - European Union countries on Thursday unanimously backed a plan to impose import duties on 2.8 billion euros ($3.3 billion) worth of U.S. products after Washington hit EU steel and aluminum with tariffs at the start of June, EU sources said.
  • 11:26 AM » Hutchins Roundup: Multinational profit shifting, competitive EU markets, and more
    Published Thu, Jun 14 2018 11:26 AM by webfeeds.brookings.edu
    Studies in this week's Hutchins Roundup find that close to 40 percent of multinational profits are shifted to tax havens each year, supra-national institutions make EU markets more competitive than their U.S. counterparts, and more. Want to receive the Hutchins Roundup as an email? Sign up here to get it in your inbox every Thursday.…                
    Click Here to Read the Full Article

    Source: webfeeds.brookings.edu
  • 11:26 AM » Duy: FOMC Recap
    Published Thu, Jun 14 2018 11:26 AM by Calculated Risk Blog
    A few excerpts from Tim Duy at Fed Watch: FOMC Recap The Federal Open Market Committee (FOMC) completed their June meeting with a 25 basis point rate hike, bringing the target range for the federal funds rate to 1.75-2.0 percent. The accompanying Summary of Economic Projections (SEP) revealed a modestly more optimistic outlook, as expected. The improving outlook prompted an upward revision to rate hike expectations with the median policymaker anticipating four rate hikes this year, up from three in March. The Fed dropped the explicit forward guidance language in the statement as they work to encourage market participants to undertake a more nuanced, data-driven approach to assessing the future path of rate hikes. With the economy chugging along at a respectable clip that could exceed 4 percent in the second quarter, the Federal Reserve upgraded its assessment of growth from "moderate" to "solid." Expected growth for 2018 as a whole rose from 2.7 to 2.8 percent while the unemployment forecast fell from 3.8 percent to 3.6 percent. If history is any guide, that forecast remains too pessimistic given the expected pace of growth this year. Bottom Line: Pay attention to the interplay of the rate and economic forecasts and the flow of data. The pace of data will almost certainly not slow sufficiently to prevent the Fed from hiking in September and probably December. I would say September is essentially a lock at this point. I also think you need to pencil in rate hikes in March and June of 2019. Recognize though that by mid-2019 the data might reflect the lagged impact of past tightening and the yield curve is likely to be fairly flat; both factors would slow the pace of rate hikes. The Fed will face a more difficult choice if the data holds strong while the yield curve inverts.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:41 AM » In this red-hot housing market, if a 'for sale' sign goes up, don't blink—you might miss it
    Published Thu, Jun 14 2018 10:41 AM by CNBC
    Of the homes that sold in May, 27.6 percent went above their list price - another record, according to Redfin.
  • 10:05 AM » Mortgage Rates Back on the Rise
    Published Thu, Jun 14 2018 10:05 AM by freddiemac.mwnewsroom.com
    Mortgage Rates Back on the Rise
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 9:46 AM » A fourth Fed hike this year could trigger economic slowdown, strategist warns
    Published Thu, Jun 14 2018 9:46 AM by CNBC
    A fourth rate hike this year could bring about an inverted yield curve and economic slowdown, Principal Global Investors CEO Jim McCaughan believes.
  • 9:24 AM » Homeowners Are Rushing to Get HELOCs—Should You Do It, Too?
    Published Thu, Jun 14 2018 9:24 AM by www.realtor.com
    Homeowners who want to get a home equity line of credit shouldn't dawdle. We explain why they may want to get a HELOC quick. The post Homeowners Are Rushing to Get HELOCs-Should You Do It, Too? appeared first on Real Estate News & Insights | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 9:12 AM » Retail Sales increased 0.8% in May
    Published Thu, Jun 14 2018 9:12 AM by Calculated Risk Blog
    On a monthly basis, retail sales increased 0.8 percent from April to May (seasonally adjusted), and sales were up 5.9 percent from May 2017. From the Census Bureau report : Advance estimates of U.S. retail and food services sales for May 2018, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $502.0 billion, an increase of 0.8 percent from the previous month, and 5.9 percent above May 2017 . ... The March 2018 to April 2018 percent change was revised from up 0.2 percent to up 0.4 percent. Click on graph for larger image. This graph shows retail sales since 1992. This is monthly retail sales and food service, seasonally adjusted (total and ex-gasoline). Retail sales ex-gasoline were up 0.7% in May. The second graph shows the year-over-year change in retail sales and food service (ex-gasoline) since 1993. Retail and Food service sales, ex-gasoline, increased by 4.9% on a YoY basis. The increase in May was above expectations, and sales in March and April, combined, were revised up.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 8:38 AM » US weekly jobless claims total 218,000, vs 224,000 expected
    Published Thu, Jun 14 2018 8:38 AM by CNBC
    First-time claims for state unemployment benefits were expected to total 224,000, compared with the 222,000 claims reported for the previous week.
  • 8:14 AM » Redfin Report: May Real Estate Market the Fastest on Record; Prices Up 6.3%
    Published Thu, Jun 14 2018 8:14 AM by PR Newswire
    SEATTLE, June 14, 2018 /PRNewswire/ -- (NASDAQ: RDFN)--The typical home that sold in May went under contract in 34 days, according to Redfin (www.redfin.com), the next-generation real estate brokerage. May broke April's record of 36 days, which was the fastest month Redfin had recorded...
  • 8:01 AM » ECB says it will reduce its massive bond-buying program from September, dependent on data
    Published Thu, Jun 14 2018 8:01 AM by CNBC
    The ECB kept interest rates unchanged Thursday, but traders will closely monitor upcoming remarks from President Mario Draghi for hints on the potential end of the bank's massive stimulus program.
  • 8:00 AM » ECB says its massive bond-buying program will likely end in December
    Published Thu, Jun 14 2018 8:00 AM by CNBC
    The ECB kept interest rates unchanged Thursday, but traders will closely monitor upcoming remarks from President Mario Draghi for hints on the potential end of the bank's massive stimulus program.
  • Wed, Jun 13 2018
  • 5:41 PM » 'This economy will slow' in mid-2019 or 2020: J.P. Morgan strategist
    Published Wed, Jun 13 2018 5:41 PM by CNBC
    The 9-year bull market will likely end in mid-2019 or 2020, says J.P. Morgan strategist.
  • 5:40 PM » A minimum-wage worker can't afford a 2-bedroom apartment anywhere in the U.S.
    Published Wed, Jun 13 2018 5:40 PM by Washington Post
    Nationally, one would have to earn $17.90 an hour to afford a modest one-bedroom apartment without spending more than 30 percent of income on housing, a common budgeting standard. Or $22.10 an hour for a two-bedroom rental.
    Click Here to Read the Full Article

    Source: Washington Post
  • 3:14 PM » Rents Are Still Growing Much Faster Than Wages, Even as Growth Cools Slightly
    Published Wed, Jun 13 2018 3:14 PM by www.realtor.com
    Rental costs rose by 3.6% for the twelve months ending in May, down a tick from April's 3.7%, the Labor Department said Tuesday. The post Rents Are Still Growing Much Faster Than Wages, Even as Growth Cools Slightly appeared first on Real Estate News & Insights | realtor.com® .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 3:13 PM » Homebuilder Stocks Sink After Survey Shows Risk of a Slowdown
    Published Wed, Jun 13 2018 3:13 PM by Bloomberg
    Bloomberg Homebuilder Stocks Sink After Survey Shows Risk of a Slowdown Bloomberg Shares of homebuilders are getting wrecked after research firm Zelman & Associates downgraded several stocks in conjunction with a survey that implied risk to near-term order estimates. The S&P Supercomposite Homebuilding Index fell as much as 4.6 ...
  • 3:13 PM » As Fed jacks up rates, bond market warns of potential for economic weakness
    Published Wed, Jun 13 2018 3:13 PM by CNBC
    The Fed sent a hawkish message to markets- more rate hikes are coming and a bit faster than expected, triggering a negative reaction in bonds.
  • 2:48 PM » Fed raises rates amid stronger inflation, drops crisis-era guidance
    Published Wed, Jun 13 2018 2:48 PM by Reuters
    WASHINGTON (Reuters) - The Federal Reserve raised interest rates on Wednesday, a move that was widely expected but still marked a milestone in the U.S. central bank's shift from policies used to battle the 2007-2009 financial crisis and recession.
  • 2:47 PM » Fed's Powell says he will begin press conferences following each meeting starting in January
    Published Wed, Jun 13 2018 2:47 PM by CNBC
    Federal Reserve Chairman Jerome Powell held his quarterly news conference Wednesday at the conclusion of the central bank's two-day meeting.
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