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Economic Statistics for 27 Apr 17

Stating that the economy “appears to have slowed” and household spending has moderated, The Federal Open Markets Committee left short-term interest rates unchanged, with a Fed Funds target rate of 0.25-0.50%.

The NAR’s Pending Home Sales Index rose 1.4% in March to 110.5.

March’s international trade deficit narrowed by a sharp -9.5% to $-56.9 billion, with exports down -1.7%, and imports plunging by -4.4%. Consumer goods imports fell -9.1%, indicating decreasing consumer demand.

The MBA reports that mortgage applications fell -4.1% last week, with purchases down -2.0% and refis down -5.0%.

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2 Responses to Economic Statistics for 27 Apr 17

  • Just last week

    Yellen’s secret meeting at the White House followed an emergency secret Federal Reserve Board meeting. The Fed then held another secret meeting to discuss bank reform. These secret meetings come on the heels of the Federal Reserve Bank of Atlanta’s estimate that first quarter GDP growth was .01 percent, dangerously close to the official definition of recession.

    Thus the real reason for all these secret meetings could be a panic that the Fed’s eight year explosion of money creation has not just failed to revive the economy, but is about to cause another major market meltdown.

    Establishment politicians and economists find the Fed’s failures puzzling. According to the Keynesian paradigm that still dominates the thinking of most policymakers, the Fed’s money creation should have produced such robust growth that today the Fed would be raising interest rates to prevent the economy from “overheating.”

  • It is this disconnect that haunts Obama. He has, by his own lights, managed the recovery as well as any president ever could, with results that in many cases exceeded his own best hopes. But despite the gains of the past seven years, many Americans have been left behind. Something has changed, and as he prepares to leave office, Obama seems to understand that his economic legacy might be judged not just by what he has done, but by how the results compare to a bygone era of middle-class opportunity, one that perhaps no president, faced with the sweeping changes transforming the global economy, could ever bring back.