Free Markets, Free People


Economic Statistics for 11 Sep 13

The MBA reports that mortgage applications fell -13.5% last week, with purchases down -3.0% and re-fis down -20.0%. Rising mortgage rates are the culprit. This implies eventual increases in Treasury yields, which, in turn, imply a higher cost of federal debt service, and higher deficit. Enjoy.

Wholesale inventories rose a slight 0.1% in July, with the stock-to-sales ratio steady at 1.17.


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