US Housing Market Update The housing recovery has not run out of steam already June’s sharp drop in home sales has lead to concerns that the recovery in housing market demand is already stalling. However, while job creation and GDP growth will remain lacklustre, the signs are... 8th August 2012 · 1 min read
US Housing Market Data Response CoreLogic House Prices (Jun.) CoreLogic’s measure of house prices posted another strong gain in June. But unlike in recent months, the latest rise was marginally weaker than we would expect in a typical June, meaning that... 7th August 2012 · 1 min read
US Economics Update Fed will want to satisfy surging mortgage demand The surge in demand for residential mortgages reported by the Fed’s latest Senior Loan Officer Survey could further encourage the FOMC to launch QE3, and perhaps some kind of Funding for Lending... 7th August 2012 · 1 min read
US Housing Market Chart Pack Don’t fret about June’s weak sales figures Home sales fell by 5.6% m/m in June, the largest monthly decline for 16 months. But this is unlikely to signal that the recovery in housing demand has run out of steam already. For one, pending home... 6th August 2012 · 1 min read
US Economics Weekly Fed will do more, but QE3 is not the best option We now think that the Fed will provide more policy stimulus when the FOMC next meets in September. The most likely scenario is a third round of asset purchases (QE3), this time focusing on mortgage... 3rd August 2012 · 1 min read
Canada Economics Weekly Economic growth continues to ease The anaemic rate of Canadian economic growth is becoming a major concern, particularly when the chances are that growth will only slow further in the second half of this year. Before the end of this... 3rd August 2012 · 1 min read
US Data Response Employment Report (Jul.) The bigger than expected 163,000 increase in non-farm payrolls in July, up from a muted 64,000 in June, will ease fears that the US economy is following Europe into recession. If this proves to be the... 3rd August 2012 · 1 min read
US Economics Weekly Full nationalisation could be required to boost lending The Bank of England’s new Funding for Lending Scheme (FLS) got underway last week. If the FLS doesn’t work, more radical action to boost bank lending will be needed. 3rd August 2012 · 1 min read
US Economics Update US set for a couple more years of sluggish growth We no longer believe that US economic growth will accelerate as much next year. The continued drag from the crisis in the euro-zone and the risk that America hits a fiscal cliff at the end of this... 2nd August 2012 · 1 min read
Canada Economics Update Small business optimism continues to deteriorate The further decline in the CFIB's small business barometer in July is an early indication that the overall pace of economic recovery may have slowed further. While GDP growth in the second quarter is... 2nd August 2012 · 1 min read
US Economics Update Here's what the Fed should do next... The more we think about this from the perspective of what the Fed is ultimately trying to achieve, the more we're convinced that the best option would be a cut in the interest rate payable on excess... 2nd August 2012 · 1 min read
US Housing Market Update Fed stands pat, but offers hint of further action soon Despite acknowledging the evident slowdown in US economic growth, the Fed declined to take any additional action at the conclusion of the two-day FOMC meeting today. It did, however, offer a hint that... 1st August 2012 · 1 min read
US Economics Update Fed stands pat, but offers hint of further action soon Despite acknowledging the evident slowdown in US economic growth, the Fed declined to take any additional action at the conclusion of the two-day FOMC meeting today. It did, however, offer a hint that... 1st August 2012 · 1 min read
US Data Response ISM Manufacturing Index (Jul. 12) The soft ISM manufacturing report for July suggests that the economy will continue to grow at the sub-par annualised rate of around 1.5% in the third quarter. While this is not fast enough to reduce... 1st August 2012 · 1 min read
US Housing Market Data Response Mortgage Applications (Jul.) The latest mortgage applications data provide further evidence that record low mortgage rates are doing little to boost demand among mortgage-dependent buyers. Meanwhile, the FHFA has reaffirmed its... 1st August 2012 · 1 min read
US Data Response Consumer Confidence (Jul.), Income & Spending (Jun.) The rebound in the Conference Board's measure of consumer confidence to a three-month high of 65.9 in July, from 62.7 in June, suggests that the positive impact from the recent rally in equity prices... 31st July 2012 · 1 min read
