Maybe The Fed Jumped The Gun A Little?


A day late come the kind of "meh, not great" economic indicators that could have saved us from yesterday's "modest" taper.

U.S. home resales hit a near one-year low in November and new filings for unemployment benefits unexpectedly rose last week, putting a wrinkle in an otherwise brightening economic picture….

The National Association of Realtors said sales of previously owned homes fell 4.3 percent last month to an annual rate of 4.90 million units. That was the lowest since December last year and the third straight monthly drop….

In a separate report, the Labor Department said initial claims for state unemployment benefits increased 10,000 last week to 379,000, the highest level since March.

Housing, jobs data weaken, but overall economic picture still upbeat [Reuters]



Merrill Lynch Jumps The Gun On Brexit

Turns out the EU’s rules still apply in Blighty for now.