Economics Update

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H/t Calculated Risk


That bump is the tax credit h/t Calculated Risk

The big news is the upward revision of US GDP in the 4^th quarter, though it should be noted that this delta is all inventory shrinking less quickly than expected, everything else was revised down.

Go to Calculated Risk to see a handy table illustrating this.

Meanwhile real estate is grim, with Freddy Mac reporting that delinquencies in single housings rising 16 basis points to 4.03 in January, and existing home sales falling sharply.

As I have said before, we are seeing the effects of the home buyer tax credit, not any real market recovery.

Meanwhile, in the old standards of energy and currency, people are feeling more sanguine about Greece, which means that they are looking for more return, and less safety, which pushed the dollar lower, and the lower dollar drove crude oil higher.