Vital Statistics:
| Last | Change | |
| S&P futures | 30y7 | 14.1 |
| Oil (WTI) | 39.54 | -0.39 |
| 10 year government bond yield | 0.68% | |
| 30 year fixed rate mortgage | 3.16% |
Stocks are higher this morning on no real news. Bonds and MBS are flat.
We don’t have much in the way of market-moving data this week, however we will get some real estate data.
The economy rebounded substantially in May, according to the Chicago Fed National Activity Index. Given what I have heard from earnings calls etc, it sounds like the recession will have ended sometime in early May. I wonder if we are going to see the Q2 GDP estimates begin to get revised upwards.
Lennar mentioned something interesting on its conference call. We have known about the labor shortages in construction for a while. I guess the homebuilding industry took advantage of the shutdown and began a program to train displaced restaurant and retail workers in construction. Smart move, and if it alleviates the labor shortage we are looking at a long boom in housing construction.
Redfin is seeing a housing recovery in the May data as well. “Although the housing market was still mostly stalled in May, it’s worth noting that homes under contract to be sold jumped 33% between April and May after two consecutive months of decline,” said Redfin lead economist Taylor Marr. “This is a key leading indicator for home sales in June and July. New listings of homes for sale have also likely passed their bottom, but are still about 20% below February’s level, so there’s still a ways to go before the housing market has recouped the lost activity of the past few months during the shutdowns.”
Existing home sales fell 9.7% in May, according to NAR. “Sales completed in May reflect contract signings in March and April – during the strictest times of the pandemic lockdown and hence the cyclical low point,” said Lawrence Yun, NAR’s chief economist. “Home sales will surely rise in the upcoming months with the economy reopening, and could even surpass one-year-ago figures in the second half of the year.” Note that Lennar reported June orders were up 20% YOY.
Another sign the global economy is healing. Commodity prices are up big over the past 2 months. Remember when oil was negative? Front-month WTI is pushing $40 a barrel.
Filed under: Economy, Morning Report |
Note the framing in the headline vis-a-vis coverage of previous armed protests by right leaning groups.
https://www.richmond.com/news/virginia/racial-justice-advocates-arm-themselves-to-keep-the-peace-at-robert-e-lee-statue/article_4456ea93-05a4-5794-b0c5-ad220a2921db.html
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Boy, this will really freak out the normals!
https://allhiphop.com/news/upcoming-show-cracka-puts-blacks-as-slave-owners-and-whites-as-slaves-C3ANu-10YUqpINeVlN-kOw
It will rock their world!
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“The movie is the brainchild of director Dale Resteghini, a white man born in Boston, Massachusetts”
Of course it is.
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Interesting.
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I already took a look into this. Not just the brainchild of a white guy obsessed with race (and Nazis) but pretty much everyone behind the camera was white. It looks like there was one black guy in the writers room.
There may be a problem with this beyond the fantasy of roving bands of neo nazis attacking nice black families–a starting conceit that is weird, but dude apparently thinks neo Nazis are way more common in America than they are. That is, there be be any underlying message in the series after the slavery revenge porn that is: people are the same, race is an arbitrary distinction, people can be bad or good and content of character is the point.
So I imagine there will be abolitionists or an underground railroad in the show during which the neo Nazi begins to open his mind as he is dependent on and helped by the black “master race”.
This is not something that’s going to go over well with the truly woke left. It’s like the message may be kind of 1960s style Bewitched episodes or “White Man’s Burden”–where it’s about teaching hateful white people that we are really all the same beneath the skin.
Equality is not the message of the New Woke. Color-blindness is racism to the New Woke. Dude is likely to get criticized from the left. But we will see!
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This is hilarious.
https://hotair.com/archives/ed-morrissey/2020/06/23/de-blasio-city-needs-giant-police-operation-root-illegal-fireworks-keep-awake-something/
I’m sure the NYPD will get right on this.
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Meanwhile in D.C. …
http://acecomments.mu.nu/?post=388886
In fairness, the dude in the lingerie pulls off the look.
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fascinating. the video can’t be played, and if you google it, nothing shows up. guess that has been memory-holed.
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Weird, the videos on Ace still work for me. I’m using an IPad.
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The media as an institution has just collapsed. Clickbait and propaganda, as far as they eye can see.
I mean, seriously. The headline is idiotic. It’s been two days since the Trump rally. And it was a small turnout compared to protests. Plenty of room for social distancing.
But the implication is Trump’s presence made COVID-19 worse.
Protests? Those are fine:
Same day. Within an hour of each other.
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