Morning Report: Eviction moratorium ruled unconstitutional again

Vital Statistics:

  Last Change
S&P futures 4,475 9.2
Oil (WTI) 68.79 1.35
10 year government bond yield   1.35%
30 year fixed rate mortgage   3.07%

Stocks are flattish as we await Jerome Powell’s speech at Jackson Hole. Bonds and MBS are up small.

 

Personal Incomes rose 1.1% in July, which was well above the 0.3% consensus. Personal consumption expenditures rose 0.3%, in line with the Street. The headline inflation reading (Personal Consumption Expenditure Index) rose 0.4% MOM and 4.2% YOY. The core PCE price index increased 0.3% MOM and 3.6% YOY.

The PCE Price index is the Fed’s preferred inflation indicator, and we are seeing more and more Fed Presidents advocate for a reduction in asset purchases.

 

The Supreme Court again upheld the concept of property rights and re-blocked the CDC’s eviction moratorium. “The equities do not justify depriving the applicants of the District Court’s judgment in their favor,” the justices wrote in an unsigned order. “The moratorium has put the applicants, along with millions of landlords across the country, at risk of irreparable harm by depriving them of rent payments with no guarantee of eventual recovery.”

The Biden Administration responded: “The Biden Administration is disappointed that the Supreme Court has blocked the most recent CDC eviction moratorium while confirmed cases of the Delta variant are significant across the country,” White House press secretary Jen Psaki said in a statement. “As a result of this ruling, families will face the painful impact of evictions, and communities across the country will face greater risk of exposure to COVID-19.”  

Supposedly this kicks the issue to Congress now, unless we are about to see an eviction moratorium issued by the Navy.

 

Refinance activity is declining, but it might not be for the reason people think. According to a Bankrate survey, almost 40% of borrowers don’t even know what rate they are paying and how much they can save. According to Black Knight, about 15 million borrowers can save by refinancing, and the number is really more if you delve into their numbers. Bottom line: Interest rates aren’t the issue; education is.

 

 

14 Responses

  1. So true.

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      • They can’t do that to our pledges. Only WE can do that to our pledges

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      • Klein is right: impeachment doesn’t require a crime be committed. So a president can be impeached basically because enough people in the house want to impeach him.

        That doesn’t change because the political party you prefer is in office, though I expect Ezra Klein and his fellow juiceboxers probably kind of feel like it does, really. You know. It’s different when you’re talking about good progressives versus wannabe fascists!

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    • It’s a mental illness–one that is attracted to and likes to express itself through Twitter, a pathological narcissism that results in reflexive gaslighting (everybody else should feel as crazy as I am!) and a complete inability at introspection.

      > Republicans are cheapening impeachment, presidential resignation, and now the 25th Amendment

      Sure they are, along with every politician of every political stripe who promotes it against any politician they don’t like. And the fact is, there’s an argument for using the 25th on Biden that’s stronger than the one for Trump. Put politics plays in every time, and to pretend that your side is innocent of politics in impeaching or advocating for the 25th or urging a politician to resign is nuts.

      It’s already cheap, and it’s all about politics. Nobody is proceeding forward with reverence of our founding principles here.

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    • As usual…to know what the left is doing (or in this case, has done), simply listen to what they accuse their enemies of doing. To see inside the leftist mind is truly an Alice-in-Wonderland experience.

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  2. “Eviction moratorium ruled unconstitutional again”

    Technically it wasn’t ruled unconstitutional. The ruling was that CDC exceeded it’s statutory authority granted in the Public Health Service Act.

    Liked by 1 person

  3. Fucking brutal.

    If I recall correctly, gold star parents have absolute moral authority.

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  4. Another The Next Republican is Worse than Trump headline.

    http://hill.cm/acm8s3n

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  5. Brent – does the real estate industry know why the states never distributed 90% of the COVID rental relief money? Being away from the nuts and bolts I used to deal with I can imagine red tape designed to thwart fraud that simply thwarted distribution of the funds to the landlords of distressed tenants. But I don’t know, and I thought you might.

    This moratorium stuff should have been largely unnecessary if the aforesaid relief program had been handled correctly.

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