6/23/10

Another round of bad housing data was released this morning in the form of record low new home sales which has stabilized rates after yesterdays improvement. It seems the persistence of the data surprises and negative housing stats is painting a troubling picture of household wealth, deflation and confidence. We have the Fed decision on tap due at 11:15 today. But first we have a 5-year auction around 10am. We could see some choppiness around these events so stay tuned.