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Pending Home Sales Jump Most In 8 Months On Hurricane Rebound

Pending Home Sales Jump Most In 8 Months On Hurricane Rebound

Following the bounces in new- and existing-home sales in October, all eyes are on Pending Home Sales to complete the trifecta of 'proof' that housing is back baby... and it did rising 3.5% MoM (beating expectations of a 1.0% gain). The driver of the surge was The South (up 7.4% MoM) as September's 3% hurrican tumble is erased.

September's data was revsised slightly lower (from 0.0% to -0.4%) but October's jump is the biggest since Feb..

The surprise surge was driven by a huge rebound in The South:

Watch Live: Janet Yellen Makes Final Appearance Before Congress

With only three weeks left until her final meeting as chairwoman of the FOMC, Fed Chairwoman Janet Yellen today will make what's expected to be her final appearance before Congress when she delivers testimony to the Joint Economic Committee. The Fed was already widely expected to raise interest rates next month, but in case there was any doubt, Yellen pushed the dollar higher when she released her prepared remarks. In her remarks, she praised the "increasingly broad-based" economic expansion that she is leaving in the hands of her successor and colleague, Jerome Powell.

You Know It's Late In The Cycle When The Yield Curve Starts Generating Headlines

You Know It's Late In The Cycle When The Yield Curve Starts Generating Headlines

Authored by John Rubino via DollarCollapse.com,

The yield curve is one of those indicators that most people have heard of but few can explain. In part this is because it’s usually a non-issue, only becoming important enough to argue about during the final year of long expansions.

Like now:

Yield curve flattening maintains relentless momentum

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