Did the Fed's quantitative easing make inequality worse?

Event Information June 1, 2015 9:30 AM - 12:30 PM EDT Falk Auditorium Brookings Institution 1775 Massachusetts Avenue, N.W. Washington, DC 20036 Register for the Event A widely heard criticism of the Federal Reserve’s purchases of trillions of dollars in bonds, or quantitative easing, is that the Fed increased inequality by pushing up prices of stocks, bonds, and other assets already in the hands of the wealthy. Did it? What role does monetary policy play in influencing the distribution of income and wealth?  Would alternative policies have had different distributional......(read more)

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Monday: Personal Income and Outlays, ISM Mfg Index, Construction Spending

From Jim Hamilton at Econbrowser: <a href="http://ift.tt/1Jhdr5q">Current economic conditions: not as bad as it sounds</a><br /><blockquote>The new BEA data also allow us to calculate an alternative estimate of GDP, building the estimate up from income data instead of expenditures. In terms of the underlying concepts, the income-based and expenditure-based calculations should produce the identical number for GDP. But because the data sources are different, in practice......(read more)

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Don't Sweat the Fed: A U.S. Rate Increase Won't Unsettle Markets

The first rate increase by the Fed in over a decade won't unsettle markets. It's been a long time coming, and the expected rarely trips up investors....(read more)

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Fannie Mae: Mortgage Serious Delinquency rate declined in April, Lowest since September 2008

Fannie Mae reported today that the Single-Family Serious Delinquency rate declined in April to 1.73% from 1.78% in March. The serious delinquency rate is down from 2.13% in April 2014, and this is the lowest level since September 2008. The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59%. Earlier week, Freddie Mac reported that the Single-Family serious delinquency rate was declined in April to 1.66%. Freddie's rate is down from 2.15% in April 2014, and is at the lowest level since November 2008. Freddie's serious delinquency rate peaked in February 2010 at 4.20%. ......(read more)

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ECB to Likely Continue QE at Least Until Sept. 2016, S&P Says

ECB to Likely Continue QE at Least Until Sept. 2016, S&P Says Bloomberg (Bloomberg) -- Expectations among a large number of investors that the ECB would end its QE program early in light of a brighter economic outlook and a rise in bond yields in recent weeks have 'slim foundations', the S&P report says. Link to Statement:Link....(read more)

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Buying a home

Read full story for latest details....(read more)

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Consumer sentiment beats expectations

U.S. consumer sentiment rose in May, beating expectations of a dip, according to a report released on Friday....(read more)

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Chicago PMI falls more than expected

The Institute for Supply Management-Chicago Business Barometer unexpectedly fell in May, reversing the previous month's rise....(read more)

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Are you in a buyer's or seller's housing market?

Why it is more important than ever today, as both a buyer and a seller, to know your market well and know its housing value even better....(read more)

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New Lift For New-Home Prices

Prices of newly built homes are on the rise again, illustrating that home builders are grappling with the same supply-and-demand problems bedeviling the existing home market....(read more)

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Homeownership Trends Among the Young and Old

How buyers of different age groups look at homeownership has changed over the years...(read more)

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US contracts in Q1; dollar hits corporate profits

The U.S. economy contracted in the first quarter as it buckled under the weight of heavy snowfalls and a resurgent dollar, but activity has rebounded....(read more)

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Why U.S. GDP Shrank – At A Glance

The U.S. economy faltered in the first quarter of 2015, according to Commerce Department data released on Friday. Here's a quick look at the report....(read more)

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Fear Bond Buys Would Spark Inflation Misplaced, Cleveland Fed Says

Worries that the Federal Reserve's bond buys would lead to runaway inflation were misguided and have proven incorrect, according to new research from the Cleveland Fed....(read more)

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Best and Worst Metros for Baby Boomer Affordability

Los Angeles is the least affordable metro area for baby boomers to buy homes while Dayton, Ohio is the most affordable. BUILDER associate editor Lindsay Machak talked with Zillow's Svenja Gudell about the data....(read more)

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Call It a Sign the Worst Is Over in the Treasury Market Selloff

Call It a Sign the Worst Is Over in the Treasury Market Selloff Bloomberg U.S. government securities headed for their first weekly advance in more than a month, signaling that the worst of a spring selloff may be over. The Bloomberg U.S. Treasury Bond Index has advance 0.5 percent in the period, which will be the first gain since ......(read more)

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Friday: Ugly GDP, Chicago PMI, Consumer Sentiment

From Matthew Graham at Mortgage News Daily: Mortgage Rates Microscopically Lower Mortgage rates barely budged today. Those that budged moved almost imperceptibly lower from yesterday's latest rate sheets. In general, there was simply very little movement in underlying markets and lenders' rate sheets matched the tone. [ Rates at 4.0% ] Ironically, Freddie Mac's weekly rate survey results came out this morning indicating higher rates. Keep in mind that the Freddie survey receives most of it's responses early in the week and then reports on Thursday mornings. That means that any changes in......(read more)

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Kocherlakota: ‘Mistake' for Fed to Raise Rates in 2015

Federal Reserve Bank of Minneapolis President Narayana Kocherlakota reiterated Thursday that he thinks it would be a mistake for the Fed to raise its benchmark short-term interest rate this year....(read more)

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Not Buying a Home Could Cost You $65000 a Year

Not Buying a Home Could Cost You $65000 a Year Bloomberg Not buying a home right now will cost you, because home prices and interest rates are going to rise. Many renters would like to own, but they can't afford down payments, or don't qualify for mortgages. Those two conclusions, drawn from separate reports ......(read more)

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Great time to buy: Home Builders Assoc.

Despite talk of a hot real market, housing is affordable in much the nation, the National Assoc. of Home Builders CEO says....(read more)

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Your house is no key to Warren Buffett-like riches

Owning a house is no way to get rich, writes John Coumarianos....(read more)

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Hispanics to Drive Housing Demand in Coming Decades, But Obstacles Persist

Hispanic homeowners make up a huge portion of future housing demand in the country. The problem is that many can't afford to buy homes, a new report says....(read more)

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Cleveland home prices soar as foreclosures clear

Cleveland may be one of the most affordable housing markets in the U.S., but it is becoming less affordable, thanks to a big drop in for-sale listings....(read more)

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Fed's Bullard: low rate vow is 'not helpful,' GDP targeting is

(Reuters) - Forward guidance and bond-buying, two mainstays of global central banking since the 2007-2009 financial crisis, may actually be of little use in jump-starting a moribund economy, a study by a top Federal Reserve official showed on Thursday....(read more)

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Fuld: No one thing caused the crisis

"Regardless of what you heard of Lehman Brothers' risk management, I had 27,000 risk managers because they all owned a piece of the firm," he said....(read more)

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The Fed: Fed's Bullard says he now favors targeting nominal GDP

St. Louis Fed President James Bullard said targeting a specific rate of growth looks like the best way to make monetary policy given the "questionable" results of the central bank's controversial bond-buying program....(read more)

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Williams says Fed likely to raise rates at some point this year

San Francisco Fed President John Williams says higher interest rates are coming, but "I found out that my definition of summer was not the right definition of summer."...(read more)

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Why is Yellen skipping Jackson Hole?

Why is Fed Chair Janet Yellen skipping the Fed's annual symposium in Jackson Hole? Ron Insana weighs in....(read more)

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Is a reverse mortgage a friend or foe?

A reverse mortgage can help retirees turn home equity into needed cash but carries risks, depending on homeowners' health and financial stability....(read more)

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Pending home sales spike to highest in 9 years

April's so-called "pending" home sales rose 3.4 percent versus March to the highest level in nine years....(read more)

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Inequality: Is the Fed to blame?

The case that the Federal Reserve's quantitative easing widened the gap between rich and poor is appealingly simple: The Fed bought a lot of bonds, that pushed investors into stocks, real estate and other assets. The rich hold more of those assets so they benefitted more than everyone else. But is that correct? Watch the video to find out: Would there have been more or less inequality had the Fed done nothing after it cut interest rates to zero in 2008? Would the unemployment rate have risen even more than it did? Would Congress have done more on the spending and tax front had the Fed done......(read more)

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Mortgage Rates Reach 2015 High

Mortgage Rates Reach 2015 High...(read more)

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U.S. jobless claims up, but still point to labor market strength

WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits unexpectedly rose last week, but remained at levels consistent with a strengthening labor market....(read more)

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US Treasury market eyes 7-year auction, Greece

U.S. Treasury bonds traded flat to higher on Thursday, ahead of an auction of $29 billion in seven-year notes. Ten-year Treasurys yielded 2.1337 percent early during the day....(read more)

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No change in Greek debt talks after another day of spin

BRUSSELS (Reuters) - The euro leapt, Greek bond yields fell, global financial markets brightened, but nothing actually changed in another day of conflicting statements on Greece's long-running debt talks with international creditors....(read more)

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Toll Brothers CEO: Very strong housing market

Douglas Yearley, Toll Brothers CEO, discusses the company's earnings; disappointing revenues and current strengths in the housing market....(read more)

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Freddie Mac Issues Monthly Volume Summary for April 2015

Freddie Mac Issues Monthly Volume Summary for April 2015...(read more)

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Loans For Builders Not Quite Keeping Pace

Data released Wednesday by the Federal Deposit Insurance Co. shows that the outstanding balance of construction loans issued by FDIC-backed institutions stood at $246.1 billion in the first quarter, a nearly 3.2% increase from the previous quarter....(read more)

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One-Third of U.S. Workers Want Longer Hours Even With No Raise

Bloomberg One-Third of U.S. Workers Want Longer Hours Even With No Raise Bloomberg The Federal Reserve's report on the economic well-being of U.S. households is out, and it contains one very interesting finding: A decent share of Americans want to work longer hours even without a raise. The Fed asked non-self-employed workers whether ... and more »...(read more)

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Expect Case-Shiller National House Price Index up 4.0% year-over-year change in April

The Case-Shiller house price indexes for March were released this yesterday. Zillow forecasts Case-Shiller a month early, and I like to check the Zillow forecasts since they have been pretty close. From Zillow: Expect More of the Same from Case-Shiller in April The March S&P/Case-Shiller (SPCS) data published [yesterday] showed home prices continuing to appreciate at around 5 percent annually for both the 10- and 20- City Indices, and roughly 4 percent for the national index. March marks the seventh consecutive month in which the national home price index has appreciated at a ......(read more)

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Rental Fever

  Rental costs are increasing faster than home values for the first time since 2012. Rental increases outpaced property values in 20 of the 35 largest U.S. markets last month, according to Zillow .   Source: Bloomberg...(read more)

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FDIC: Fewer Problem banks, Residential REO Declines in Q1

The FDIC released the Quarterly Banking Profile for Q1 today: Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported aggregate net income of $39.8 billion in the first quarter of 2015, up $2.6 billion (6.9 percent) from a year earlier. The increase in earnings was mainly attributable to a $4.3 billion rise in net operating revenue (net interest income plus total noninterest income). Financial results for the first quarter of 2015 are included in the FDIC's latest Quarterly Banking Profile released today. ... "Problem List" Continues to......(read more)

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Homebuilder Toll Brothers profit beats estimates

(Reuters) - Toll Brothers Inc , the largest U.S. luxury homebuilder, reported a better-than-expected quarterly profit and raised the low end of its average selling price forecast for the full year as demand strengthens....(read more)

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Nearly 80 Percent of Top 100 U.S. Housing Markets Improving

Nearly 80 Percent of Top 100 U.S. Housing Markets Improving...(read more)

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ECB Keeps Europe's Bond Traders Guessing on Frontloading Policy

ECB Keeps Europe's Bond Traders Guessing on Frontloading Policy Bloomberg The European Central Bank's latest fine-tuning of its bond-buying program is starting to unsettle traders in the region's debt markets. Prices of sovereign securities fluctuated on Wednesday as investors weighed the timing and extent of the ECB's plan to ... and more »...(read more)

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What We've Learned from Yellen and Fischer

The Wall Street Journal's Daily Report on Global Central Banks for Wednesday, May 27, 2015. Jon Hilsenrath parses recent speeches by Janet Yellen and Stanley Fischer to get a sense of where they stand on the outlook for the economy and monetary policy....(read more)

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Maybe Alan Greenspan Was Right About Floating-Rate Mortgages

Maybe Alan Greenspan Was Right About Floating-Rate Mortgages Bloomberg Back in 2004, Alan Greenspan suggested Americans might benefit from taking out floating-rate home loans. More than a decade after the former Federal Reserve chairman touted adjustable-rate mortgages, James McAndrews, the New York Fed's director of ......(read more)

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Mortgage applications drop as refinancing stalls

Borrowers are pulling back from refinances and struggling to make home purchases during a historically busy time of year for housing....(read more)

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Freddie Mac Executes Its Third Sale in 2015 of Seriously Delinquent Loans From Its Investment Portfolio

Freddie Mac Executes Its Third Sale in 2015 of Seriously Delinquent Loans From Its Investment Portfolio...(read more)

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Fed's Yellen Plans to Skip This Year's Jackson Hole Conference

Federal Reserve Chairwoman Janet Yellen plans to skip the central bank's high-profile conference in Jackson Hole, Wyo., this year....(read more)

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