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Freddie Mac: Mortgage Serious Delinquency Rate Unchanged in February

Freddie Mac reported that the Single-Family serious delinquency rate in February was 0.60%, unchanged from 0.60% in January. Freddie’s rate is down from 0.69% in February 2019. This matches January as the lowest delinquency rate since November 2007. Freddie’s serious delinquency rate peaked in February 2010 at 4.20%. These are mortgage loans that are “three […]

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Kansas City Fed: “Tenth District Manufacturing Activity Declined Sharply” in March

From the Kansas City Fed: Tenth District Manufacturing Activity Declined Sharply The Federal Reserve Bank of Kansas City released the March Manufacturing Survey today. According to Chad Wilkerson, vice president and economist at the Federal Reserve Bank of Kansas City, the survey revealed that Tenth District manufacturing activity declined sharply from a month ago, and […]

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Third Estimate Q4 GDP: Remains at 2.1% Annual Rate

From the BEA: Gross Domestic Product, Fourth Quarter and Year 2019 (Third Estimate); Corporate Profits, Fourth Quarter and Year 2019 Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the fourth quarter of 2019, according to the “third” estimate released by the Bureau of Economic Analysis. In the third quarter, […]

Tax

If Sunak wants businesses to take loans to get through this crisis he has to back them with 100% government guarantees – because nothing else will work

As Politics Home has reported this morning, the government is very upset that banks are not providing the loans to failing Companyes that they thought would be made available as a result of its £330 billion loan guarantee scheme for companies needing help. I am afraid to say that this bemusement on their part is […]

Tax

Funding for the self employed during the coronavirus crisis: hopes are raised and I hope they’re met

There is widespread reporting this morning that the government will today be announcing new funding arrangements for the self-employed for the duration of the coronavirus crisis. This is, of course, welcome, and overdue. We do not know precisely what these arrangements will be as yet. But I will be judging them against my own proposal […]

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Thursday: Initial Unemployment Claims, Q4 GDP

With the sudden stop in the economy, initial weekly unemployment claims will set an all time record this week, and will be huge next week too. Thursday:• At 8:30 AM ET, The initial weekly unemployment claims report will be released. The consensus is for a huge number of initial claims, up from 281 thousand the […]