It’s fitting that the Case-Shiller Home Price Index and Consumer Confidence are both coming out on the same day. If you’ve been a homeowner the past few years and have enjoyed the Fed-induced rally, you’re probably feeling fairly confident. If you rent, and have watched rent payments surge along with everything else – again, thanks to the Fed – you’re probably not that confident at all.
Bill Dudley – former President of the NY Fed, vice chairman of the FOMC, and chief economist at Goldman – apparently agrees with me that the only antidote for the Fed’s largesse is a recession. We’ll see if consumer confidence can remain elevated.
Speaking of surging, futures are up about 40 points on the latest rumor of peace talks going well between Ukraine and Russia.
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