Succinct Summation of Week’s Events 1.22.21

Succinct Summations for the week ending January 22th, 2021

Positives:

1. Smooth transition of power as Joe Biden becomes 46th U.S. President.
2. Jobless claims fell 26k w/o/w from 926k to 900k, meeting expectations.
3. Existing home sales came in at 6.76M December, above expectations.
4. Housing starts came in at 1.66M for December, above expectations.
5. PMI Composite came in at 58.0 for January, above the previous 55.5.

Negatives:

1. More than 400,000 Americans have died from Covid — more than was lost in all of World War II.
2. Out of power, GOP suddenly Congress rediscovers its deficit fears.
3. Home mortgage apps rose 3.0% w/o/w, below previous increase of 8.0%.
4. Home refinance apps fell 5.0% w/o/w, below previous increase of 20%.
5. Housing market index came in at 83 for January, below previous 86.

Thanks, Matt.

 

 

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