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Wednesday, August 24, 2016 - 13:15 US Budget Groups: CBO Report Signals Serious Fiscal Challenge 0
--Budget Groups Say CBO Report Shows Dire Fiscal Future
--Fiscal Groups: Deficits, Debt Must Be Campaign Issue
WASHINGTON (MNI) - Several leading budget watchdog groups are seizing on a report released Tuesday by the Congressional Budget Office as compelling evidence that the U.S.'s fiscal future will be grim unless spending and tax reforms are crafted and enacted by policymakers.
On Tuesday, the CBO reported it expects federal budgets deficits to rise from $438 billion in the last fiscal year to $590 billion in the 2016 fiscal year and $594 billion in FY 2017.
In its mid-year budget and economic report for the FY...
Wednesday, August 24, 2016 - 12:04 Yellen's Jackson Hole Speech to Focus on Longer Term, Not Sept 0
By Karen Mracek
WASHINGTON (MNI) - Markets are anxiously awaiting Fed Chair Janet Yellen's speech Friday but Fed watchers say those looking for a clear sign of whether a rate hike will happen in September may be disappointed.
"Federal Reserve chairs are often inclined to use the Jackson Hole event to preview monetary policy," PNC Chief Economist Stuart Hoffman and PNC Deputy Chief Economist Gus Faucher wrote in a research note Wednesday.
But with the next Federal Open Market Committee meeting set for Sept. 20-21, still a month away, "Yellen is unlikely to use her Jackson Hole talk to signal an increase in the federal funds rate at the FOMC's next meeting.
Wednesday, August 24, 2016 - 10:00 US NAR: July Existing Home Sales Fall 3.2% to 5.39 Mln SAAR 0
By Kevin Kastner
WASHINGTON (MNI) - Home resales declined by 3.2% in July to an annual rate of 5.39 million, below expectations for a smaller decline to a 5.50 million rate from an unrevised 5.57 million pace in June, data released by the National Association of Realtors reported Wednesday showed.
NAR Chief Economist Lawrence Yun told reporters that he sees the decline from a multi-year high in June as a temporary pause. A backlog of appraisals may be part of the reason for the decline, he noted.
The number of housing units available for sale rose 0.9% in July to a total of 2.130 million houses, lifting the months supply to 4.7 months at the current sales pace from 4.5 months in June.
Wednesday, August 24, 2016 - 09:14 US Jul Bldg Permits Revised Down To -0.8% To 1.144 Mln Unit Rate 0
--July Permits Originally Reported -0.1% To 1.152 Mln Unit Rate
WASHINGTON (MNI) - The number of U.S. building permits issued in July was revised down to a 0.8% decrease to a 1.144 million unit annual rate, the Commerce Department's Bureau of the Census said Wednesday.
Permits issued were originally reported down 0.1% to a 1.152 million unit rate.
Wednesday, August 24, 2016 - 07:00 US MBA Text: Mkt Composite -2.1%, Refis -3% Aug 19 Wk 0
WASHINGTON (MNI) - The following is the text of the Mortgage Bankers Association's Mortgage Applications Survey released Wednesday morning:
Mortgage applications decreased 2.1 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending August 19, 2016.
The Market Composite Index, a measure of mortgage loan application volume, decreased 2.1 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 3 percent compared with the previous week. The Refinance Index decreased 3 percent from the previous week.
Wednesday, August 24, 2016 - 04:38 Japan Govt Repeats Econ on Moderate Recovery, Risks Remain 0
TOKYO (MNI) - The Japanese economy is on a moderate recovery track despite showing some soft spots, the government maintained in its monthly economic report released Wednesday.
The government also upgraded its view of public investment for the first time in 27 months, saying that the stimulus effect from the supplementary budget of last fiscal year was beginning to show. While keeping its overall economic assessment, the government said public investment is "firm" after a recent decline.
Consumer spending, factory output and exports all remain flat, the report said.
The monthly report follows last week's GDP data, which showed the economy stalled in the April-June quarter.