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• MBA Mortgage Applications (Released 7:00 EST)
• MBA Purchasing Applications (Released 7:00 EST)
• MBA Refinancing Applications (Released 7:00 EST)
• Consumer Price Index MoM (Released 8:30 EST)
• CPI Ex Food and Energy MoM (Released 8:30 EST)
• Consumer Price Index YoY (Released 8:30 EST)
• CPI Ex Food and Energy YoY (Released 8:30 EST)
• CPI Core Index SA (Released 8:30 EST)
• Consumer Price Index NSA (Released 8:30 EST)
• Consumer Price Index TABLE 1 (Released 8:30 EST)
• Consumer Price Index TABLE 2 (Released 8:30 EST)
• Consumer Price Index TABLE 3 (Released 8:30 EST)
• Housing Starts (Released 8:30 EST)
• Building Permits (Released 8:30 EST)

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MBA Mortgage Applications (Nov 14)

Survey	n/a
Actual	-6.2%
Prior	11.9%
Revised	n/a

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MBA Purchasing Applications (Nov 14)

Survey	n/a
Actual	248.50
Prior	284.40
Revised	n/a

 
Back down big time.

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MBA Refinancing Applications (Nov 14)

Survey	n/a
Actual	1281.20
Prior	1248.40
Revised	n/a

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Consumer Price Index MoM (Oct)

Survey	-0.8%
Actual	-1.0%
Prior	0.0%
Revised	n/a

 
Not much of a surprise led by gasoline prices. More to come.

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CPI Ex Food and Energy MoM (Oct)

Survey	0.1%
Actual	-0.1%
Prior	0.1%
Revised	n/a

 
Lower than expected. Owner equivalent remains positive at up 0.1%.

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Consumer Price Index YoY (Oct)

Survey	4.0%
Actual	3.7%
Prior	4.9%
Revised	n/a

 
Coming down quickly with the fall in gasoline prices, much like Aug 06 when Goldman changed their commodity index and triggered a liquidation of gasoline inventories.

Karim writes:

• Largest single mthly fall on record in headline CPI: -0.961%
• Core also falls, by 0.071%
• Service inflation now unchanged for 2 straight months
• OER up 0.1%
• Apparel -1%, vehicles -0.7% (new -0.5%, used -2.4%)
• Medical care and education each up 0.2%

• Market strains + output gap + weaker commodities to lead to falling/slowing inflation in period ahead

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CPI Ex Food and Energy YoY (Oct)

Survey	2.4%
Actual	2.2%
Prior	2.5%
Revised	n/a

 
Also moving down.

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CPI Core Index SA (Oct)

Survey	n/a
Actual	216.801
Prior	216.956
Revised	n/a

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Consumer Price Index NSA (Oct)

Survey	216.700
Actual	216.573
Prior	218.783
Revised	n/a

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Consumer Price Index TABLE 1 (Oct)

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Consumer Price Index TABLE 2 (Oct)

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Consumer Price Index TABLE 3 (Oct)

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Housing Starts (Oct)

Survey	780K
Actual	791K
Prior	817K
Revised	828K

 
Looking grim again after showing signs of bottoming.

Karim writes:

• October housing starts down another 4.5% and permits down 12%-contribution from housing to GDP will remain a significant drag at least thru Q2 2009 (based on lag from permits to construction).

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Building Permits (Oct)

Survey	774K
Actual	708K
Prior	786K
Revised	805K

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