I imagine the Fed is concerned about mortgage rates that have come down some but remain elevated from earlier in the year. About all that’s left is ‘unconditional forward guidance’ which has yet to be considered, at least not in public.

Also, while I was away impersonating an economics professor in Italy ;), where I stated that all the regulations sprouted from Brussels :( and reminding Cliff about the merits of lateral motion (congrats again to Cliff!), and getting past a pink grip on a tennis racket Francis loaned me, several posts were not emailed but can be viewed at www.moslereconomics.com

NAHB Housing Market Index