John Carney suggests that the downward GDP revision was basically a self-inflicted wound. The main culprit behind the consumer pullback seems to be what Fed Chairman Ben Bernanke calls “fiscal headwinds.” Specifically, the end of the payroll tax holiday left less money in the hands of consumers to spend. We taxed ourselves out of growth. “The lower […]
Archive for June 26th, 2013
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ARM Revival
Posted by Tom Lindmark on June 26th, 2013
Diana Olick notes that borrowers seem to be turning to ARMs as interest rates move up. After hovering around record lows for the past few years, mortgage rates are rising dramatically. That has consumers not only shopping more but also considering adjustable rate mortgages, which offer lower rates and lower monthly payments. Unfortunately she only […]
A Lousy Economy Lifts All Boats
Posted by Tom Lindmark on June 26th, 2013
Headlines that make you shake your head. Stocks advanced for a second straight day on Wednesday as a broad measure of economic growth was revised down, easing investors’ concerns that the Federal Reserve would begin to withdraw its stimulus early. That’s from Yahoo Finance and was followed by this article essentially making the point of […]
