- Pending home sales unexpectedly fell 1.3% in April, according to the NAR (expectations had been for a modest increase). It's the 2nd consecutive monthly decline. On a year-over-year basis, sales were down 3.3% - the largest Y/Y decline in nearly three years.
- At issue, according to the NAR, is declining affordability thanks to low supply, and fast appreciation in home values.
- Meanwhile, the Chicago PMI for May fell a more-than-expected 3.1 points to 55.2.
- Today also sees another central banker acknowledging the recent unexpected decline in inflation. Dallas Fed President Robert Kaplan is "concerned," but it's not yet enough for him to change his rate hike views.
- The 10-year Treasury yield is down about one basis point to 2.20%. TLT +0.2%, TBT -0.4%
- ETFs: TBT, TLT, TMV, TBF, EDV, TMF, TTT, ZROZ, VGLT, TLH, UBT, DLBS, TLO, VUSTX, DLBL, TYBS
- Now read: Healthcare Needs Systemic Reform - The Truth Behind March Consumption Data And More Evidence For TLT
Original article