Mortgage applications down for fourth straight week. (CNBC.com) This despite 30 year fixed rates at — 4.38% the lowest level since data collection began twenty years ago.
Flash Crash report nears completion at SEC: (Wall Street Journal) Once heralded policies and technology may be to blame. (Crusty old NYSE specialists doubtless mutter “I told you so!”)
Retail investors buy more non-investment grade bonds. Regulators worry that “yield chasing” is to blame for junk bond accumulation. (Financial Times) (In this rate environment, who doesn’t chase yield?)
Stock futures down (Yahoo) European debt again believed to be source of pessimism.
Dems poised to enact temporary spending bill ahead of close of fiscal year tomorrow.(Politico) Stop-gap measure will keep government operating through December 3: Annual spending bill still not near passage.
U.S. House of Representatives likely to pass symbolic legislation on Renminbi today, possibly threaten new tariffs on Chinese imports. (CNBC.com) Despite Chinese assurances on market driven rate pricing in June, the Yuan has risen only 2%.