Housing Market Update

Inflation Nation:  The February Headline PCE YOY matched market expectations (1.8% vs est of 1.8%).  Core (ex food and energy) YOY increased 1.8% vs est of 1.7%.  Personal Income MOM 0.6% vs est of 0.4% and Personal Spending 0.2% vs est of 0.2% Consumer Sentiment:  The preliminary March reading was revised lower from 95.9 down to 89.1

Central Bank Palooza:  The Bank of Canada cut their key interest rate by 1/2 point and will purchase 500B each week which includes corporate debt.  The Bank of England kept its key interest rate at 0.1%.  They had previously cut that from 0.75% at an emergency meeting.  They took no action at this regularly scheduled meeting.  The European Central Bank started purchasing bonds under its new emergency QE facility and so far it is helping both Spanish and Italian bond yields.

Stimulus?  The House finally passed the $2T Bill that passed the Senate by a vote of 96-0. 

The Talking Fed:  The Federal Reserve Bank of New York purchased $50B of mortgage backed securities each day