Housing hangover

- Macro viewpoint: Housing hangover "The housing data continues to suffer a “hangover” after the expiration of the homebuyer tax credit. More broadly, the data remain consistent with a slowing in growth."
- Fed watch: Land of confusion "One of our key themes has been the challenge the Fed faces in communicating with the markets. This past week’s Monetary Policy Report before the Congress could be Exhibit A in that discussion. These “Fed fakes” are only likely to continue
while policy remains on hold for an extended period."
- The week ahead: Hard and soft "We'll get a sense of the big picture next week with both hard and soft data. On Friday, we'll get the hard data when the Bureau of Economic Analysis releases its second quarter GDP report. We are expecting growth to advance at a 2.5%
annualized rate. The forward-looking data actually comes in on Wednesday, when the Fed releases its Beige Book economic report. This report is filled with anecdotal information on the state of the economy and the outlook across the 12 Fed Districts. Our expectation is that we will continue to see signs of an ongoing, albeit moderating, economic recovery across the country."
Merrill Lynch US Economic Weekly 20100723