Wednesday, June 17, 2009


MBA Mortgage Application Survey will likely be lower than the data reported last week, as mortgage rates have increased significantly during the past 1.5 weeks. Dip in refi apps will be more significant. The purchase and the refi indices were at 270.7 and 2605.7, respectively. If change from the prior week is significant (double digits), it provides short-term support for our theory that yesterday's 'positive' housing permit and construction data were just a head-fake (although this survey does cover both new and re-sale homes), as inventories could once again build up.CPI, will likely be in-line. The PPI released yesterday did not indicate any potential significant movement in this.

Consensus estimates -
Core CPI: 0.1%
CPI: 0.3%

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