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Tuesday, May 06, 2014

Wednesday: Yellen on the Economic Outlook

by Calculated Risk on 5/06/2014 08:44:00 PM

From Business Insider, here are some housing graphs: Here's Jeff Gundlach's Big Presentation On Why Homeownership Is Overrated And Why He's Short The Homebuilders. Gundlach is arguing the homebuilders are overvalued (I have no comment), and I'm not sure if he made any macro predictions.

This is a weird time because housing is improving, but most housing statistics are ugly. As an example, if I hadn't been paying attention - and someone told me the level of mortgage delinquencies and foreclosures - I'd guess the US was in a deep recession. But the trend for delinquencies tells a very different story.

If Gundlach made some macro predictions, please send them along and maybe I'll comment  ...

• At 7:00 AM ET, the Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

• At 10:00 AM, Testimony by Fed Chair Janet Yellen, The Economic Outlook, Before the Joint Economic Committee, U.S. Congress

• At 3:00 PM, Consumer Credit for March from the Federal Reserve. The consensus is for credit to increase $15.1 billion.