“If current laws generally remained unchanged, the Congressional Budget Office projects, growing budget deficits would boost that debt sharply over the next 30 years; it would reach 150% of GDP in 2047.”
Pending home sales for February climbed 5.5%, according to the National Association of Realtors. Economists surveyed by Briefing.com were looking for a 2.4% gain. The jump is the largest since July 2010.Pending home sales had dropped 2.8% in January.
After last week’s defeat of the American Health Care Act, the looming battle over funding the U.S. government past the April 28 deadline is critical. If the package that finally passes doesn’t include anything from the Trump administration’s wish list, then I think a financial market that has climbed on a belief in a big corporate tax cut and some kind of infrastructure plan, will start to lose some of the “animal spirits” that have driven U.S. stocks higher.
It’s not like anything momentous happened over the weekend. It didn’t. But if you’re inclined to read tealeaves, the implications of this weekend are unsettling. Which seems to have affected the financial markets today.