The world changed this week, big-time, as markets struggled to keep up with political shifts, then economic, then political again. The markets are still behind. Sad reports on housing routed the recovery brigade: May existing-home sales fell 2.2 percent from the previous month, and sales of new ones collapsed 32.7 percent. First-quarter U.S. gross domestic product was revised down (again) from the original 3.5 percent gain to 2.7 percent, and two-thirds of that remainder was inventory rebuilding. May orders for durable goods were still strong (up 0.9 percent), but that was it for positives. The Fed's post-meeting statement had the feel of can't-say-that. Prior statements have referred to "strengthening" recovery. This one said that recovery is "proceeding." Wh...
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