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.