It looks like the divergence between new and existing home sales is distressed sales
H/t The Mess That Greenspan Made
We also have the revised figures for the 1st quarter GDP, which fell at a 5.5% annual rate, a slight upward revision from the 5.7% estimate last month.
Meanwhile, yesterday's Fed statement appears to have fears of increasing interest rates, so 2-Year Treasuries rose, meaning that the yield fell.
Additionally, the Fed announced that it is extending its emergency facilities from October to February, so the sh&^pile for cash has at least 5 more months life.
The jobs numbers served to drive the dollar up as investors looked for safe havens, and oil rose on more reports of Nigerian unrest.
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