News
Bloomberg | Neediest Homebuyers in U.S. Lifted by Japan: Mortgages
As Governor Haruhiko Kuroda’s efforts to spark inflation by doubling the central bank’s bond purchases shrinks the available debt in his country, traders are betting that will bolster demand for U.S-owned Ginnie Mae’s mortgage securities, pushing up prices and lowering yields that guide home-loan rates.
CNN Money | China growth slows in first quarter
China's economy grew at a slower pace to start the year than economists had expected, raising concerns about the speed of recovery in the world's second-biggest economy.
Bloomberg | Factories in New York Area Grow at Slower Pace Than Forecast
The Federal Reserve Bank of New York’s general economic index dropped to 3.1 this month from 9.2 in March. Readings exceeding zero signal expansion in New York, northern New Jersey and southern Connecticut. The median projection of 47 economists surveyed by Bloomberg was 7.
CNN Money | Social Security: Many pay more in taxes than they'll get back
Up until now, Social Security has been a windfall for many retirees: They collected far more in benefits than they shelled out in taxes.
Bloomberg | Homebuilder Confidence in U.S. Unexpectedly Dropped in April
Confidence among U.S. homebuilders unexpectedly fell in April for a third month, restrained by rising costs for materials and financing restrictions.
Econ Comments & Analysis
WSJ | The President's Free-Trade Path to Prosperity
International economic engagement has been a defining pillar of United States leadership and prosperity for decades. It helped turn former enemies into close allies and major trading partners. It forged an international economic architecture on the bedrock principles of fair competition, open markets, and rules-based trade and investment. It lowered economic barriers and made possible the rise of vibrant middle classes abroad and in America.
NBER | Asset Quality Misrepresentation by Financial Intermediaries: Evidence from RMBS Market
We contend that buyers received false information about the true quality of assets in contractual disclosures by intermediaries during the sale of mortgages in the $2 trillion non-agency market.
AEI | The chained CPI: A bad deal all around
The Chain-Weighted Consumer Price Index (or chained CPI, for short), which President Obama included as part of his formal budget proposal, seems like a no-brainer for any White House-GOP grand bargain on the budget deficit.
Blogs
Heritage Foundation | Work Is the Best Way out of Poverty, Most Americans Agree
Most Americans believe “work is the best solution for poverty,” according to a recent Rasmussen Report. A full 80 percent of Americans agree with this statement (9 percent disagree and 11 percent are undecided).
