Wednesday, October 16, 2013

Day 16! Good grief ...

The government shutdown enters its 16th day, but a deal is rumored to be struck this afternoon to reopen the government and to raise the debt ceiling. The House of Representatives will be meeting at 10:00am ET today while the Senate is set to meet at 12:00pm ET. The deadline for the debt ceiling issue is at the stroke of midnight tonight eastern time.
Late yesterday, credit rating agency Fitch placed the U.S. debt on negative watch, but did maintain its AAA rating. The reason behind the move was the "failure to raise the federal debt ceiling in a timely manner before the Treasury exhausts extraordinary measures."
Over in housing news, the National Association of Home Builders (NAHB) reported today that its Housing Market Index fell to 55 in October versus the 57 expected as home loan rates rose along with the government shutdown providing uncertainty. Any readings over 50 shows optimism and the NAHB said that it is still seeing signs of pent-up demand in many markets across the country.

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