From Zero Hedge:
In all the noise surrounding Bernanke's rehash of statements made countless times before, today's only relevant data point – June housing starts and permits – was largely ignored.
And one can see why: printing at 836K, the starts number was the lowest since August 2012, the second largest sequential drop (down from 928K in May) since 2011, and the biggest miss to expectations of 957K since January 2007!
And worse, permits which printed down from 985K to only 911K on expectations of a 1 million headline number, just posted their largest miss... in history.
As for the reason? Simple...
Read full article...
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