Economic activity in the US remains solid, albeit unspectacular. Today consumer confidence came in at 101.5, near its best level since 2007, and annualized July new homes sales rose 5%! Moreover, the Congressional Budget Office estimates that the FY2015 budget deficit shrank by $60 billion since March and will be $426 billion or 2.4% of GDP, best since 2007. Now the government won’t run out of money until November/December!