Decent Developments

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!