The Good, The Bad, The Ugly

The Good: Fed lifted its GDP forecast for ’11 to a 3.4% to 3.9% band from 3.0%-3.4% based on minutes from Jan meeting. The Bad: Ongoing frustration with slow progress in the labor market compelled the Fed to say that accommodative monetary policy is crucial. The Ugly: mortgage apps for home purchases fell 5.9% the week of 2/11 and down now in 6 of the past 7 weeks, and so far this year have sunk at a 68% annual rate