Headlines discussed at LNWM’s Monday morning meeting:
— First-time claims for US unemployment benefits have been over 800,000 a week since mid-March, a trend that has continued into October.
— Mortgage refinancing volume is up 50% from a year ago and up 21% for new mortgages, with the average loan size rising to $371,000, on low mortgage rates.
— The US services sector is expanding at a faster pace, a key indicator showed, with employing growing for the first time since March.
— The total US federal budget deficit is expected to be just over 100% of annual US GDP for fiscal 2020 (around $20 trillion), a ratio not seen since 1946. The value of S&P 500 stocks totaled $27 trillion recently.
— Negotiations for a 2nd round of federal Covid-relief stimulus (after the $4 trillion spent at the start of pandemic) have stalled; may not happen at least until after US elections on Nov. 3.
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