Headlines discussed at LNWM’s Monday morning briefing:
— US consumer sentiment fell unexpectedly in Feb., mostly for households with up to $75k in income, as Congress debates $1.9 trillion more in support.
— The average loan to purchase US housing is $402,000, a record high, with mortgage originations up 17% from a year ago.
— US food prices in all categories jumped in the past 12 months: grocery +3.7%; food away from home +3.9%; and biggest-ever increase in limited service (food delivery, pickup) +6.2%
— The US federal budget deficit for fiscal 2021 is expected to be $2.3 trillion, 10% of US GDP, with total US debt of $22.5 trillion, about 100% of GDP.
— The UK economy shrank by 10% in 2020, the worst performance in 300 years.
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