Headlines discussed at LNWM’s Monday morning briefing:
— US retail sales jumped 5.3% in Jan. (vs. 1.2% expected), driven by $600 payments to most Americans (including dependents under the age of 17) as part of Dec. $900 billion relief package.
— Congressional Democrats advanced a new $1.9 trillion Covid-relief package, aiming for passage by mid-March.
— US mortgage debt hit $10 trillion in Q4 2020, the highest level since 2008, amid a refinancing boom; the median credit score for borrowers was a high 786 in 2020 and the delinquency rate remains low.
— US manufacturing activity edged down slightly in Feb., but remains very strong; rising demand and supply disruptions are driving up prices.
— The price of 1 bitcoin surged to over $56,000 — up 70% just in Feb. — on new investment by mainstream companies.
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