UPDATE 8/27 1015 The surge in housing sales continued as Americans flee Democrat controlled cities. The pending home sales index hits highest level since 2005, with year-over-year sales up 15.5%!

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UPDATE 8/27 0910 EST The central bank of the United States, the Federal Reserve, has announced a new policy to keep interest rates low in the near future, even if inflation spikes; however, markets are not getting as much gasoline poured on the fire as they expected. Financial markets are volatile on the news.

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Equity traders are in 'sell the news' mode, awaiting an expected dovish, yet dangerous new policy announcement from Fed Chairman Jerome Powell this morning, essentially allowing inflation to run hot in the U.S. economy, altering the Fed's long standing policy since Ronald Reagan.

Equity markets are soft on the open.

Remember the misery index under Jimmy Carter and 20% mortgage? Hmmmmm....

While low rates will be good for lowering debt service costs in the near future on the $27 trillion we have borrowed,President Trump in his second term needs to deal with the debt, promoting free markets so we can 'grow our way' out of this problem. Congress will never cut spending unless structural issues change.

The GDP for the second quarter was down big but down less than expected.

Initial jobless claims printed slightly above 1mm.

Core Personal Consumption Expenditures (QoQ) (Q2) PREL printed at -1% vs -1.1% consensus estimate.

Continuing Jobless Claims (Aug 14) printed at 14.535M vs 14.45M estimate.

Gross Domestic Price Index (Q2) PREL printed at -2.3% vs -2% estimate.

Personal Consumption Expenditures Prices (QoQ) (Q2) PREL printed at -1.8%.

Initial Jobless Claims (Aug 21) printed at 1006k vs 1000k estimate.

Initial Jobless Claims 4-week average (Jul 21) printed at 1068k.

Gross Domestic Product Annualized (Q2) PREL printed at -31.7% vs -32.5% estimate.

Pending Home Sales (YoY) (Jul) printed at 15.5%.

Pending Home Sales (MoM) (Jul) printed at 5.9% vs 3.0% estimate.

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