Top Day Market News
Today should not be a range extension day given yesterday’s fireworks. Although the actions in Cypress of a levy on bank depositors was close to being a back swan event, it was a unique situation, a localized situation and not a trigger for a larger event such as a bank run in the Euro zone.
Housing starts for February come in at 917,000. Permits are 946K. The Street was looking for an increase of 1.6%. Permits are encouraging while the builder’s sentiment index was soft yesterday.
The Street now looks ahead to tomorrow’s FOMC rate decision.