Pending Home Sales were -11.6%,against an expected -1%.
US will not tighten rates for some time IMO, against a backdrop of Aussie lifting them next month. Confusing the issue is Chinese inflation and how perhaps how they will tighten it up at the expense of economic growth.
*Pending sales of existing US homes dropped far more than expected in April to touch a seven-month low, dealing a blow to hopes of a recovery in the housing market* (Reuters)
A highly complex two speed world economy exists. We are a very lucky country but whenever China catches a cold, we won't have the flu, we'll be on life support where a whole generation will be lost in a deep recession. Let's hope it never happens. i.e it's not impossible that one year over the next decade, the US economy will begin to accelerate, and we'll be wallowing in despair.
