Last week the negative economic reports exceeded the positive. Following is a quick summary of the events:

Positives:

1. Building permits rose 3% vs an expected rise of 0.5%.
2. The Fed removed “patient” and US stocks rose 1.2%

Negatives:

1. Housing starts fell 17% to an annualized pace of 987k vs expectations for a 2.4% fall and 1.04mm homes.
2. Empire State factory index came in at 6.9, vs expectations of 8 and down from 7.8 previously.
3. The Philly Fed index came in at 5.0 vs expectations of 7.
4. The ten-year yield is back below 2%
5. Mortgage applications fell 2% week over week.
6. Mortgage Refinancing applications fell 5%.
7. Industrial production rose 0.1% month over month vs expectations of a 0.3% rise.