Zeev's Turnips Patch-No Politics (ZEEV)

[federal reserves]

Auto sales as expected collapsed.

With all major automakers reporting results late on Friday, sales fell 27.4 percent from a record high in October last year to a seasonally adjusted annual rate of 15.4 million, the lowest in four years.

We all know what's coming next.

Mortgage Applications collapsed this week as well. Applications to refinance mortgages plummeted 24.1 percent, the sharpest drop since the week ended March 8. Applications for mortgages to buy homes fell 6.3 percent, reaching their lowest level since April.