Last week, the first quarter GDP was revised to better than we had expected to 1% from 0.7%. Not that this is much of an improvement, but perhaps it is worth noting where it was better, which was the housing sector. Below you can see how far Residential Fixed Investment is below prior levels. Regulation of financial institutions has constrained the growth in housing. We believe there is a lot of pent-up demand still for housing, and this should slowly continue to improve.

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Market in a Minute 2016-3-1