The National Association of Realtors’ pending home sales index hit 116.3 in April, its third straight monthly climb. The index is 4.6% higher than it was a year ago and is at its highest level since February 2006.
The idea that the December Fed rate hike was "propaganda" and would be quickly reversed appears more absurd with each passing day,
We are, in fact, at what appears to be the start of a multi-year climb in interest rates. Austrian-lites who think the Fed can't raise rates without immediately crashing the entire economy have a fundamental misunderstanding of Austrian school business cycle theory.