Janet Yellen announced yesterday that she will step down from the Federal Reserve, after not being nominated for a second term as Chairman. Yellen, the first woman to run the bank, could have stayed on at the Fed as a governor until 2024, even as President Trump nominated Jerome Powell to replace her. She said she will stay on until her successor is sworn in. The Senate is expected to confirm Powell. Yellen did not say what her post Fed plans are.
The National Association of Realtors reports sales of previously-owned homes jumped to a seasonally adjusted annual rate of 5.48 million in October, up 2% to the best monthly rate since June. Economists exepcted a 5.45 million pace. The median sales price was $247,000, up 5.5% from 12 months ago, and October marked the 68th-straight month in which prices rose compared to the previous year. At the current sales pace, it would take 3.9 months to exhaust the available supply, down from 4.4 months a year ago.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
