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June 2010

Connecting the Dots on Emerging Market Risk

Jamus Lim's picture

With developed markets in a period of extended slow growth---and in some cases imploding---it is useful to consider emerging medium-term risks for emerging markets (pardon the pun). With global economies still experiencing a fragile recovery---especially in the private sector---small shocks carry the potential to be amplified by jittery financial markets, leading to a fresh crisis. We are already seeing a small spillover begin to present itself in Eastern Europe.

Prospects daily: Contracts for home sales strong in final month of federal tax credit

Global Macroeconomics Team's picture

Pending sales of existing U.S. homes increase in April. The National Association of Realtors’ index of pending home sales, defined as purchase agreements where initial contracts have been signed but financing has not been completed, rose 6% (m/m) in April, following an upwardly revised gain of 7.1% in March. April marked the final month of the federal tax credit program, and housing market activity surged in the previous few months as households rushed to take advantage of the program.