1. The Fed´s Trillion Dollar Lifting Job
 The National Association of Home Builders will publish the December Housing Start numbers
this week - they are one of the more helpful leading indicators for the economy
 For 2009 housing starts have been flat, ignoring low mortgage rates and the Fed´s massive
purchase program of mortgage-backed securities
The Fed´s Massive Effort to Stabilize
the US Housing Market
Fed Purchases of
Mortgage-Backed 1000
2400 US Housing Starts
Securities
Thousand Units 800
1800 Annual Rates Right Scale
in Billions of Dollars
Left Scale 600
1200
Source: St. Louis Fed, Dallas Fed 400
600 200
1782
2147
1570
1179
655
488
574
521
479
551
590
593
581
586
527
574
0
11/04 11/05 11/06 11/07 11/08 1/09 2/09 3/09 4/09 5/09 6/09 7/09 8/09 9/09 10/09 11/09 12/09
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