As Bruce Springsteen once mumbled, financial markets are goin’ down.
Equity market indices like the S&P 500 and the Dow Jones Industrial Average have been pummelled over recent months along with the NASDAQ Composite Index and the SMART Money Flow Index.
And we know that housing in the form of existing home sales have declining YoY for the last 8 months.
But also goin’ down is Markit’s CMBX BBB- index. Note that the CMBX BBB- index started declining back in July. CMBX is a series of indices, designed to reflect the creditworthiness of commercial mortgage-backed securities (CMBS).
Brains are readily available. Let’s see if The Federal Reserve acquires some.