Did You Know?
The Federal Reserve reports that at the last count, everyone across the financial system, from grandmothers to hedge funds, was holding a total of $2.9 trillion in overnight money market funds, $4.4 trillion in checking accounts and currency, and another $12.1 trillion in savings account and Certificates of Deposit. That comes to $19.4 trillion in gross "cash" and equivalents that is "on the sidelines" of the stock market.....and maybe the real estate markets too? With that much cash on the sidelines, one would have to assume any market corrections should be mild. (Marketwatch)
Thousands of U.S. home sales are being held up because the federal government shutdown has halted the issuance of new flood insurance policies, a move that lawmakers and a Realtors lobby want to be overturned. (Bloomberg)