Morning Journal--Fed meddling saps growth

Economics

   This Week’s Data

            The International Council of Shopping Centers reported weekly sales of major retailers down 0.1% versus the prior week but up 3.9 % on a year over year basis; Redbook Research reported month to date retail chain store sales up 1.1% versus the comparable period a month ago and up 4.2% versus the similar timeframe last year.

            March business inventories rose 0.4% versus expectations of up 0.5%; sales rose 1.1%.

            Weekly mortgage applications rose 3.6% while purchase applications fell 1.0%.

            April PPI for final demand was up 0.6% versus estimates of up 0.2%; ex food and energy, it was up 0.5% versus forecasts of up 0.2%.

           

   Other

            Household debt continues to rise (short):

            http://www.calculatedriskblog.com/2014/05/ny-fed-household-debt-increased-in-q1.html

            And (medium):

            http://www.zerohedge.com/news/2014-05-13/student-loans-soar-record-1111-trillion-12-past-year

            Fed meddling saps growth (medium):

            http://www.realclearmarkets.com/articles/2014/05/13/janet_yellens_meddling_is_robbing_us_of_a_recovery_101050.html

            Economic freedom versus big government (medium):

            http://www.washingtontimes.com/news/2014/may/12/rahn-economic-freedom-versus-big-government/

Politics

  Domestic

A report card on Obamacare from a ‘progressive’ website (medium):

http://www.nakedcapitalism.com/2014/05/obamacare-post-victory-lap-cooldown.html

Interesting but apropos of nothing---searchers believe that they have found the Santa Maria (medium):

http://www.independent.co.uk/news/science/archaeology/exclusive-found-after-500-years-the-wreck-of-christopher-columbuss-flagship-the-santa-maria-9359330.html