@ The White House
In the morning, the President and the Vice President will receive the Presidential Daily Briefing in the Oval Office. In the afternoon, the President will meet with senior advisors in the Oval Office. Later in the afternoon, the President will meet separately with Secretary of the Treasury Geithner and Secretary of Defense Gates in the Oval Office.
@ Wall Street
Existing Home Sales: On the one hand, the Pending Home Sales Index for April was down 11.6%, implying that existing home sales may drop at a double-digit rate in May.
On the other hand, mortgage applications to buy homes were about flat in April and dropped 2.0% in May, implying a smaller sales decline.
The wild card is how active investors were in the market during the month. IHS Global Insight projection is that existing home sales will drop about 6% in May to a 4.75 million rate, with investors playing a slightly larger role in May than in April.
Edited in English by Jose L. De Haro (joseluisdeharo@eleconomista.es)
