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Buy This: Gloom and Doom May Temper The Boom

Consumer confidence dropped again according to an ABC/Washington Post weekly survey [Marketwatch] [1] The index was at its lowest since May 2003. A third of consumers said it was a good time to buy things, the lowest level since 1993.

This may create a pause in the housing market this fall as the public digests all the economic messages, mostly negative. The Fed decided to raise rates today [Matrix] [2] despite “distractions” caused by Katrina and are worried that higher energy prices were inflationary in the future.