Rosenberg Daily Soundbites

• The action in global equity markets is rather uneven to start off the week; bond markets are fairly quiet
• Profit growth is slowing: While still positive, the trend is slowing. In other words, profits are becoming more scarce
• Housing back in the basement: Pending home sales in the U.S. slid 11.6% in April
• University of Michigan index has never been this low 23 months into an economic expansion
• Munis are gold! This fact that the revenue base has been shored up by a variety of taxes and fees is one of the reasons why muni bonds have turned in spectacular returns this year despite all the hysteria
• Cooling off: That is the best way to describe what is happening to the U.S. economy