Mortgage applications plunge and so do refi apps, as interest rates rise it pushes more and more individuals out the housing market. More and more of the older generation needs to work because they do not have enough to survive on. Seattle raised the minimum wage and it back fired now they want to raise taxes on the wealthy.
Canada begins to raise rates. Investors are dumping emerging market debt at a record pace. Yellen says that there might not be a need to raise rates, the take down is complete, there is no need to raise rates at this time.