Both Redbook and ICSC-Goldman say heavy weather has been holding down sales so far this month.

The MBA's seasonally adjusted index of refinancing applications slipped 5.2%, while the gauge of loan requests for home purchases was off 5.4%.

The National Association of Realtors (NAR) pending home sales index fell 3.5% month-over-month. The number of Americans who signed contracts to buy homes fell in December after hitting the highest level in a year and a half a month earlier.

The increase in contract signings is another indication that the troubled housing market improved at the end of last year going into 2012. further gains would be needed to reduce the millions of unsold foreclosed homes sitting idle on the market.

The price of light crude, supported by supply issues tied to Iran and not by prospects of strengthening demand, is up about 50 cents to the $98.50 area.

The Fed now sees GDP growth between 2.2% and 2.7% for 2012, down from 2.5 to 2.9%, and 2013 growth of 2.8 to 3.2%, down from 3% to 3.5%. Federal Funds Rate - Target Level 0.0 to 0.25 % .

The Federal Open Market Committee said Wednesday that the long-term inflation goal is 2%, as measured by the annual change in the price index for personal consumption expenditures.

The Fed also forecasts GDP growth between 2.2% and 2.7% this year, an unemployment rate between 8.2% and 8.5% and PCE inflation between 1.4% and 1.8%.

Manufacturing is picking up steam as December durables were strong and above expectations.

The threat of further price declines in home sales may be dissuading some Americans from buying a new home even with mortgage rates near all-time lows and more people finding work.

we won't see a meaningful increase as long as new homes are competing with those existing homes. Builders continue to contend with a number of existing homes that are deeply discounted.

December�s CFNAI-MA3 suggests that growth in national economic activity was slightly below its historical trend. The economic slack reflected in this level of the CFNAI- MA3 suggests limited inflationary pressure from economic activity over the coming year.

Weekly jobless claims were in line with expectations, rising 21,000 to 377,000 in the week ended Jan. 21. Meanwhile, December's orders for durable goods surged 3%, above estimates of a 2% gain.

The economy ended 2011 on a fairly positive note, but the composition of growth in the last quarter is not favorable for growth early this year.

The nation's gross domestic product -- the value of all goods and services produced -- grew at an annual rate of 2.8% between October and December. That is up from 1.8% growth in the third quarter and 1.3% in the second quarter. It was the fastest pace since the second quarter of 2010.

The Fed warned the economy still faced big risks, a suggestion the euro zone debt crisis could still hit hard. Expectations of soft growth led the Federal Reserve on Wednesday to say it expected to keep interest rates at rock bottom levels at least through late 2014.

The Fed is attempting to shield the economy from a potentially more severe recession in Europe. Even though the economy improved last quarter there are a number of headwinds and a lot of uncertainty surrounding Europe, emerging markets and also U.S. fiscal policy.

The weaker-than-expected Q4 U.S. GDP which it was +2.8% annualized versus expectations of +3.0% annualized. Aslo Q4 personal consumption grew +2.0%, weaker than expectations of +2.4%.

Concern the European debt crisis may worsen after credit-default swaps to insure Portuguese government debt rose to a record.

Unexpected increase in Jan U.S. University of Michigan consumer confidence to an 11-month high (+1.0 to 75.0 versus expectations of unchanged at 74.0).

169 companies in the S&P 500 that reported earnings results since Jan 9 have beaten analysts' estimates

Low demand and high inventory levels in the U.S. Natural Gas has deterred some companies from future investments

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