One Minute Macro Update

Tyler Durden's picture

US:  Futures in positive territory bolstered by earnings and European growth signals.  Yesterday's data was mixed with leading indicators and claims reporting better than expected results while Philly Fed came up short of expectations.  Today is a blank on the US economic front with next week scheduled for the FOMC and home price data.  The FOMC will be closely watched to see if the statement is used to correct the previously mentioned communication problem and if there is any reference to commodity price inflation versus wage/labor inflation.  NYT report that municipal bankruptcy legislation is on the table, such actions would provide the states a negotiating table with pension obligations.

Europe:  EURIBOR now at 102.5bp as the base rate OIS component has risen to 77bp (+18bp since the first of the year).  Central bank funding support has been fazed out and rates have returned to more natural levels.  The question remains for the globe whether central bankers will respond to commodity price inflation at the possible expense of labor price inflation that they so desire.  Spain reportedly considering letting savings banks float on the open market to raise capital with the backstop of government intervention if there is a lack of interest.  FT Deutschland reporting that AAA rated members want additional contributions from lower rated members for the EFSF (which is set for first issuance next week, px talk mid swaps +10bp).  Given the construct of the fund to achieve AAA ratings via CDO ratings methodology, it would seem such contributions are unlikely without significant structural revisions.

Asia:  China 7D repo rate up 127bp overnight.  China securities journal reporting that rate hikes may occur around the Lunar New Year.  Nikkei News reporting that Japan is now a net importer of consumer electronics.  AUD flood impact statistics continue to roll in as the government is considering a flood tax to maintain fiscal austerity and cover the tab for flood impacts.  RBNZ considering a cap of 10% of total assets on issuance of covered bonds by NZD banks.

From Brian Yelvington of Knight Capital

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JW n FL's picture

Hair Cuts BITCHEZ!!!!

BRAVO 7's picture

it's gonna be a hair cut for everyone, though.

doubt it not.

heard a radio broadcast last friday the 14th. the host's name is rick
. his website is  he has been on the air for 11 yrs.
with useful news.
he hosted 3 other men on a telephone hookup. long story short they had
inside info of the planned collapse of the dollar, repeat, it will not
be a natural event  the euro would also collapse > sarkozy just left
d.c. after a meeting with obama  > hu jintao is visiting d.c. now and
berating the dollar's reserve status >  g 20 will meet this spring in
march, versailles, france to finalize the collapse  > new reserve
to be introduced between march and july 2011 > it was decided
in june 2009 to dump the dollar  > obama's personal rep. has been
traveling for the last year and 1/2 in negotiations with the usual
  as you can tell this will cause much chaos and mayhem around the
planet, will undoubtedly cause a great shock to the united states.
you could probably get a telephone interview with rick wiles, for
i will be doing my best to get this info out on some respectable
websites,to the hapless sheeple of america, maybe some will hearken.
thanks for your efforts.
rick's  # 561-792-6777 USA

JW n FL's picture

New item in your series of interest:

SDR Valuation as of Jan 21, 2011 Disclaimer: The International Monetary Fund makes no warranties, express or implied, regarding these tables or the performance of this site. The Fund shall not be liable for any losses or damages incurred in connection with this site.

I could explain why you are wrong but start here and work it back 4 decades...

New Revolution's picture

Seems a little early for that.   To do it would mean political suicide for Barry Soetoro.   It's too pre-emptive, people would never forgive much less understand the act and would view it as treason.    I mean the rascals that run things are traitors including a big red star along side President Soetoro's name, but this would just too over the top and not necessary at this time.   I know suicide is painless but it would guarantee a one term presidency and I don't think Barry's ego is ready for that.    I don't doubt the story, but the timing just doesn't make sense.   How about 2013,.... if they can get that far.....