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Oops: Beige Book Sees "Widespread Signs Of Deceleration"
From the opening paragraph, the bolded is not what the market wants to hear:
This is not what the market wanted to hear: "Reports from the twelve Federal Reserve Districts suggested continued growth in national economic activity during the reporting period of mid-July through the end of August, but with widespread signs of a deceleration compared with preceding periods. Economic growth at a modest pace was the most common characterization of overall conditions, as provided by the five western Districts of St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco. The reports from Boston and Cleveland also pointed to positive developments or net improvements compared with the previous reporting period. However, the remaining Districts of New York, Philadelphia, Richmond, Atlanta, and Chicago all highlighted mixed conditions or deceleration in overall economic activity."
And the only way for prices is down... i.e. - deflation.
Upward price pressures remained quite limited for most categories of final goods and services, despite higher prices for selected commodities [ahem, bitchez] such as grains and some industrial materials. Wage pressures also were limited, although a few Districts noted increased upward pressures in a narrow set of sectors experiencing a mismatch between job requirements and applicant skills.
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"Deceleration" is a euphemism I haven't heard before
I guess it sounds better than "slowing down"
"Deceleration" is a euphemism I haven't heard before bitchez!
You go! Bitch all you like baby. All of us should be bitchin' a whole lot more.
You go! Bitch all you like baby. All of us should be bitchin' a whole lot more.
Hi MsCreant. I stopped bitchin a year ago. I've moved on to comfortably numb....but ready to blow at a moments notice ;)
"market" will end up triple digits
Agreed. This is another, "market already priced it in" BS. Or, "worst is most likely behind us" BS, etc.
AAPL is up 6 bucks - this market can't go down without it.
How about 'Accelerated Disinflation'
doesn't the third derivative = disacceleration?
nonantidisacceleration?
deceleration like as in when a car hits a wall?
...despite higher prices for selected commodities.
Of course the Fed will never admit to higher demand and prices for monetary metals. Even Bernanke refuses to admit in public the logical (and obvious) reason for high demand and price for gold/silver.
That's not what CNBC's Bob Piss-on-me is saying as I type this comment. At least Santelli is now bringing the focus back to the headline.
I believe the only reason Santelli is on CNBC is to bring some small amount of "credibility" to the CNBC cartoon show that starts at 6 am and ends at 10 pm.
Recovery Summer flies into a Full Fantastic Fall, followed close thereupon by a Wild Wonderful Winter and it's partner in Georgian ordinality, Such a Splendid Spring.
I feel better today than yesterday and maybe it'll carry over into tommorrow.
Did you see that Mishkin look alike on CNBC this morning? He must have a twin; it couldn't have been the real thing.
This blow up doll was talking about no more debt, over extending the government balance sheet, etc...
I wonder if he's being paid for this guest appearance, or does he only get paid when he write nice reports?
BobP made such an odd remark this morning.
Talking about consumer spending he said something to the effect of "Back to School was stronger than expected, partly due to sales tax holidays in some states
...and in spite of heavy weather."
What?
Funny - I heard that this morning and did a double take, thinking the same thing, "what?"
The other morning (1 or 2 days ago) he was sitting with Mark and Erin talking about HFT'ing and the Flash Crash. The piece was over, Mark was closing and they were about to go to break, but I noticed the camera was still on Bob. He tried to say something but Mark or Erin continued closing (off camera), and finally Bobby was able to spit out in the final .3 seconds, "but the spreads have narrowed!" You could see his brain trying to figure out how to follow instructions in the earpiece. Classic. Maybe somebody observant as yourself noticed.
And as if we shouldn't care the game is rigged to steal our hard-earned money and retirement investments because we saved some change (which is then stolen many times over 20 milliseconds later by some F'n front-running algo).. pathetic.
i just don't understand ...
as recently as last week we were told that everything was improving lol
That was Erin Burnett. Always consider the source especially when its delivered in nasal dialect.
Rude!
The truth... which can be considered rude for those who:
In a time of universal deceit, telling the truth is a revolutionary act
Deceleration = like when you open your chute 100ft from the ground.
h.a.l.o.
Deceleration in the economy, but not in the bubblicious stock market fortunately.
*Deceleration = like when you open your chute 100ft from the ground.
And then you bounce about 5 feet high
Dead (parachuting) Cat Bounce = "And then you bounce about 5 feet high."
Dead human bounce?
Factored in, mkt to close higher. SPY now 110.17, look for close above 111.
Goes like this: in anticipation of bad news, gap up, ramp up,
then give back half when the news hits. Or maybe give back none.
we only need better than expected or not as bad as expected consumer credit in 10 mins and your 'wish' will probably be granted
quick - get paris hilton on msnbshit to do a strip tease...i mean mary schapiro
cheerleader burnett "confused" by the gap between her fantasy strong economy and soaring employment with the beige book
"Beige Book, you are so rude. You need to learn your manners before I let you on the show again"
I even got a visual with that one - lol
Rally on!...less bad is mega positive.
another fricking speech; blame, hope and change, blame, everything is fine
How could any objective person not have seen this coming? I have had -2% GDP growth for 2nd half since January.. never needed to downgrade and still comfortable with this forecast.
Am shaping up for a -10% GDP growth next year. Should be a complete disaster of a year. Why? Nothing has worked and confidence will plummet worse than is now. There aer so many wild cards of shit that will hit the fan..it's going to get disgusting in America.
They aren't paid to be objective. Everyone has a paymaster and we all sing the song we're paid to sing. Some just love their jobs more than others.
Don't worry grasshopper. America knows how to spread the wealth.
Wage pressures??? Well, that is strange because last Friday part of the "GOOD" news of the Employment Situation report was that wages were increasing!!!!
TD, can we have Nigel Farage address the Federal Reserve on CSPAN, please - a Pay-Per-View event!
The ghost of Howard Cosell.
"Down goes Frazer...er...Bernanke, down goes Bernanke."
http://en.wikipedia.org/wiki/Howard_Cosell
Its not a stimulus it's an economic development plan...
Yeah like value engineering is perception management.
they hereby declare that everything is precisely as it should be for 1) the bond market, and 2) the stock market, indicating that the Fed continues to do an awesome job managing monetary policy
until this fed is shut down, there is no hope for the USA
When this guy farts, there's politics at the root of it.
That "wind" seems to be blowing the market back up after the grey book announcement.
I am watching the speech
Can someone tell me what planet this guy is from. ?
Spend and spend and spend !!!!!!!!!!!!!!
All Trees will be extinct by the time this guy gets done.
Doesn't matter. The market is now made up of nothing but HFT machines and Daytraders. Does anyone really think Daytraders really care about or better yet, Know what a Beige book is? All they know is the buy and sell button on their Etrade account. The Beige book actually meant something when real investors ruled the market a long time ago in a galaxy far far away.
when does the report come out detailing their stock market manipulation trades?
sons of bitches
Somebody should raise taxes on small business owners pronto. And subsidize windmills. That should do the trick.
And solar panels.
Leo?
Deceleration is a Bitch.
http://www.youtube.com/watch?v=RVKLpNK6SqE
An excellent ZH tweet - "Obama can give golfing lessons to cut the deficit"
O'Shankapotomus? With a 40 handicap?
http://www.youtube.com/watch?v=H9m3GyDh6M8
That is ugly, Beginner lessons stat!
why should any reality matter to a work of fiction?
You need to competently suspend disbelief. A smathering of reality (like a beige book) is supposed to help with that. Here, give me that damned report.
After my edits it looks like this.
WE'RE SO SCREEEEEWED. OMFG! THE WHOLE THING IS A FARCE WORLD WIDE. GRAB ALL THE REAL SHIT WHILE YOU CAN.
______
The Fed, always putting the douche in Fed-douche-iary responsibility.
Too bad the fed's fails to ease or stop the chafin' of sand n surf inspired suspension of belief. So much for generics substituting for the real thing...
And ya, we are so screwed, without the benefit of prophylaxis, lube or a good rinse.
Good morning sweetie. I have nothing to add with the exception of asking you if you are doing okay in CA? I hope that is the case. Community friend, community. And in your case, no pain, is gain. Lovin' from afar.
Me.
PPT hard at work today trying to hold SPY and ES up. Our tax dollars at work.
the federal reserve people simply suck
market already returning to melt-up, or trying.
This is the best face that can be put forward? Damn, shit must be getting ever more frayed about the edges.
I know I wouldn't sit on it.
Obama blame repubs, sell off.
Looks like all dips are being bought, no matter how bad the news.
Until suddenly there not. How long can the FED keep 'buyin da dips'?
Not in Canada...
Well Canada has this little real estate bubble thingy ... Maybe they just woke up.
Tyler, Erin Burnett would call you 'very rude' for pointing out the rapid deceleration, even with record amounts of dollar fuel being pumped into the fire.
Shhh...Curious George is speaking on the Tele..
Something about he has a dream or something?
Deceleration = taking the celery out of your salad but leaving the green shoots.
LMAO oh THATS what it means, Freddie? Wow no troubles, buy da dips lol!
I propose we start calling it the Bloody Red Book or THE BRB!
BRB... sound much cooler then "The beige book" no?
I think the beige book sounds to gay...
BRB MOTHERFUCKERS!!!
Doesn't one decelerate just before impact?
Oh yeah and Teleprompter 375% debt to GDP (and growing) would dictate that your vision of the economy is exactly the same as the other party: consuming what you cannot pay for (but nice rhetoric).
There is no difference between the republican vision and the democratic vision, there is only the Federal Reserve vision (and the members thereof).
Why didnt they do infrastructure spending with stimulus one?
They did, $28 Billion. SO the states could start making jobs.
I found it! $230B was allocated to infra in StimOne and only 30pc has been spent. So it's logical that our sad sack community organizer would pile on with another $50B paid for by taxing Oil and Gas. Who thinks up this crap?
Ah-Ha ! Only Unions will get the work. Why does all this smell like the public restroom at Venice Beach?
Davis-Bacon is not kosher.
of course the money went to replace shit that didn't need replacing. you know like roads in LA, and you know airports that only get 10 customers a day and at max have 2 flights a day! next up highspeed RAIL WOW GUYS! I can't wait to ride on a highspeed rail thats going to cost billions of dollars maybe they can have it just roll of into south america or better yet NOWHERE! Maybe If I get a few obama bucks I'll be able to afford a ride!
Nice sign reading.
http://www.youtube.com/watch?v=FwatjHcV1ZM
I always wanted to do that blonde.
It isnt the fall that kills ya, its that last little moment of deceleration when you hit the sidewalk!
"You deserve a break"
I love it Obama
Hasn't this guy been Pres for over a year and a half ?
WTF is he talking about ?
LOL
Obama the long legged mack daddy says NOW is the time to get busy doin some serious gubmint spending!!
HOW the hell do you get OFF this damn ride its out of control!
Mr Toad's Wild Ride
Our President is a douche.
+10000000
I'm European and pretty multicultural BUT THERE ISN'T A SINGLE PRESIDENT IN THE WORLD WITH THE RIGHT SET OF BRAINS OR WHO ISN'T A DOUCH BAG.
Meet My President being interview on Hard Talk on the BBC yesterday:
http://news.bbc.co.uk/2/hi/programmes/hardtalk/8976460.stm
and feel my pain...
bush was a dick , or did he suck one ? ask jeff gannon ?
Well, after a temporary dip in the markets on this report, they are now getting fully gunned once again.
VERY soon when they see Obama is not getting a polling bump, youll see the rapid end of this maintaning sense of all is well for the sheeple. Theyll pull the plug overnite one day real soon!
now he's saying he inherited this mess, and..... sorry, i just vurped.
Shorts getting blasted into the bell.
Fucking A right they are....perhaps only thing to save them is consumer credit contracting way motherfucking more than expected. But since all data is cooked now.....
Over the past year the times consumer credit beat expectations was because of the gvt line (student loans I believe).
So be forewarned...
Go RIMM go ...........!!!
just like shorts where getting blasted in August and Sept of 2007, right Robo?
Not really, weak close. 40 DOW points probably cost the taxpayer $5 billion on the day. Now we have the GS $550 million lawsuit which should drive it up 5 points at least tomorrow. Until it all ends in a crash of twisted metal.
So I am sorry, I am really getting confused as to what to tell people why the markets are up today. I thought it was that the Euro is a pubic hair from imploding, or lack of US growth, or becuase Obama just farted in Bidens face. Which is it?
Some large firm got their preview copy of the beige book and sold off. How quickly they forgot that bad news means more liquidity down the road. Although, good news also means more liquidity down the road.
Spend your way out of debt.
WASHINGTON (MarketWatch) -- Economic growth has moved from "moderate" to "modest territory," according to John C. Williams, director of research for the San Francisco Fed, which compiled the Beige Book. Still, Williams says a double-dip recession is "highly unlikely" and expects the economy to grow between 3.5% and 4% in 2011. He added that inflation has fallen surprisingly little given the experience of past recessions, which he attributes to anchoring of inflation expectations, and therefore said the risks of sustained deflation or unacceptably high inflation "appear remote."
I will take the under on that excellent 2011 growth forecast, for a trillion dollars. I will also take whatever they are smoking (or injecting) at the FRBSF in perpetuity.
I love Lizzy36!!!!
don't get it. "widespread" deceleration has been deemed a non-event by the market.
"widespread" deceleration = govt intervention = print money = stocks up
Obama is in a chick flick staring him and his mirror
Remember, we're not experiencing DEFLATION, but DISINFLATION.
The economy isn't CRASHING, it's DECELERATING.
People aren't going HUNGRY, they're DESATIATED.
Everything's FINE.
I see a career for you as a copywriter for bumper stickers man!
Why be neurotypical?
Maybe the deceleration was at a slower rate than expected?
SO RALLY IT IS!!!
BEEP BEEP!! WHOEHAAA!
Did the Fed report really use the 'Bitchez' term? Sweet!
/sarcasm
Tyler, this says it all!
The solution to preventing deflation is so blatantly simple that I even thought of it. Use the same tools that have been used to keep inflation in check. Give the "selected commodities" more weight in the CPI calclulation. Problem solved. Bitchez.
They could go back to the pre-Clinton CPI formula before they changed it to suppress SS cost of living adjustments.
With your criticism, all you idiots are literally missing this rally! Bunch of bozos...
Only an anecdotal observation, but I get an interesting perspective working with federal COBRA participants nation-wide.
And from where I sit, enrollment has never been higher, even after the federal stimulus/subsidy for COBRA has expired. These are people who are out of work and expect to stay out of work for an extended period of time.
COBRA is not cheap. Imagine who wants it but cannot afford it. Thanks for posting.
My question is.... if the report is released for use AT 2:00pm EDT, how do I get it beforehand, as the market obviously had the news before it was released. Not that it mattered what the fed had to say, but the move was already on before the 'official' release.
Nice article thanks.
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