Today's Economic Data Docket - Bernanke Presentation To Congress On State Of The Monetary Disunion

Tyler Durden's picture

With several economic items on the docket, the key event today is the start of Ben Bernanke's Humphrey Hawkins semi-annual report on the monetary policy to Congress (tomorrow an identical one will be delivered to the corrupt, brain dead zombies in the Senate). Look for select key words such as "QE3", "Ponzi", "Catastrophe", "Pray", and, of course, "Get tu da choppa"

7:30: Mortgage applications: MBA mortgage applications index fell 5.1% week ended July 8; Refis down 6.2%, 4th declining week; Purchases declined 2.6%; rose last week; Avg. 30-yr fixed rate 4.55% vs prior week’s 4.69%, biggest drop in 3 months; Share of applicants seeking refi 65.6% vs prior week’s 66.4%

8:30: Import/export price indexes (June). Lower commodity prices. The drop in commodity prices in May and June likely reduced US import prices indexes for June (the GSCI fell by about 9% over these two months). On a broad trade-weighted basis the dollar has been roughly flat for the last few months, and we therefore expect only small gains in non-commodity import prices.
Median forecast (of 50): -0.6%; last +0.2%.
9:10: Boston Fed President Eric Rosengren on the economic outlook.
10:00: Federal Reserve Chairman Ben Bernanke delivers his semi-annual monetary policy report to the House of Representatives. We expect Bernanke to 1) reiterate disappointment with the pace of growth and particularly the state of the labor market, 2) explain why most Fed officials still believe, as we do, that growth will improve in the second half, but 3) probably stop short of enumerating specific easing options should conditions deteriorate further (although these are likely to be addressed in the question and answer session following the testimony). He will also likely urge Congress to resolve the debt ceiling impasse as soon as possible.

13:00: Treasury auctions off $21 billion in a 10 Year reopening (link)

13:20: Dallas Fed President Richard Fisher on the economic outlook.
14:00: The US budget balance (June). The CBO estimates that the June budget deficit declined by $23bn from the same month last year on reduced outlays.
CBO -$45bn; median forecast (of 30) -$45bn; last (June 2010): -$68bn.

From GS, Bloomberg, SMRA and ZH

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malikai's picture

LOL. I'll see your predator and raise you a commando.

caerus's picture

LOL! awesome...(the commando musical that is)

cosmictrainwreck's picture

hey, didn't that guy wind up as the Gov of CA ? 

malikai's picture

I like to refer to him as the former Governator. Because he really did a bang-up job.

G-R-U-N-T's picture

He still is...gallivanting around the world working his ass off trying to make the masses believe the lie that man made CO2 is a major driver of atmospheric temperature change and that CO2 the air we exhale is a pollutant.

Here you have a man who is among the most disgusting carbon units on the planet a real legend in his own mind. He works feverishly trying to destroy peoples lives.

A real fine specimen of humanity....A real pillar in the world community.

Cash_is_Trash's picture

Silver, it's what's for dinner

MarketTruth's picture

As long as you remember the golden rule:
He who has the gold makes the rules.

i-dog's picture

"Get tu da choppa" of your best yet, TD.

SheepDog-One's picture

I LOVE how the only answer is 'print more money'...armageddon bitchez, hold those PM's the game is about over, way sooner than most people think.

'Economic outlook'....HAA HA HA HAAAAA!

Cash_is_Trash's picture

Bank runs in the early morning with a 70% chance of bread riots in the several major cities. Smoke form dusk 'til dawn.

Tuesday's forecast calls for Batmanesque scene whereby Benny drops piles of paper on the streets of midtown from the Goodyear blimp.

Wednesday's forecast 80% chance of those with ammo, shooting at uninvited hungry zombies.

Have a great rest of the week! For those who don't own physical - you don't own shit.

i-dog's picture

"the game is about over, way sooner than most people think"

I agree, Dog. I think they were hoping to keep bailing this sinking ship until the end of next year -- when the Hueys would spirit them from the roof of the White House at the last moment in a re-enactment of Saigon 1975 -- but it may not even last that long.

cosmictrainwreck's picture

nice imagery.... you got the screenplay done yet? I agree ("...even that long"); don't see how this shit has life more than months, not Dec 2012. BUT, I thought it was gonna be over in the 90's, so WTF do I know?

Paper CRUSHer's picture

Its possible when this ponzi implodes ya'll be reading fairy tales such as the one below to ya goofy grandchildren:

'One once o'gold upon a time there was this ugly printsess called Ben...........'

Well,ya'll damn know how this litte story ends anyhow.

Cash_is_Trash's picture

Alas, poor Printsess! I knew him, Horatio: a fellow
of infinite ease, of most excellent quantity

Barry McBear's picture

lol, I believe the ugly printsess Ben at one point becomes the Chair of the Department of Economics at Printston University, before later destroying the world.

j0nx's picture

Don't you believe that for a second. These guys can keep kicking this can longer than you can remain solvent or think is possible. They can literally do whatever they want because the American public is still blissfully ignorant and apathetic. They will pass any law they need to, will steal whatever they need to, will shit on whoever and whatever they need to, to keep this ponzi going. I also think that private PM seizure is on the menu as well which is why I feel your paper money now is better spent on guns, ammo and supplies than it is on PM. I would own a moderate amount of silver for trade but certainly no gold, at least not if you are not able or willing to protect it from seizure from the government or the hordes who are sure to come for it.

cosmictrainwreck's picture

sincerely wish evidence didn't force me to concur, but I must

caerus's picture

Executive Order 6102 Redux Bitchez!

urbanelf's picture

Yay!  "Transitory" drinking game!

johny2's picture

Watching reserve currency being destroyed by Bernanke. Even former KGB agents are shocked by his methods.

White.Star.Line's picture

I am preparing today's speech for Big Ben.
Let me know if using these terms will help clarify our situation -

"The economy remains sluggish, despite our stimulus programs"

"Unemployment has not improved to our satisfaction, despite stimulus"

"Our forecasts show a turnaround in the fall, but more stimulus may be needed in order to accomplish this"

"The debt ceiling must be lifted, alomg with more stimulus"

"Aww fuck it! Put your hands in the air and empty out all your pockets!"

TheMerryPrankster's picture

Trembling Ben

Wears a Depends

Looks out for his friends

Knows QE will never end

Wants to do it again

Waiting for the world to end

Never seen a dollar he didn't want to lend