This page has been archived and commenting is disabled.
Today's Economic Data Docket - Final Greek Austerity Vote And Final POMO
Once again the world will be watching Greece although with far less interest as the parliament is expected to pass the austerity bill with voting expected to commence on each individual point in the mid-term package at about 8 am Eastern. In the meantime there will be quite a bit economic data, such as Initial Claims, the critical Chicago PMI, the Kansas City Fed Index, as well as various Fed speeches. Most importantly, today is the day when the Fed stops adding net liquidity to the market with the last POMO due at 11:00 am. Expect another window dressing meltup into the afternoon at which point anything goes.
8:30: Jobless claims: back to gradual improvement? Initial jobless claims disappointed last week with a rise back to 429,000. The consensus forecast is for a moderate decline to 420,000 this week; the best justification is the prospect of an overall improvement in activity as the earthquake-related production disruptions in motor vehicle production end. Continuing claims are expected to be broadly unchanged
Initial claims: Median forecast 420k, last 429k
Continuing claims: median forecast 3.693mln, last 3.697mln.
9.45: Chicago PMI. So far, regional manufacturing indexes have been mixed in June, with the New York and Philly Fed indexes disappointing sharply but Dallas and Richmond looking a bit better more recently. The Chicago PMI should see a bigger effect from auto production (which could be a positive factor given the reports of improvement in that sector) but is also perched at a higher level (which might be a negative factor if there is a tendency for mean reversion). Overall, Goldman expects a slightly above-consensus reading as it puts more weight on the first factor.
Chicago PMI GS 55, consensus 54, last 56.6.
10:00: Louis Fed President Bullard speaks at St. Louis Fed QE conference. This could be an interesting speech; President Bullard will likely publish a slide package as he does for most of his more conceptual speeches.
11:00: Kansas City Fed index. A less-followed Fed index, the KC Fed index has also slowed sharply in recent months and indicates almost zero growth as of May. There is consensus forecast, but a broadly unchanged reading seems reasonable.
KC Fed last +1.
11:00: Final POMO is here as the Fed buys $4-5 billion of bonds due 12/31/2016 - 06/30/2018
13:00 KC Fed President Hoenig speaks to Rotary Club of Dew Moines, IA.
from GS and ZH
»
- 3029 reads
- Printer-friendly version
- Send to friend
- advertisements -
Imagine if the vote is NO...just imagine...)
Crashing all french banks
Would be pretty funny, if just to see the pretzels the tv putzes will be stuck in.
We all wish tho.
are you some kind of twisted john lennon
ha ha
Ladies and gents hand in your papers please.
Pens down.
No on Austerity, Crash JP Morgue.
I don't mind austerity. I'd just rather choose it myself. And I'd like to see the banksters living an austere life.
The bounce in stocks should continue however a "sell the news" minor drop might occurr.
They will be shoveling in the money. Fear rules. The fear of being left behind.
What is a hoarder.....if not a resourceful fellow ? I'm sick of poor, over extended debtor idiots ! I want more news about clever, resourceful people triumphing over life's challenges ! Take Monedas for one ! I bought a set of those garden path lights that recharge all day in the sun and light up all night ! $24.95 plus S&H for eight of the little Westinghouse buggers ! I don't use the stakes......I set them out in the sun in a plastic soda crate ! In the evening I bring them indoors as night lights ! I can get to the bathroom, kitchen and my desk without switching on a light ! They look like eerie Chinese cemetery lights to spook would be intruders ! Why can't the Greeks get a life ? Monedas 2011 Hoarders have more fun ! I may turn off my indoor, motion detector floodlights (I have vaulted ceilings) !
Jeez, it all sounds so... uhm... final. No more pomo, the Greeks last vote. You'd think it matters, but no not in the least. OT2 and more bailouts to commence.
The BumFuck Downtown (BFD) Index, (towns pop. 999, and under) is also falling off the charts.
The Sodaville, OR city fathers (pop. 421) agree 6-0 that the economy really sucks. They won't be able to black top the gravel on the main street this year due to a Federal stimulus program. Sodaville must now match $88,000 for a bronze statue dedicated to environmentalism. Their Spokesman, Raney Daze, says nobody will ever see the statue, but the street needs paving bad. BFD records show that it previously took 17 years for the town to save the money for the street improvement, all for nothing.
Sodaville is waiting to see if fellow BumFuckers from small towns across America make it unanimous as the worst times since the Great Depression.
Turnersburg, NC (pop. 261) is expected to buck the trend, at least until the EPA makes good on a threat to shut down the local livestock auction. The BFD index will fall off a cliff should that happen. The long time operators of the 6000 sq.ft. wooden facility face 15 year jail times and fines exceeding $14 million for excessive airborne dust, or inadequate sawdust, or something.... the owners are pretty sure the ongoing EPA investigation is unrelated to cow farts since half their livestock (by weight) are non-ruminants.
Whether or not the Greeks are *receive* further aid from the EU/ECB does not depend in any way upon the results of any vote within the Greek parliament.
The only opinion that matters is that of Merkel, because if there is no more German money, then, in reality, there is no more money from anyone.
Merkel is heavily influenced by post WW2 German guilt and angst, and consequently considers that German voters paying for corruption and waste within the rest of Europe is a price worth paying to discourage a future European war.
However, there is a difference between 'waste', and 'total loss'.
If German voters see newsfilm of Greek buildings going up in flames, Merkel will (genuinely regretfully) join her electorate, and say 'No more German money'.
And then it's all over, not just for Greece, but for all the others in Europe who think they are going to suck on the German economic teat.
"Final" Greek Austerity measures will turn out to come up short down the road in taking care of all that loanshark debt. The usury clan will demand much, much more down the road.
Also, after POMO will come a new program called MO and MO!
The one thing a Socialist will almost never do for the obvious reasons......is support and comfort their own hard working taxpayers ! Obama won't do it ! Trust Merkel to find the cowardly way to dump on her fellow Germans ! Monedas 2011 Who says Socialists don't have principles ?
Socialists? Capitalists? Communists? Liberals? Conservatives?
Meaningless labels made to divide the masses........
You can't have Loan Sharks without Debt Bums !