Today's Economic Data Docket - Nothing: A Few Speeches, One POMO And BOJ Begins Two-Day Deliberations

European holiday, blank US economic data docket and just two speeches from a few Fed officials today:

• 9:30: Richmond Fed President Jeffrey Lacker on “Manufacturing in the New Southern Economy”. Event will include media Q&A.
• 11:00: POMO buying $4 - $5 billion in bonds due 08/15/2018 - 05/15/2021; $55 billion left in remaining 13 POMOs.
• 19:00: Dallas Fed President Richard Fisher on “Federal Reserve Functions and Economic Update”. Mr. Fisher is a voting member of the FOMC this year.
• The Bank of Japan Policy Board began a two-day meeting last night. The Bank will maintain its bias towards easing, but further measures to provide liquidity -- if any -- will probably be confined to the areas that directly felt the impacts of the earthquake and tsunami.

From GS, SMRA, and ZH

Comments

[Josephine29]

I saw the problems of the Bank of Japan put well earlier.

There is no “magic bullet” for the Bank of Japan

We are left with a feeling that there is not much the Bank of Japan can do to help. With interest-rates already so low there is no scope for help from them and QE has simply not worked in Japan and even  the real believers in QE may be wondering how much scope is there to improve an ten-year government bond yield of 1.2%? So the Bank of Japan in my opinion only has one policy option which is to keep credit conditions as relaxed as possible so that they do not act as a drag on any recovery. There is no “magic bullet” available which may come as a grim reminder that central banks are not as powerful as many have implied over the credit crunch period.

http://t.co/kvT3GUj

So much for the supposed power of central banks...

[PaperBear]

Meanwhile, the delivery demands continue to drain the COMEX of registered silver.

Should we be waiting (im)patiently for this paper pyramid scam to come to an end or hope that it keeps going just a little while longer so we can accumluate more physical silver at these suppressed prices ?

[PaperBear]

Yep these central banks are not all-powerful. But will governments resort to legislating more and more thieving ?