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Today's Economic Data Docket - Quiet Day Followed By Bernanke Speech
Another quiet day in the economic activity docket, with the bulk of the action occurring in the afternoon. Today's key event is Der Bernank's address at the International Monetary Conference titled "The US Economic Outlook"
10:00 - May data on job openings and labor turnover (JOLTS) released
11:00 - Small POMO today focusing on TIPS in the 04/15/2013 - 02/15/2041 maturity range
11:30 - Treasury will auction a $28.0 billion 4-week billswhich will basically roll over the maturing issue
13:00 - Treasury will auction a $32 Billion 3 Year Bond, as another $32 billion in G-fund IOUs are "disinvested" to keep the total "under" the ceiling
15:00 - April consumer credit data. Consensus expects +$5bn after +$6bn in March. Consumer credit growth has been steadily positive since last fall, mostly due to the US government pumping subprime loans for GM car purchases and student funding needs.
15:45 - Ben Bernanke will address the International Monetary Conference in Atlanta, GA. His topic will be "The US Economic Outlook." The Chairsatan may take this opportunity to set market expectations for monetary policy in advance of the June 21-22 FOMC meeting. He will have to balance a number of concerns, including that for a slower labor market outlook, hints that sharp rise in commodities has eased but not retreated, and the impacts of the fiscal battles in Congress over spending and the debt limit. No mention of QE3 expected yet.
21:00 - New York Fed President William Dudley to address the Foreign Policy Association Corporate Dinner. Dudley's comments are likely to get lost in the wake of the Bernanke speech. However, he has also make a number of public appearances in recent weeks, so his views for a moderate recovery and steady policy are fairly well known.
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a preview of the bernank:
http://www.youtube.com/watch?v=NyEE0qpfeig&feature=fvwrel
Another day of Bernanke "bamboozlement, misdirection, and outright lying", brought to you by one of the greatet actors of our generation.
Princeton should close for good out of shame.
will bernanke's hot air levitate the gold price again? Inquiring minds want to know.
If you're buying PMs today, be sure to buy before Bernank goes on.
My intuition says it'll be the opposite.... he will have to say something that stops the US dollar from puking blood. He will say stuff lik "naaaah, everyone knows there will be no QE3, right?" (yup, right... there will be something else... at least linguistically. If only to make fischer not a liar)
Regardless of his QE oral diarrhea we know this. Interest rates will stay low for the foreseeable future. Trillion dollar budget deficits are now the norm. Without the Fed. who is going to step in to buy in large enough quantity to replace the Treasuries number one buyer?
This is just another step in the square dance. Boxed in he be.
Gold and silver may take a dip this afternoon but rest assured. It will be temporary.
Ah nice, gold will go some higher once he starts talking. ;-P
From the IMC dinner menu...
Free range, earless rabbit with a potassium iodide-honey glaze
German bean sprout salad
New York style broiled Weiner (pictured above)
Dessert: blood pudding courtesy of U.S. pension fund
You forgot Cesium Shiraz..........
Am headed down today to do my part, any other ZH'ers going to be in the crowd?
"No mention of QE3 expected yet." When, then?
In my opinion, August at the earliest.
"The US Economic Outlook"
Black Hole.............
This douche bag is on the deck of the Titanic knee deep in the Atlantic squawking....remain calm....this is just transitory!!
Actually, Big Ben is sitting in a padded lifeboat seat, wrapped in a warmed blanket and sipping coffee, talking into a bullhorn to the people on the Titanic decks, asking them to "remain calm".
"padded lifeboat seat"
Hmmmm.......They have those on the White Star Line??
For our "distinguished" passengers.
There he is, Bernank at the Fed:
http://www.youtube.com/watch?v=6WnHm7Bg0hI
"Protect me from Lloyd!"
He has a full address for this topic? I would've thought that all this topic needed in the "addressing" department, was a one word sms that says: fucked.
"The U.S. Economic Outlook"
Oh, comedy. Great! I love comedy.
21:30. Bernanke breaks out the magic eight ball, shakes it and reads our fortune...
--come on baby.. please don't say "outlook not gooo... " damnit.. hang on, I'll shake it again, maybe it'll be a good fortune this time..
I think someone messed up the title of The Bernank's speech. It was supposed to be titled,
The US Economic, look out!
Shalom Ben should be behind bars not giving speeches.
Anytime Bernanke or a mainstream media puppet uses the word "recovery", mentally replace it with "purgatory". It's good for a few laughs plus constantly hearing about "signs of a purgatory" seems much more prescient.
As a much younger man, I worked for mountain operations at "Purgatory Ski Resort" in Durango Colorado. Good times indeed. I still have some property there and was very disappointed when the name of the resort was changed to "The Durango Mountain Resort" as as to no longer offend the many southern Baptists who vacation there. The ski runs were named accordingly (Hades, Styx, catharsis, etc.). People need to look in the mirror and get the fuck over themselves already. Gold, guns, ammo, and like-minded neighbors indeed.
Ladies and gentlemen, thank you for attending todays event! Listen, we are fucked, completely Weiner fucked!
don't short the market until the bernanke opens his mouth, then short away!
Gold/silver rolling over a bit.
We need Ben to say some easy money words.