Today's Economic Data Highlights
Three Fed speeches and the quarterly survey of senior bank lending officers…
12:30: St. Louis Federal Reserve President James Bullard speaks on the possibility of a Japanese-style, deflationary scenario for the US economy…to the New York Society of Security Analysts. This sounds like it could be a reprise of a paper he wrote during the summer, in which he argued that large scale asset purchases (LSAPs) would be preferable to a commitment to keep the short-term policy rate low for an extended period as a means of stimulating growth, but with the added perspective that LSAPs are now on the way. Mr. Bullard is currently a voting member of the FOMC.
13:00: Dallas Fed President Richard Fisher speaks on the impact of financial reform on economic recovery….to a conference of the Association for Financial Professionals, in San Antonio. Mr. Fisher is not currently a voting member of the FOMC; his next turn comes in 2011.
14:00: Senior Bank Loan Officers Survey for October….is credit getting easier? Earlier readings in 2010 have shown progress in stabilization and then some modest easing in lending standards, also some stabilization in the demand for credit.
15:30: Federal Reserve Governor Kevin Warsh speaks on “The Economy and the Conduct of Monetary Policy”…to the annual meeting of the Securities Industry and Financial Markets Association, in New York. In an op-ed piece in today’s Wall Street Journal, Gov. Warsh described the FOMC’s recent decision to buy longer-term Treasury Securities as “necessarily limited, circumscribed, and subject to regular review” in piece that called for more supply-oriented policies. He closed by asserting his confidence that the “FOMC will have the tools and conviction to adjust policies appropriately.” Presumably, his speech to the SIFMA meeting will echo similar themes.
From Goldman and Zero Hedge
- advertisements -