Today's Economic Data Highlights
Empire index, TICS, builder sentiment, and the weekly confidence poll….Most importantly, it seems that the only thing that matters, is that POMO is back, although we have just a piddling $1-2 billion in Sack Frost initiated AMZN purchases by way of TIPS monetizations.
8:30: Empire Index for Jan…confirming the rebound? This index fell sharply in November, setting off concerns that industrial activity might be flagging, but then bounced back in December. Economists expect a modest pickup from the December level.
Median forecast (of 48): +13, ranging from +5 to +20; last +10.57.
9:00: TICS net inflows for Nov…Median forecast (of 4): +$40bn, ranging from +$20.5bn to +$40bn; last +$27.6bn.
10:00: Housing market index for Jan….still at a very low level? This index has wallowed for the past three and a half years in a sub-20 range that seemed unthinkable prior to the crash that occurred earlier in this decade. Only once in that period did it poke briefly above this level. That was in the aftermath of the homebuyer tax credit. Nobody expects a change in this lassitude.
Median forecast (of 41): 17, ranging from 15 to 18; last 16.
17:00: ABC consumer comfort index…breakout? This index finally cracked its 2½ year -41 resistance level, rising 5 points to -40 last week. However, this contrasts with a mild setback reported for the Reuters/Michigan survey for early January.
Via Goldman Sachs
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