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Today's Economic Data Highlights
After this morning's sobering news on mortgage applications, we have new home sales, CBO budget update, and the FOMC statement….There is no POMO today.
The Mortgage Bankers Association’s index of mortgage applications tumbled 12.9% last week, with significant losses in both the purchase loan index (-8.7%) and the refinancing index (-15.3%). At 172.3 (March 16, 1990 = 100), the purchase loan index is at one of the lowest readings of the post homebuyer rebate period.
10:00: New home sales for Dec...flat or up? Although sales of existing home rose sharply in December, we think little of this carried over into the market for new homes. Other forecasts tilt toward a modest increase, on balance.
GS: flat; median forecast (of 79): +3.5%, ranging from -6.9% to +8.6%; last +5.5%.
10:00: CBO budget and economic update…The Congressional Budget Office releases its updated baseline estimates for the federal budget over the next ten fiscal years, extending the horizon to fiscal 2021. This report will incorporate the extension of the tax cuts enacted at year-end as well as other provisions of that act. It will not include proposals by either the administration or the GOP House leadership to freeze discretionary spending; instead, the CBO baseline generally assumes growth in line with inflation for these components of the budget pending enactment of such proposals.
14:15: FOMC statement…all agreed? We expect no policy changes and only a few modest upgrades to the assessment of current growth and inflation trends. As discussed more fully in Monday’s daily comment, we suspect that all 11 voting members will approve the statement, though dissents from Presidents Plosser and Fisher cannot be ruled out.
Via GS?
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Baltic Dry is fast approaching triple digits.
Damn glad I sold all my ships.
I read yesteday that a company that makes the heavy plate steel for ships......sales are up big....now I know there are many different kinds of ships out there.....tankers..military...dry cargo...containers...but it seems conflicting...
don't forget starships, to transport the bernank and cohorts to a galaxy, far, far away!
Unfortuantely, there's no evidence BDi has any impact on equities under any analysis, leading, coincident or lagging. BDI is down more than 50% since last June and where is the stock market since then, hey? Stop looking at it. It'll only break your heart.
The Mortgage Bankers Association’s index of mortgage applications tumbled 12.9% last week
Not to worry. It was probably just because of the snow.
CBO....ten fiscal years.....will they mention if there will be an actual budget during any of those years. I don't think they can see ten minutes ahead, fiscal years, don't think so. Will certainly be worth a good laugh.
Look at the efficiency of government protecting the consumer now!
at first I thought it was Banzai's work---from the FT.com==
http://av.r.ftdata.co.uk/files/2011/01/Dodd-Frank-regulatory-authority-C...
WHAT?! NO POMO? Is it safe to short intraday?
US Municipal bonds sale dry up for the first time in a decade.
http://dawnwires.com/investment-news/is-this-the-beginning-of-the-end-of...
"sobering news on mortgage applications"?
There is no expectations so by default it beats!
SP futures shoot up 1 point on the news boys and girls!!
You guys just need to cheer up. You guys are too bearish. Kind of too scared for everything...
This is NO GOOD, and will not make you money!!
Just be optimistic! Be an American! and most important of all---BTFD!!
UK GDP missed estimates by 1% yesterday. MPC / BOE response is to increase QE by 25% and the FTSE soars.
What a fucked up world we live in.
GDP lower always means stock higher 'cause it is all because of weather!! In the past 20 years if retail misses or gdp misses it was because of the weather and stock went up. how simple is that..
You guys just need to cheer up. You guys are too bearish. Kind of too scared for everything...
This is NO GOOD, and will not make you money!!
Just be optimistic! Be an American! and most important of all---BTFD!!