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Today's Economic Data Highlights
It’s all Fedspeak today after this morning’s weekly report on mortgage applications as three regional presidents weigh in…
The Mortgage Bankers Association’s index of mortgage applications edged down 0.8% last week—its fourth consecutive decline. Applications for refinancing accounted for all of the drop, as the purchase loan index rose 2.4%. Despite the increase, which did not quite reverse the previous week’s decline, this index continues to languish at a low level.
10:15: Minneapolis Fed President Narajana Kocherlakota speaks on the economic outlook and monetary policy…in London. This is reportedly “similar to” his September 8 speech in Montana, which in turn was a rewrite of an earlier speech in Michigan. Notably, the September rewrite omitted several paragraphs arguing that maintaining the funds rate target near zero could ultimately boost the probability of deflation. Mr. Kocherlakota also made a point of saying that he would have voted with the majority at the August 10 FOMC meeting had he been on the voting rotation—this presumably in response to a Wall Street Journal article listing him as one of several meeting participants who had reservations about the decision to reinvest repayments of principal on agency debt and MBS into Treasuries. So what did he keep? The claim that mismatch between jobs and unemployed workers accounts for a significant part of the current level of unemployment; in fact, he said that this could account for more than 2½ percentage points of the unemployment rate. His first turn as a voting member of the FOMC comes in 2011.
12:30: Philadelphia Fed President Charles Plosser speaks…on a variety of topics, according to Bloomberg; inflation, the job market, the housing sector, the economic risks that remain, and how policymakers will begin unwinding the unusual measures taken during the crisis. Lots on the menu for lunch. Mr. Plosser’s next turn on the voting rotation of the FOMC comes in 2011.
13:15: Boston Fed President Eric Rosengren speaks….to the Forecasters Club of New York. …Mr. Rosengren is sitting in the FOMC seat that Mr. Plosser will occupy next year.
From Goldman's Ed McKelvey
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The anti austerity strikes in Europe (Belgium, France) could turn out to be a euro bomb and make the dollar rise again.
I wonder if this was behind the $12m purchase of dollars by Peru yesterday (central bankers get the news before us?)
The boys at FINRA might want to spend a little time "policing" themselves. What a bunch of thieves.
http://www.reuters.com/article/idUSN2820976820100929
It's a corrupt system, set up by the corrupt to benefit the corrupt. Why are you beating yourself up with it? Either take arms (literally!!!) and oppose it or accept it. Posting on here won't change anything.
That's not exactly fair. The same could be said for much of what Tyler posts here on ZH. Or are you taking exception to the person's anger? But even then, the anger and sarcasm in Tyler's posts trumps this person.
Plus, while I agree it must eventually be opposed, and I constantly advocate that, people are at different points in the denial - anger - bargaining - acceptance process. This applies to either simply accepting the corruption or to the understanding that they must oppose it. Just because you feel you're further ahead (whatever that really means) doesn't mean others should silence themselves.
Hi CD: Taking your funds out of the market is one way of demonstrating your anger! Stop feeding the greed monster!...:-)
May be I'm just tired of waiting for others to climb the denial through acceptance process.
I never suggested that the poster should silence themselves, I think you are imagining "between the lines". What I said was that simply posting on blogs won't change anything.
I'm a big fan of ZH as you are, and I do appreciate all the efforts the team "TD" is putting in. But what has changed? What has really changed? Absolutely nothing. May be a few more people are now aware of the "big lie" and the fraud this "democracy" in the US is but what has really changed. I still hear posters say, vote them out. And what, vote the next bunch of bought and paid for political frauds in? Is this really the solution? Did our last election taught us nothing? Is this change you can believe in?
The French monarchy didn't come to an end because of silent civil disobedience, neither did the end of the Tsars rule over Russia. Come to think neither did this great country come into existence because our forefathers marched in the streets with banners. They all did because people took arms. It's the only language that monarchies, tsars, fascists and kleptocrats understand. Sadly the American public has become too obese, too big government dependent, too drugged up, too entertained, too uneducated and dumbed down to resist.
There is a learning curve here.
Please remember..."for everything you know, there was a time when you didn't know it." Knowledge and your acquisition of it does not make you superior. It might make you first or maybe even last...but it doesn't make you superior. Ego handles that job.
I like ZH because I got tired of all that fucking fairy dust that the MFM and CNBC regurgitate from leaders all too happy to disseminate BS.
Imagine the day when Maria wraps up the day by saying, "well the market was up today because of algos, POMO, the banking cartel, and one retail investor in North Dakota who bought an odd lot of aapl."
arrrgh, where's me Ag?
Three Stunned Ducks speak, bring your Ipod.
season is about to open for duck I believe. although I'm not a big fan. would like a ferrel pig hunt though. heard of some guys putting a simple transmitter collar on a sow..tracks the whole herd..judas pig kinda thing.
The UN just appointed a SETI Czar maybe she can put the expected aliens to work at FINRA!!!
at least ONE government office is getting organised...
but I'd sure would like to see the priority list of the UN if this was the first thing they kind of did this year.
If you think about it...were in a global meltdown, how do you make humans want you to keep order??? just saying..:-)
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