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Today's Economic Data Highlights - Consumer Credit And The Fed
From Goldman
Following this morning’s report of a decline in mortgage applications, it’s all from the Fed this afternoon – the beige book, a Fed speech, and the monthly report on consumer credit…
The Mortgage Bankers Association’s index of mortgage applications fell 1.5% last week despite a 6.3% increase in purchase loan applications. Although this index is at its highest point since mid-May, that is still depressed, following the April 30 deadline for home sales contracts to qualify for the homebuyer tax credit.
14:00: Federal Reserve beige book…confirmation of softer data? This report covers the second half of July and all of August. We have seen only a few data points for August, most of which came in at or above reduced expectations. We suspect the tone of the beige book will remain subdued. The San Francisco Fed is due for the summary.
14:30: Minneapolis Fed President Narajana Kocherlakota speaks on “Inside the FOMC”…at a business lunch in Missoula. This is the same title of a speech he gave last month in Michigan, where he argued that the labor market was suffering from an increase in the mismatch between jobs and unemployed workers and that keeping the funds rate close to zero could increase the probability of deflation. Mr. Kocherlakota is one of seven who were cited in a recent Wall Street Journal article as having reservations about the FOMC’s recent decision to reinvest repayments of principal on agency debt and mortgage-backed securities (MBS). His first turn as a voting member of the FOMC comes in 2011.
15:00: Consumer credit for July…more paydowns? The paydown in consumer debt continued in June, and all but two of the 35 economists forecasting this indicator look for another decline in July; those two see no change.
Median forecast (of 35): -$4.5bn, ranging from -$7bn to flat; last -$1.3bn.
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FED up bitchez!
The PPT should have an easy day today with the lack of "real" data and low volume. 1100 again by EOD.
"Pants" Mishkin guest hosting on CNBS. Don't think he'll get the same questioning from Becky,Carl and Joe that necessitates bringing an extra pair of underwear.
Yabba dabba doo......Silver trading above $20.
and just as quickly, they crush it to bring it below $20. so blatant.
Yet it keeps popping back up. After months of watching silver prices, I find this power struggle pretty fascinating.
Crimex slam
http://www.kitco.com/charts/livesilver.html
DAMNIT! FIND SOME NEWS TO PUMP THE MARKET PRE OBAMA SPEECH!.........We'll try sir, ...........tick tock tick tock, Germany's Industrial Production lower than expected...............tick tock tick tock..............Portugal has an auction that didn't fail.....THAT'S IT!
I was trying to figure out what boosted the AUDJPY at about 5am, but I think you found it. Portugal is not fully screwed...only the tip is in at the moment.
As was I. Still looking for an explanation on what ramped the FTSE straight out the gutter. Elevator up at 5:30ish. And yeah, the PPT should have an easy run of it today seeing how futures are up on exactly zero good news. I suspect if consumer credit contracted that could skew their ramp job plans slightly. Everyone is paying down debt right now, there is no way it should show an increase.
Hey, its Iceland report econ-scammer on CNBC today.... yaayyhh..
Hey, has anyone else noticed that all the hype about investors snapping up houses, which was so incredibly prevalent the first part of this year, has disappered?
One has to wonder if all of the cash for the housing market has been just about sucked dry?
"It's all from the FED this afternoon..." PPT Powers, Activate!!!!!!!
Federal Reserve Districts report "widespread signs of deceleration"
Nice article thanks.
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