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Today's Economic Data Highlights - Debt Ceiling Breach

Submitted by Tyler Durden on 05/16/2011 07:27 -0400

Lots of data with Empire Index, Capital Flows and the Housing market index on deck, but the biggest news everyone will be waiting for is the predicted debt ceiling breach, which should be formalized at 4:00 pm today.

8:30: Empire Index (May): Slower growth? Several of the regional manufacturing surveys showed signs of slowing in April. Today’s Empire State report—the earliest reading on May activity—could help determine if growth in the sector stepped down again this month.
Median forecast (of 44): +19.7; last +21.7.

9:00: TICS net inflows (March).
Median forecast (of 4): +$32.6bn; last +$26.9bn.

9:00: Federal Reserve Chairman Ben Bernanke on “Innovation, Research, and Development: The Government’s Role”. No Q&A.

10:00: Housing Market Index (May): Likely still low.This index remains in the mid teens, where it has been for most of the past three years. This month, most forecasters expect a one-point increase to 17 from 16 previously.
Median forecast (of 37): 17; last 16.

16:00: Daily Treasury Statement with Friday's complete bond settlement released. Total debt subject to the ceiling expect to breach the top either today, or due to delayed settlement tomorrow at the latest.

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Mon, 05/16/2011 - 07:26 | 1278474 homecinemax

Lets look at the PM reaction when the annoucement is made.

Mon, 05/16/2011 - 07:59 | 1278535 Cash_is_Trash

So today Benny speaks about the role of government for innovation...

How about getting government the fuck outta the way.

Will PM's levitate as he speaks? - Rhetorical question

Mon, 05/16/2011 - 07:28 | 1278479 jkruffin

When the debt ceiling is breached today, the Congress had better be filing Treason charges against Benny and Timmy. If not, then ask for Congress' resignations in a public setting.

Benny and Timmy have been trampling on the Constitution for over 2 yrs now, and it is time they are put in their place. The ponzi must end!!!!!! Our laws must be upheld.

Mon, 05/16/2011 - 07:37 | 1278496 Franken_Stein

As have George W. Bush and Dick Cheney.

The Patriot Act is unconstitutional.

The abolition of Habeus Corpus is also unconstitutional.

Mon, 05/16/2011 - 07:42 | 1278511 Sean7k

Now, that was funny. Laws upheld? The Constitution? That is the real barbarous relic. It is a banker's world- we're just living in it.

Mon, 05/16/2011 - 07:43 | 1278515 magpie

You can't eat the Constitution, or for that matter the Bill of Rights.

Mon, 05/16/2011 - 07:44 | 1278516 Cursive

@jruffkin

Rest in peace, rule of law.

Mon, 05/16/2011 - 07:29 | 1278480 GeneMarchbanks

Forget PM reaction, watch the drop when they raise the ceiling by the end of the month or maybe week...

Somehow MOPE(management of perspective economics) will turn this bullish. Sweet IMF news will keep this on the DL

Mon, 05/16/2011 - 07:36 | 1278490 magpie

Nah, just waiting for the E.O. from Obama and a perfect "Time to buy stocks" photo-op moment.

Mon, 05/16/2011 - 07:38 | 1278494 Sheikh Djibouti

I'm sure the news that some-odd trillion more is going to be printed will send gold and silver in a sharp sell-off.

At this point I'm hoping they kill Bin Laden again so I can get more of a discount on some nice BU 90%.

Mon, 05/16/2011 - 07:41 | 1278502 Franken_Stein

You only live twice.

Mon, 05/16/2011 - 07:39 | 1278503 WizDumb

government will continue to spend....question is...what will the masses and r.o.w. say/do?

Mon, 05/16/2011 - 07:39 | 1278504 jkruffin

Lowe's (LOW) BIG FAT MISS!!! blaming weather, yea right!

Mon, 05/16/2011 - 07:53 | 1278525 TooBearish

For the constitutionalists out there - it has been consistently ignored and laws not challenged by the "3rd branch" judiciary for almost a century BECAUSE IT DON'T WORK FOR THE ELIETES IN CHARGE. It is a populist manifesto to give you lemmings and sheeps some comfort that you might have some rights....who's winning?

Mon, 05/16/2011 - 08:51 | 1278668 shortus cynicus

Evolution will choose the winner.

As until today, elites always deteriorated and dyed out providing much needed freedom to slaves. Then, new elite emerges and the pattern/wave start repeating again. Some main European waves were: