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Today's Economic Data Highlights: Lots Of Central-Planner Talk

Tyler Durden's picture


It's all Fedspeak after this morning's news of a drop in mortgage applications...Today is the last POMO of the current schedule in which $6-8 billion of bonds due 02/15/2015 – 07/31/2016 will be monetized. Tomorrow, the new monthly POMO schedule will be released at 2:00pm. Look to see if the Fed will be buying more than the usual fare of 17-30 bonds due to ongoing massacre at the long-end or if, instead, Bernanke is happy with letting the 30 Year plunge.
The Mortgage Bankers Association’s index of mortgage applications fell 5.5%, mainly due to a 7.7% drop in applications for refinancing.  Applications for purchase loans were off 1.4% and remain in a depressed range.
10:00: Federal Reserve Chairman Ben Bernanke testifies before the House Budget Committee…The hearing is about “The Sate of the US Economy,” and the title of Chairman Bernanke’s remarks is “The Economic Outlook and Monetary and Fiscal Policy.”  Given the general nature of this session, the bulk of the questioning is apt to be on the economy and on monetary policy despite the fact that the committee’s focus is on the budget.  The chairman spoke last Thursday on “The Economy and Macroeconomic Policy,” and we suspect the text of his remarks will be very close to the message of that appearance.
17:45: NY Fed’s Brian Sack speaks on QE2…at the Philadelphia Fed.  We’ve been more sparing in highlighting Fed presentations, but given the topic and the fact that Mr. Sack oversees the Fed’s Open Market Desk, we feel this should be flagged, though the fact that Chairman Bernanke is testifying earlier in the day is likely to blunt any market impact Mr. Sack might otherwise have had.

Via Goldman Sachs


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Wed, 02/09/2011 - 08:32 | 945887 papaswamp
Wed, 02/09/2011 - 08:43 | 945902 cossack55
cossack55's picture

WOW. What a concept, hopefully a precedent.  Would love to see your amerikan CONgress step down to help stramline goobermint.  Would even be better if the 97% corrupt swine step right into a perp suit of orange colors and be whisked away to Leavenworth.  Now that is change I CAN believe in.

Wed, 02/09/2011 - 08:37 | 945893 Tense INDIAN
Tense INDIAN's picture

India DOWN AGAIN.....this is not a simple correctin....a massive downward IMPULSE wave is building up

Wed, 02/09/2011 - 20:35 | 948008 Buck Johnson
Buck Johnson's picture

I agree, we are seeing other markets have bad days and/or weeks but not here in the US.  Have we seen a week where it was down 60 or 90 points everyday or went down 3 figures back to back days, we haven't.  Because our govt. has told and equiped our markets that there will be no bad days in the US market.  The reason why India is having trouble is one it's highly over valued and two, most of the country is poor.  When our inflation which is getting exported to other countries (which is coming back to us in spades) effect the costs of imported products and food staples, it effects that society.

Wed, 02/09/2011 - 08:39 | 945896 cossack55
cossack55's picture

I would give a months pay (after taxes, $7.58) to watch Ron Paul beat the bearded bastard with an ink cartridge.  I would double down if Paul used a red ink cartridge.

Wed, 02/09/2011 - 08:51 | 945909 max2205
max2205's picture

Must, drive, up, longterm, rates, must punish, savers, must, get, that, money, into, equities.....

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