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Today's Economic Highlights

Submitted by Tyler Durden on 03/23/2011 07:43 -0400

10:00: New home sales (February): Rebound after weakness. Sales of newly constructed homes fell by 13% mom in January on a sharp decline in sales in the West. Excluding that region, new home sales were close to unchanged (-1.4% mom). We suspect that the large drop in sales in the West resulted from the conclusion of a new home purchase credit in California. To qualify for this credit, sales must have been in contract on or before December 31, 2010. A rush to complete sales before the credit expired likely explained the doubling of sales in the West from October to December, as well as their abrupt decline thereafter. This month we forecast a rebound after January’s weakness, with new home sales rising by 5.0% mom to an annualized rate of 298,000 units. Given the depressed level of new home sales, a larger percent increase could be possible.
Median forecast (of 77): +2.1%.

11:00: $6.5-$8.5 billion POMO closes, covering the following maturities 05/15/2018 – 02/15/2021

12:00: Federal Reserve Chairman Ben Bernanke on “Community Banking in a Period of Recovery and Change.” Q&A scheduled. Given the topic, this speech should have little relevance for the market.

Via Goldman and Zero Hedge

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Wed, 03/23/2011 - 07:50 | 1089192 hugovanderbubble

Tyler, please if u could post a chart of

10 and 5yrs Portuguese Bonds...

Also the spanish ones....

Silver Breaksout 36.50 to next phase [ 38-39$] level,

oil wants 120-140...(as Middle East gonna blow into pieces of massive revolts]

France is guilty and Sarkozy must resigns

WHY NO ONE in the net shares the reality of a current Euro default? Just ZeroHedge,

Wed, 03/23/2011 - 07:58 | 1089221 cossack55

Because the MSM is owned and operated by the ICG, BIS, CFR and Brookings Institute.

Wed, 03/23/2011 - 08:28 | 1089320 hugovanderbubble

FED's Fisher asked about Euro Zone defaults, says does not think this would threaten Euro

What a liar¡¡¡ this guy FIsher must be fired¡

Dont buy Spanish and Portuguese bonds , they are all in default....ALL 100% true. and need to suffer a SEVERE HAIRCUT from 20-50%

Wed, 03/23/2011 - 07:48 | 1089196 vxpatel

Surprised this hasn't gotten more airtime on ZH!

http://www.cnbc.com/id/42209447

"If we continue down on the path on which the fiscal authorities put us, we will become insolvent, the question is when," Dallas Federal Reserve Bank President Richard Fisher said in a question and answer session after delivering a speech at the University of Frankfurt.

Wed, 03/23/2011 - 08:03 | 1089239 overmedicatedun...

"after delivering a speech at the University of Frankfurt. "

seems the german people need this info Americans do not. Fisher as reported here on ZH has never voted NO once on QE..he deserves a lamp post along with the rest.

Wed, 03/23/2011 - 08:43 | 1089365 eddiebe

"If we continue down on the path on which the fiscal authorities put us, we will become insolvent, the question is when,"

Hahahaha, impossible to become insolvent, we have the printing press. Hahahaha.

Wed, 03/23/2011 - 07:50 | 1089200 John McCloy

I have an early release of the Bernanke speech:

The recovery is firming with many positive indicators

We see minimal signs of inflation

We do not expect $23.00 gas to be a hinderance

We will continue with purchasing program

Earthquakes, Tsunamis, Nuclear fallout, radiated food and water, 3rd Middle Eastern War, continued protests, Portugal collapse, Rising metals prices nor King Kong climbing atop the Fed are projected to endanger the recovery.

BTFD

Wed, 03/23/2011 - 08:46 | 1089308 Zero Govt

i've got Benny the Beans private thoughts preparing said speech: "My printing press is on 'Maxed Out', my balance sheet is an exploding bad debt bombsite, Gitner can't stop spending, my Big Bank bum-chums are all bankrupt, we've failed at employment, failed on inflation and failed on GDP growth and have to fake all the fuking figures, I'm the only twat left holding the toxic baby (US Govt debt) coz Pimco and the foreigners won't buy this crap any longer and that slacker Obumma is on holiday sunning it in Brazil, give me a break!!! How the fuk do i gloss over all this shit with snake oil???"

"...the Fed sees minimal signs of inflation, rosey and dandy firming indicators, the President had very productive meetings in Rio ..."

Wed, 03/23/2011 - 07:50 | 1089201 Fenlander

UK Budget Day. Speech starts at 1300 GMT. http://www.bbc.co.uk/bbctwo/watchlive/

Wed, 03/23/2011 - 08:10 | 1089259 Grimbert

Starts at 12:30 GMT

http://www.telegraph.co.uk/finance/budget/8395079/Budget-2011-live.html

Wed, 03/23/2011 - 07:50 | 1089202 John Law Lives

Do economic highlights matter? It seems The Fed can paper over any bad news.

Wed, 03/23/2011 - 07:55 | 1089216 MsCreant

Ben speaks, dollar tanks, gold soars. The topic may be nothing but if he is talking about recovery and community banking he will need to lie or tell the truth. You pick, neither one is good.

Wed, 03/23/2011 - 08:00 | 1089231 cossack55

I believe his genius is the ability to do both at the same time. Not seen since Baghdad Bob or Joe Goebbels.

Wed, 03/23/2011 - 09:51 | 1089660 Pat Hand

I think he believes what he says, thus a better label is "delusional", not "liar". Not clear which deceit is really worse...

Wed, 03/23/2011 - 08:02 | 1089228 ivars

You can buy the dip at DJIA 10500 but beware to SELL in June at 11500 before stocks go down from July 2011-March 2012 and beyond. See this February 6th chart which predicted the dip on February 18th, and also continues to predict the current and coming dip to 10500, but also predicts second recession in the USA in q1 2012 and decline in stocks prior to that to 9500 in 2011 and 7500 in March 2012:

http://www.saposjoint.net/Forum/download/file.php?id=2608

Wed, 03/23/2011 - 08:57 | 1089421 eddiebe

Any predictions about bonds and commodities?

Wed, 03/23/2011 - 08:10 | 1089255 goldenbuddha454

Oooh Yaaay! Another speech by Bernochio. Watch his nose grow and grow as he says that there is modest inflation and steady growth here in the USA and that we are coming out of the recession and that the worst of it is over. How long will his nose grow today?

Wed, 03/23/2011 - 08:44 | 1089363 Careless Whisper