Fed's Beige Book Is Out

Tyler Durden's picture

Everyone will be scouring for apocalyptic suggestions (need.moar.NEW Kew - EEE) in the following...

  • FED SAYS `HIRING WAS STEADY OR SHOWED A MODEST INCREASE'
  • FED SAYS ECONOMY EXPANDED AT `MODERATE PACE' LAST MONTH
  • FED SAYS `AUTOMOBILE SALES GENERALLY REMAINED STRONG'
  • FED: `CONTACTS WERE SLIGHTLY MORE GUARDED IN THEIR OPTIMISM'
  • FED SAYS `INFLATION REMAINED MODEST ACROSS DISTRICTS'
  • FED SAYS MANUFACTURING EXPANDED, CONSUMER SPENDING WAS STEADY
  • FED ECONOMIC SURVEY COVERS PERIOD FROM LATE APRIL UNTIL MAY 25
  • FED SAYS DEMAND WAS STRONGEST IN AUTO AND STEEL MANUFACTURING

...And won't find them. So: just what basis will the Fed have to do more QE again? Paging Jon Hilsenrath: Jon? Jon?

Looks a little brighter than most expected...

quite a few 'anti'-QE words - Strong, Sustained, Increased, Improved

not many end of world words...

Source: Fed-MMM JV

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RyanW525's picture
  • FED SAYS SPIDERMAN TOWELS SALES EXPLODED DURING 2Q
idea_hamster's picture

Fed Beige Book says, "Mr. Paper Gold, meet Mr. Monkeyhammer."

NotApplicable's picture

So... is this a double-headfake, a triple-headfake, or a double-double-headfake?

Honestly, it's hard to keep up these days.

flacon's picture

Hey Bernanke! FUCK YOU!

This whole "market" is fuckin' mental. 

LULZBank's picture

Hey Bernanke! FUCK YOU!

Whats wrong with you, maan???!!!

The guy is destroying the economy, ruining lives and you are promising him sexual fantasies?!

flacon's picture

How does this sound:

Hey Bernanke! GO FUCK YOURSELF!

Aziz's picture

The big print is coming, eventually. Not sure there will be much left when it comes, though. Check to the Fed, check to the ECB, check to the Bank of England. They keep checking and cards keep falling but nobody is hitting anything. And funny to watch all the pathetic zombie media (Atlantic Monthly, BusinessWeek, etc etc) coming out with OMFG THERE IS DEFLATION articles.

bonderøven-farm ass's picture

......MEH......

Monetary Event Horizon.....hedge accordingly.

kralizec's picture

Beige?  Shouldn't this book be brown?  Like a big brown hole...

LULZBank's picture

How does this sound:

Hey Bernanke! GO FUCK YOURSELF!

He'll probably say, what do you think Im doing now and once Im finished it will be everybody else's turn.

The Gooch's picture

triple double. dribble. drivel.

Dixie Rect's picture

Bernank exploded into his spidrman towel

Stuck on Zero's picture

Those weren't Spider Towel "sales."  The towels were given to all Americans by President Obama to spur the economy. 

 

idea_hamster's picture

"Bernank exploded into his spidrman towel"

If by 'his spiderman towel,' you mean my parents' fixed income portfolo P&L statement, then yes.

Bunga Bunga's picture

Spiderman towels can be printed. Do you get the idea?

Right-on Left-off's picture

Doesn't anybody know whats up for economic new tomorrow?  Well here it is:

Weekly jobless claims

Flow of funds household debt

Consumer credit

You can just forget about discussing the beige book.  Any bets on what the market will do tomorrow?  Like morgue says, 'QE3 rally lasting for hours, not weeks'.  My bet is that also includes beige book rallies.

CClarity's picture

Gonna have to use Europe as the excuse for QE, but that also opens door for them to buy European sov. debt since there aren't enough Treasuries for them to buy for Op Twist continuation.

GeneMarchbanks's picture

So be it. First QEpisode went to inflate China, second QEpisode went to 'Europe' and now finally we might get a targeted third QEpisode for just Spain.

Beautiful.

urbanelf's picture

Armageddon will resume after this scheduled break.

t_kAyk's picture

Please wait until I get back from vacation, I'd hate to miss Farcebook stock hitting the pavement. 

SeverinSlade's picture

GS is wrong yet again on QE3.  Perhaps they were using the hopium to cut the last of their equity exposure?

Bernanke seems likely to hint at further LSAP but to indicate that the Fed will still take the wait and see approach.

Bonds once again show that they know more than stocks do.

Now the question is how long this hopium induced meltup lasts.

NotApplicable's picture

You know, arguing that GS is "wrong" is like arguing what Bugs Bunny's favorite color is.

In other words, some entities only exist logically in a ficitional world. To engage in arguing with them is to lose one's bearing, following them into whatever fantasy they might spin.

SeverinSlade's picture

Spot on.  But you understood my point.

When GS is wrong, they're right.  They're wrong for their clients but right for themselves.

SheepDog-One's picture

Need....Free.....Moneez...

El Viejo's picture

CTRL-P 

CTRL-P 

CTRL-P 

CTRL-P 

LongSoupLine's picture

Finally, Recovery!

ramp the ES more!!!

 

oh, wait..no QE? (sell, sell, sell!)

Mr Lennon Hendrix's picture

How is Obama going to give me money now?

nwskii's picture

That torpedoed Gold

SeverinSlade's picture

Somewhere, Steve Liesman is pissed right now.  Looks like he'll have to wait on that IMF/FED bailout of Europe.

NotApplicable's picture

WAT? Puppets don't care about the script! That's not how they work.

lemonobrien's picture

SELL! SELL! SELL!

AccreditedEYE's picture

Moderate Growth = NO QE

Cursive's picture

@AccreditedEYE

That's it in a nutshell.  They COULD do QE3; stragner things have happened, but it looks highly unlikely right here.

eclectic syncretist's picture

Spy is all the way up to downtrendline resistance.  A good old market crash will provide the perfect excuse for the Fed to protect all our 401k accounts by buying more bad mortgage debt from banks and giving it to taxpayers.

Right.  It doesn't make any sense at all but that's the way I see it!

JmanSilver.Gold's picture

just a daily excuse to bomb gold and silver, which just happened on gold.

LULZBank's picture

Are you complaining?

If you are then you havent figured out that game yet.

LULZBank's picture

* FED SAYS CHEAP GOLD AND SILVER FOR EVERYONE AGAIN. TAKE THAT MOMO MONKEYS.

Peter K's picture

Can't even skew a few numbers when they need it. :)

JmanSilver.Gold's picture

more lying fraud and bullshit from the chairsatan and his miserable minions.   Generic platitude speak, fraud and lies.   'Our outlook remains optimistic', LMAO wow.  'Credit quality improved'.   Do they ever have to back any of this bullshit with fact?