Today's Economic Data Docket - FOMC Minutes, Case Shiller, Consumer Confidence

Tyler Durden's picture

Quiet day with FOMC minutes due out in the afternoon, Case Shiller confirming more worsening in housing, and Conference Board consumer confidence plunging in August. European headlines may once again reappear.

8:00: Chicago Fed President Charles Evans speaks on CNBC.
9:00: S&P/Case-Shiller home price index (June): Small gain? Models based on asking prices points to a small increase in the seasonally adjusted Case-Shiller 20-city index during June. This would leave prices down 4.3% from a year earlier.
GS +0.2%; Consensus: flat; Last: flat.
10:00: Conference Board confidence index (August): Likely drop. Goldman forecasts that the index of consumer confidence fell to 53.0 in August from 59.5 in July. This measure is less sensitive to financial market developments than the University of Michigan index of consumer sentiment, but nevertheless looks likely to decline following the drop in stock prices.
GS: 53.0; Consensus: 52.0; Last: 59.5.MAP: 3
12:15: Minneapolis Fed President Narayana Kocherlakota on the “Economic Outlook and a Reconsideration of Leverage Incentives.”
14:00: FOMC minutes (August 9 meeting): Easing options. In its statement after the August 9 meeting, the FOMC said that it had “discussed the range of policy tools available to promote a stronger economic recovery in a context of price stability”. We therefore expect that the minutes will include more detail on the Fed’s easing options, and probably a discussion of the benefits and risks associated with each tool. Although Chairman Bernanke’s speech at the annual Jackson Hole conference did not include a discussion of easing options, the minutes may be a better place to present this material.

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lieutenantjohnchard's picture

re: your tweet: gold up $20 in 20 minutes. couldn't find a reason. but i'll take it. maybe this was it: "Fed's Evans says he favors strong accommodation at this point."

PaperBear's picture

Something just put a fire under gold/silver in the last 30 minutes, gold just jumped 1.5% and silver 0.75%

krispkritter's picture

And in other OT news: Obama's 'other' illegal immigrant relative is busted for OUI.  Geez, now if we can just get Obama busted for all the IOU's...

PaperBear's picture

We are entering the time of year where seasonal buying of physical gold/silver, September to April, will take over of this market and send the short sellers into the hurt locker.


PaperBear's picture

Gold now up 2.3% and silver now up 1.7%, in the space of 30 minutes or so. I'm loving it.

IMA5U's picture

and this is why buffet and bernake short squeezed the market

buys more time, got hte market to rally, and the folks won't be scared again until its too late

after which another government orchestrated short squeeze wil be in order.

PaperBear's picture

I love it when these non-Federal non-Reserve idiots open their mouths.

PaperBear's picture

And here I was thinking we would continue the pattern of up during Asian hours and down during American hours.

I wonder how long the eligible silver stock of 32M oz will last during the next 8 months of seasonal buying.

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