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Today's Economic Data - PPI, Industrial Production And Homebuilder Sentiment And Two POMOs

Tyler Durden's picture




 

Here are today's economic highlights, for anyone who cares and is deluded to think that any economic numbers actually still matter and drive the market and not vice versa.

8:30: Producer Price Index (December): Moderate core. We forecast that the PPI increased by 0.3% (month-over-month) in December, helped by higher energy prices. However, we expect that the core PPI again increased by just 0.1%.

PPI: GS: +0.3%; Consensus: +0.1%; Last +0.3%.
Core PPI: GS: +0.1%; Consensus: +0.1%; Last +0.1%. MAP: 2

9:00: TICS net inflows (November). Foreign inflows into long-term US securities slowed in October on a drop in net purchases of US Treasury securities. Foreign investors also stepped up their net sales of corporate bonds during the month. In light of the improved performance of Treasuries in late October, these inflows likely recovered in the November report.

Consensus: +$40bn; last +$5bn.

9:15: Industrial production (December): Rebound. We forecast a solid 0.6% (month-over-month) increase in industrial production for December. Several factors point to a rebound following a decline of 0.2% in November. First, manufacturing surveys, such as the ISM report, picked up in December. Second, manufacturing employment and average weekly hours increased, suggesting production may have gained as well. Third, weekly production data show a sharp increase in US car and truck assemblies during the month.

Production: GS: +0.6%; Consensus: +0.5; Last -0.2%. MAP: 2
Capacity utilization: GS: 78.1%; Consensus: 78.1%; Last 77.8%.

9:30: Federal Reserve Governor Daniel Tarullo testifies on regulatory issues.

10:00: Housing Market Index (January): Another increase? Consensus forecasts expect another increase in the NAHB homebuilder sentiment index this month. The post-crisis high for this indicator is 22 (reached in May 2010). A reading above this level would be a fairly encouraging sign about the housing market recovery.

Consensus: 22; Last 21. MAP: 1

11:00: The Open Market Desk will sell nominal Treasury coupons in the 11/15/2013 - 02/28/2014 maturity range

14:00: - The Open Market Desk will buy nominal Treasury coupons in the 02/15/2020 - 11/15/2021 maturity range.

 

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Wed, 01/18/2012 - 08:46 | 2073862 Boilermaker
Boilermaker's picture

Awesome!!!!

God, i just can't wait.

Wed, 01/18/2012 - 09:26 | 2073911 ratso
ratso's picture

So what have we learned.  Only terrible outlooks and negative numbers matter.  All positive indicators and numbers must be immediately discarded and devalued.  Negative numbers are always the truth sign of reality and positive numbers are always manufactured by political trolls

Wed, 01/18/2012 - 09:37 | 2073939 Boilermaker
Boilermaker's picture

Wrong.  What we've learned is that negative numbers aren't even as bad as they really are.  We've learned that the free market is now just a propped up POS.  We've learned that, absent intervention, we would actually have to address and correct our problems.  We've learned that it's still a 100% rigged game for the elite. 

But, hey, if you enjoy riding around on your unicorn in ingnorant bliss....go for it.  I'm in agreement with you that it's more pleasant than accepting reality.

Wed, 01/18/2012 - 09:47 | 2073966 ratso
ratso's picture

Are you suggesting that free market capitalism is a fraud?

Wed, 01/18/2012 - 09:05 | 2073880 El Viejo
El Viejo's picture

Tail wagging the dog.

Wed, 01/18/2012 - 09:14 | 2073893 apberusdisvet
apberusdisvet's picture

Pig putting on lipstick for the default party.

Wed, 01/18/2012 - 09:31 | 2073928 LongSoupLine
LongSoupLine's picture

 

 

...and none of it matters, because in this Brian Sack and ECB fueled low volume ramp, all reality is suspended.

Wed, 01/18/2012 - 09:38 | 2073945 Boilermaker
Boilermaker's picture

Exactly.  I can hear them in the background now rummaging through the drawer for an even bigger hammer.  They cram the confidence down everyone's throat at all costs.

Wed, 01/18/2012 - 09:47 | 2073967 optimator
optimator's picture

"If it don't fit, don't force it -- get a bigger hammer."

Wed, 01/18/2012 - 09:37 | 2073935 LawsofPhysics
LawsofPhysics's picture

With some decent POMOs back in play, the "buy the dip" play is back. Gravity and plate techtonics are indeed suspended.  No inflation (food and fuel don't count remember).

Wed, 01/18/2012 - 09:40 | 2073950 847328_3527
847328_3527's picture

The sucking sound you will hear when investors dump the dollar when the Euro (or any other currency) is "safe" again.

Mind numbing.

Wed, 01/18/2012 - 10:43 | 2074142 Snakeeyes
Snakeeyes's picture

And don't forget the MBA Purchase and Refi Application indices! They were up.

MBA Purchase and Refi Applications Surge, Industrial Production Rises (But Still Below 2006/2007 Levels)

http://confoundedinterest.wordpress.com/2012/01/18/mba-purchase-and-refi...

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