Today's Irrelevant Economic Data: Case Shiller And Conference, POMO, And Two Fed Speeches
Some economic data out which has absolutely no impact on anything anymore. All that matters are lies and rumor. And headlines. THE BIGGER, THE MORE BOLDED AND UNDERLINED THE HEADLINES THE BETTER. Also, never forget, the better the news, the better; the worse the news, the best.
From Goldman and SMRA:
9:00: S&P/Case-Shiller home price index (July): Small gain? Our model based on asking prices points to a small increase in the seasonally adjusted Case-Shiller 20-city index during July. This would leave prices down 4.3% from a year earlier.
GS +0.2%; Consensus: +0.1%; Last -0.1%.
10:00: Conference Board confidence index (September): Stabilization. Timelier measures of household sentiment have improved a bit, and we therefore see a stabilization in the Conference Board’s measure of consumer confidence.
GS: 46.0; Consensus: 46.0; Last: 44.5. MAP: 3
10:00: Richmond Fed survey (September): Likely weak. Regional manufacturing surveys released for July so far—including the Philadelphia Fed index, the Dallas Fed index, and the Empire State index—point to another weak result for the Richmond manufacturing survey. In addition to a manufacturing index, the Richmond Fed survey contains a separate set of questions sent to firms in service-providing industries, which is one of the few direct measures of services activity in the monthly indicator cycle.
Consensus: -11; Last -10. MAP: 1
11:00: Sack is at it with another small POMO: The Open Market Desk will buy TIPS in the 04/15/2013 - 02/15/2041 maturity range
12:30: Atlanta Fed President Dennis Lockhart on the economy. Q&A expected.
13:20: Dallas Fed President Richard Fisher on “Explaining Dissent: Why I Voted Against Operation Twist”. Q&A expected.
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