Today's Economic Data Highlights

The pace picks up, but only a bit, as we get import prices, the beige book, and the December budget balance following this morning’s mortgage applications report…New POMO schedule released today.
The Mortgage Bankers Association’s index of mortgage applications rose 2.2% in the first full week of 2011, but this was due to more refinancing (up 4.9%).  The purchase loan index fell 3.7%.
8:30: Import/export price indexes for Dec….another large increase?  Analysts estimate that the import price index rose by another large amount last month as crude oil prices continued to climb.  Prices of nonpetroleum imports also rise significantly in November (+0.7% on the month).
Median forecast (of 50): +1.2%, ranging from +0.4% to +2.0%; last +1.3%.
14:00: Federal Reserve beige book…This report is apt to say that conditions are improving gradually.
14:00: The US budget balance for Dec…slightly better than a year ago, once corrected for calendar quirks.  The CBO estimates that the US Treasury ran a $80n deficit in December, $12bn less than in December 2009 and $35bn less when special calendar effects are taken into account.
CBO -$80bn; median forecast (of 30) -$80bn, ranging from -$95bn to -$60bn; last (Dec 2009): -$91.4bn

14:00: New POMO Schedule Release...the FRBNY releases its new POMO debt monetization schedule

Compiled using Goldman Sachs and Zero Hedge data


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