SEP 16-20 Economic Calendar CPI/Housing/FOMC/tapering(?)/Claims/Home Sales, and Summers over
I sure picked a bad time to go senile. Every day, it's always something. Summers took a hike, talk about honorable hasty retreat, and well done, as an archetecht of the current mess shouldn't be allowed to paint the Fed by numbers. Every day thereafter, it's always something. Tapering is already squeezed all the juice it can muster out of a weary market, but there it is. GLTA
Sep 16 8:30 AM Empire Manufacturing Sep - 7.0 9.0 8.6 -
Sep 16 9:15 AM Industrial Production Aug - 0.2% 0.5% 0.0% -
Sep 16 9:15 AM Capacity Utilization Aug - 77.8% 77.8% 77.6% -
Sep 17 8:30 AM CPI Aug - 0.2% 0.2% 0.2% -
Sep 17 8:30 AM Core CPI Aug - 0.2% 0.2% 0.2% -
Sep 17 9:00 AM Net Long-Term TIC Flows Jul - NA NA -$66.9B -
Sep 17 10:00 AM NAHB Housing Market Index Sep - 58 59 59 -
Sep 18 7:00 AM MBA Mortgage Index 09/14 - NA NA -13.5% -
Sep 18 8:30 AM Housing Starts Aug - 900K 910K 896K -
Sep 18 8:30 AM Building Permits Aug - 945K 943K 943K -
Sep 18 10:30 AM Crude Inventories 09/14 - NA NA -0.219M -
Sep 18 12:30 PM FOMC Rate Decision Sep - NA NA 0.25% -
Sep 18 2:00 PM FOMC Rate Decision Sep - 0.25% 0.25% 0.25% -
Sep 19 8:30 AM Initial Claims 09/14 - 335K 340K 292K -
Sep 19 8:30 AM Continuing Claims 09/07 - 2950K 2880K 2871K -
Sep 19 8:30 AM Current Account Balance Q2 - -$100.0B -$100.0B -$106.1B -
Sep 19 10:00 AM Existing Home Sales Aug - 5.00M 5.30M 5.39M -
Sep 19 10:00 AM Philadelphia Fed Sep - 8.0 9.0 9.3 -
Sep 19 10:00 AM Leading Indicators Aug - 0.5% 0.6% 0.6% -
Sep 19 10:30 AM Natural Gas Inventories 09/14 - NA NA NA -
Taper off the table till 2015, the next challenge is the gridlocked Congress on debt ceiling. I think the market is genuinely bored by the nonsense, and it's a non event. In the meantime, bang zoom for SLW
If the Fed stops buying treasuries but continues to buy mortgage backed securities, I wonder how long the market will take to catch on and take off like a scalded cat? Double if's there, to include the biggest one of all--the outside chance that tapering will be suspended until the economy shows more improvement.
There's a one day cliffhanger left in this four month long melodrama, with all those looky loos hanging in the balance waiting to buy a home. And all those speculators, who've moved the risk out of banks, overhanging the market with existing homes.
Summers over, will Yellen fill the void? Volcker is just a kid of 85, that would put a cringe into the market wouldn't it?
Senility is only senility in the eyes of the beholder. You sound fine to me.
Regarding Summers being over, it doesn't matter anymore.
Our leader hasn't made a decision in months, maybe years.
When they make decisions based on politics rather than substance, game over.
So game over.
Say what you will about Larry. He's smarter than any of the others, except maybe Benny.
We know he didn't choose to drop out. They chose.
And they will pick whomever the team supports.
And they WILL continue to buy MBSs. But they will taper. IMO.
Banks will lend folks up to about 25% debt to income ratio.
U.S. debt ratio is only about 70% of GDP. See how that works?
Hope we live long enough to see how this plays out.
But they have a press.