Archive for January, 2008
Thursday, January 17th, 2008
The blog CalulatedRisk has an excellent graph on the level of the Philly Index and recession. It is an excellent website with great insight on the debacle in residential real estate.
JJJ
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Thursday, January 17th, 2008
The Philadelphia Federal Reserve Index of manufacturing plummeted to its lowest level since October 2001 as it dropped to -20.9 from -5.7 in December.The consensus had expected a small rebound to -1.0.
There was significant weakness in the component parts as New Orders plunged to _15.2 from 12,shipments to -2.3 from ...
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Thursday, January 17th, 2008
The long end of the Treasury market has surrendered the modest gains achieved in overnight trading. I have not been able to locate the sellers but did speak with one trader whose firm had observed buying in the front end. The curve has flattened and 2year/10year is back inside of ...
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Thursday, January 17th, 2008
Plummet seems to be the appropriate verb this morning as Housing Starts plummetted,too. Starts dropped to 1006K from a revised 1173K in the previous period. There was no help in the permits series as it fell to 1068K from 1162K
The main source of weakness in Starts was in multi family ...
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Thursday, January 17th, 2008
Initial claims plummetted to 301K from 331K in the prior week. The four week moving average is down to about 327K and that places it back in the upper end of the range which had prevailed before this series began a gentle upswing in October 2007.
Continuing claims ,however ,continue their ...
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Thursday, January 17th, 2008
8:10 *PIANALTO SAYS FED MUST BE `HIGHLY FLEXIBLE' IN RESPONSE
8:10 *PIANALTO COMMENTS IN TEX OF SPEECH TO CLEVELAND AUDIENCE
8:10 FED'S PIANALTO SPEAKS ABOUT U.S. ECONOMY ON LIVE <GO> NOW
8:09 *FED'S PIANALTO SAYS ECONOMY HAS SHIFTED TO LOWER GROWTH
TRACK
8:09 *PIANALTO SAYS INFLATION AT YEAR-END WAS `CLEARLY ELEVATED'
8:09 *PIANALTO SAYS FED WILL ...
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Thursday, January 17th, 2008
Prices of Treasury coupon posted mixed results overnight as the 2year note is virtually unchanged while securities with maturities of 5years and longer are posting gains. The 2year/10year spread has flattened to about 120basis points from about 122basis points at the close of trading yesterday.
The New York Times reports this ...
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Thursday, January 17th, 2008
The flood of data continues on Thursday with several key pieces of the economic puzzle avaialable for inspection.
Up first is the initial claims data. The consensus forecast is for claims to rise to 331K from 322K in the prior week. If the consensus number prints it will take the four week ...
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Wednesday, January 16th, 2008
Prices of Treasury coupon securities sagged today as the economic data did not provide evidence that the real economy would soon be swamped by some financial Armageddon.At the prevailing yield levels the market needs constant infusions and transfusions of weak data to sustain itself at yields which are in striking ...
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Wednesday, January 16th, 2008
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There is a rumor wafting its way through the market that the limit on Jumbo mortgage Loans may be raisedto 600K from 425K. This would allow FNMA and Freddie make to purchase more loans and then all would be well with the world.
This had led to the bounce in the ...
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