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At 4:30 PM Eastern time, Federal Reserve Chairman Ben Bernanke will make remarks at the University of Michigan on monetary policy and the U.S. economy.  Join the forum discussion on this post - (1) PostsThe Mortgage Bankers’ Association purchase index will be released at 7:00 AM Eastern time, providing an update on the quantity of new mortgages and refinancings closed in the last week. At 8:30 AM Eastern time, the Import and Export Prices index for October will be released, providing some data that can be used to monitor the threat of inflation. At 10:30 AM Eastern time, the weekly Energy Information Administration Petroleum Status Report will be released, giving investors an update on oil inventories in the United States. At 12:30 PM Eastern time, the FOMC Meeting Announcement will be released, which will provide insight into how the Federal Reserve board governors and bank presidents view the economy. At 2:00 PM Eastern time, the Treasury budget for November will be released, providing an account of the federal government’s budget surplus or deficit for that month. At 2:15 AM Eastern time, Federal Reserve Chairman Ben Bernanke will hold a press conference to discuss the FOMC Meeting Announcement. Join the forum discussion on this post - (1) PostsAt 7:45 AM Eastern time, the weekly ICSC-Goldman Store Sales report will be released, giving an update on the health of the consumer through this analysis of retail sales. At 8:30 AM Eastern time, the Durable Goods Orders report for October will be released. The consensus is that there was a decrease of 0.8% from the previous month. Also at 8:30 AM Eastern time, Federal Reserve Chairman Ben Bernanke will make remarks at the National College Fed Challenge Finals. At 8:55 AM Eastern time, the weekly Redbook report will be released, giving us more information about consumer spending. At 9:00 AM Eastern time, the monthly S&P/Case-Shiller home price index report will be released. Given that most economists don’t expect the overall U.S. economy to improve until housing prices end their decline, the market will be watching this number closely. At 10:00 AM Eastern time, the monthly report on Consumer Confidence for November will be released. The consensus index level is 72.8, which would be a 0.6 point increase from last month’s number. Also at 10:00 AM Eastern time, the State Street Investor Confidence Index will be released, which looks at changes in the amount of equities held in the portfolios of institutional investors. Also at 10:00 AM Eastern time, the FHFA House Price Index for September will be released, providing more information about the direction of the housing market. Also at 10:00 AM Eastern time, the Richmond Fed Manufacturing Index for February will be released. The consensus is that the index will be at -8, which would be a decrease of 1 point from the previous month. Bernanke is apparently not seeking another term as the Fed chairman:
This probably sounds like good news, especially since there are a lot of folk that tend to hate Bernanke’s guts (and rightfully so, I must add). However, this could turn out to be somewhat problematic in the long run because, in public discourse, “Federal Reserve Policy” has become conflated with “Ben Bernanke’s Policy.” Allowing Bernanke to resign could have the effect of taking some of the scrutiny and heat off of the Fed since Bernanke’s resignation non-renomination would be viewed as a victory by those who have generally been critical of Fed/Bernanke policy these last few years. By offering Bernanke as a scapegoat, it may be possible for the Fed to lower its public profile and thus get away with even more economic disruption and destruction. So, while it is nice to see that Bernanke has no desire to run the Fed anymore, the more important thing is ensuring that no one wants to run the Fed, to the point where they will “lock the doors and leave the building to the spiders, moths and four-legged rats.” Join the forum discussion on this post - (1) PostsAt 10:00 AM Eastern time, the Construction Spending report for August will be released, and the consensus is that there was an increase of 0.6% in spending compared to the previous month. Also at 10:00 AM Eastern time, the ISM manufacturing index for September will be released. The consensus estimate is that it increased 0.1 points last month to a value of 49.7, but is not signalling economic growth as it stays below the mid-point of 50. At 2:30 PM Eastern time, Federal Reserve Chairman Ben Bernanke will give a speech called “Five Questions about the Federal Reserve and Monetary Policy” at the Economic Club of Indiana. Federal Reserve Chairman Ben Bernanke will meet privately with the Senate Finance Committee to discuss economic policy and the fiscal cliff. The Mortgage Bankers’ Association purchase index will be released at 7:00 AM Eastern time, providing an update on the quantity of new mortgages and refinancings closed in the last week. At 8:30 AM Eastern time, the Housing Starts report for August will be released. The consensus is that construction on 768,000 new homes were started last month, which would be an increase of 22,000 from the previous month. At 10:00 AM Eastern time, the Existing Home Sales report for August will be released. The consensus is that existing homes were sold at an annual rate of 4.55 million last month, which would be an increase of 80,000 from the previous month. At 10:30 AM Eastern time, the weekly Energy Information Administration Petroleum Status Report will be released, giving investors an update on oil inventories in the United States. Join the forum discussion on this post - (1) PostsSatan’s retarded cousin (“Ben Bernanke,” as he’s known to many in the public) has apparently decided that the dollar just is not yet close enough to worthless:
The Fed, like all central banks, can only ever do one thing as a matter of policy: debase the currency. That is the only solution they can give to any problem. Economy not growing fast enough? Debase the currency! Economy growing too fast? Debase the currency (but only to a limited extent)! Unemployment too high? Debase the currency? Stock market crashing? Debase the currency! President got the sniffles? Debase the currency! Now, some are claiming that QE3 is happening because the Fed panicked. Some might be inclined to argue that QE3 is happening because the Fed is at its wit’s end. It might even be true that the Fed is panicking, and/or at its wit’s end. But the only reason why QE3 is happening is because the Fed’s only tool is debasing the currency. That’s it. That’s all it can ever do. Like all other central banks in history, the only tool at its disposal is inflation. And when you all have is a hammer… At 9:45 AM Eastern time, the Chicago PMI Index for August will be announced. The consensus index value is 53.0, which is 0.7 points lower than last month, but is still above the break-even level of 50. At 9:55 AM Eastern time, Consumer Sentiment for the second half of August will be announced. The consensus is that the index will be at 73.5, which is 0.1 points lower than the value reported in the first half of the month. At 10:00 AM Eastern time, the Factory Orders report for July will be released. The consensus is that there was an increase of 2.0% in orders from the previous month. Also at 10:00 AM Eastern time, Federal Reserve Chairman Ben Bernanke will make remarks at the Federal Reserve Bank of Kansas City Economic Symposium. At 3:00 PM Eastern time, the Farm Prices report for August will be released, giving investors and economists an indication of the direction of food prices in the coming months. The Mortgage Bankers’ Association purchase index will be released at 7:00 AM Eastern time, providing an update on the quantity of new mortgages and refinancings closed in the last week. At 8:30 AM Eastern time, the Housing Starts report for June will be released. The consensus is that construction on 745,000 new homes were started last month, which would be an increase of 37,000 from the previous month. At 10:00 AM Eastern time, Federal Reserve Chairman Ben Bernanke will deliver his semi-annual monetary policy testimony to the House Financial Services Committee. At 10:30 AM Eastern time, the weekly Energy Information Administration Petroleum Status Report will be released, giving investors an update on oil inventories in the United States. At 2:00 PM Eastern time, the Beige Book report will be released, giving us more information about economic conditions in each Federal Reserve district in advance of the next Fed meeting. Join the forum discussion on this post - (1) PostsAt 7:45 AM Eastern time, the weekly ICSC-Goldman Store Sales report will be released, giving an update on the health of the consumer through this analysis of retail sales. At 8:30 AM Eastern time, the Consumer Price Index report for June will be released. The consensus is that CPI was unchanged last month, and there was a 0.2% increase in CPI when food and energy are removed. At 8:55 AM Eastern time, the weekly Redbook report will be released, giving us more information about consumer spending. At 9:00 AM Eastern time, the Treasury International Capital report for May will be released, showing the flow of capital in and out of the United States economy. At 9:15 AM Eastern time, the Industrial Production report for June will be released. The consensus is that there will be an increase 0f 0.3% in production and an increase 0f 0.2% in industrial capacity utilization. At 10:00 AM Eastern time, Federal Reserve Chairman Ben Bernanke will deliver his semi-annual monetary policy testimony to the Senate Banking Committee. Also at 10:00 AM Eastern time, the Housing Market Index for July will be announced. This index is created from a survey of home builders, so it shows the confidence that the sector has in the overall economy and their business. Join the forum discussion on this post - (1) Posts |
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