PMC donation information

I am now also emailing my posts directly to my PMC donors at the same time they are emailed for posting on this website. If you wish to be on the list, please make a donation here. ...Read More

Dallas Fed

They even tried to spin this positively: United States : Dallas Fed Mfg Survey Highlights The Texas manufacturing sector is still falling but not falling as fast as prior months. The general activity index improved but to a still very weak minus 7.0 from a deeply negative minus 20.8 percent in May. ...Read More

existing home sales, Greece and China comments

So after cheering the big jump last month to 112.4, it gets revised down to only 111.6, so the lower than expected print of 112.6 vs 113 expected is now hailed as a larger than expected increase from last month, as the shameless cheer leading continues: United States : Pending Home Sales ...Read More

China cuts rates, Atlanta Fed, car sale comment, Greek PM comments

As the carpenter said about his piece of wood, ‘no matter how much I cut off it’s still too short': China’s central bank cut its benchmark lending rates by 25 basis points to 4.85 percent on Saturday, the fourth reduction since November, as it gears up to lower borrowing costs and support ...Read More

credit check response to comment

Yes, and the rate of growth is lower than the last cycle, and steady to lower, not ‘accelerating’, and in any case note that it jumped up going into the last recession. And commercial paper isn’t growing as was the case in the last cycle, so that element of total credit remains ...Read More

Consumer spending, rail traffic

Personal Income and Outlays Highlights The consumer came to life in May, boosted by a 0.5 percent rise in personal income and helping to support a 0.9 percent surge in personal outlays that reflects heavy spending on autos and retail goods. And gains are not inflationary, at least yet, based on the ...Read More

Durables charts, new home sales,FHFA House Price Index, Japan PMI, GDP, Atlanta Fed, Mtg. purch apps, oil comment

Longer term year over year view not looking so good: The cheer leading continues, and sales in the Northeast up 87% looks a bit unsustainable? New Home Sales Highlights The lift off for housing is appearing more and more like it’s straight up. New home sales rose 2.2 percent in May to ...Read More

Existing home sales, Chicago Fed, Greece

Up some but still at depressed levels, and not enough to indicate a general bounce in spending. Personally I sold come small condos in Chicago I’d owned since working there in the early 1980’s. I got tired of fooling with them, net rental income was low, and prices weren’t going anywhere, And ...Read More

Greece at the cross roads

On Fri, Jun 19, 2015 at 6:47 AM, wrote: Hi Warren! Do you know this proposal by Rob Parentau and Trod Andresen of introducing a parallel currency in the form of Tax Anticipation Notes? A program proposal for creating a complementary currency in Greece From rumours seem it could be introduced in ...Read More

Greek bank liquidity, credit check

So people transferred their deposits to other banks, and those other banks wouldn’t redeposit/lend those euro back to the Greek banks via the interbank market, at any rate of interest. So instead the lost deposits were replaced by what functionally are deposits from the ECB via what’s called the ELA. What’s wrong ...Read More

Atlanta Fed, Italy trade, mtg purchase apps, oil prices

Up some then back down some, still at a very low rate off of a negative Q1: Down a bit but still positive, as is most all of the euro zone now with the euro at current levels: Italy : Merchandise Trade Highlights The seasonally adjusted trade balance was in a E3.5 ...Read More