Posted by WARREN MOSLER on 25th June 2008
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Weakness and inflation= rate hikes in the eurozone.
Fed response to same conditions later today.
| Trichet Says Price-Stability Risks Have Intensified |
| Spanish Producer-Price Inflation Accelerates to 23-Year High |
| European Bonds Drop Before German Price Reports, as Stocks Gain |
| ECB’s Noyer Backs Inflation Vigilance, Flexible Exchange Rates |
| ECB’s Tumpel-Gugerell Says ECB Ready to Raise Rates If Needed |
| Wellink Says Inflation Accelerating, ECB on `Heightened Alert’ |
| ECB Confirms August Press Conference, Scraps Summer Holiday |
| Inflation Tops Unemployment as Main Concern in EU, Survey Shows |
| German Consumer Optimism Nears 3-Year Low, Stern Poll Shows |
| Spain Recession Risk Climbs as Rates Move Higher, Survey Shows |
| Europe Heavy-Truck Sales Fall on Eastern Region Drop |
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Posted in EU, Inflation, Interest Rates | No Comments »
Posted by WARREN MOSLER on 25th June 2008
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MBA Mortgage Applications (Jun 20)
| Survey |
n/a |
| Actual |
-9.3 |
| Prior |
-8.8% |
| Revised |
-8.7 |
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MBA Mortgage Purchases (Jun 20)
| Survey |
n/a |
| Actual |
333.4 |
| Prior |
360.2 |
| Revised |
n/a |
MBA Mortgage Refinances (Jun 20)
| Survey |
n/a |
| Actual |
1212.20 |
| Prior |
1378.60 |
| Revised |
n/a |
MBA Mortgage Application TABLE (Jun 20)
Purchase mortgage applications back at the low end of the new range, partially because mortgage bankers have lost market share, but housing remains very slow as well.
Durable Goods Orders (May)
| Survey |
0.0% |
| Actual |
0.0% |
| Prior |
-0.5% |
| Revised |
-1.0% |
About as expected. Remains on the weak side, but not at recession levels as economy continues to muddle through.
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Durables Ex Transportation (May)
| Survey |
-1.0% |
| Actual |
-0.9% |
| Prior |
2.5% |
| Revised |
1.9% |
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New Home Sales (May)
| Survey |
512K |
| Actual |
512K |
| Prior |
526K |
| Revised |
525K |
[comments]
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New Home Sales MoM (May)
| Survey |
-2.7% |
| Actual |
-2.5% |
| Prior |
3.3% |
| Revised |
4.8% |
A touch better than expected from a very low base.
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New Home Sales TABLE NSA (May)
[comments]
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Actual Number of Homes for Sale (May)
| Survey |
n/a |
| Actual |
453.00 |
| Prior |
461.00 |
| Revised |
n/a |
Lower than expected and working its way down nicely.
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FOMC Rate Decision (Jun 25)
| Survey |
2.00% |
| Actual |
2.00% |
| Prior |
2.00% |
| Revised |
n/a |
They don’t consider inflation a problem yet.
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