Daily Archive: Friday, July 25, 2008

Nat gas

[Skip to the end] It was deregulated back in the 1970s, which brought out vast supplies causing utilities to substitute gas for oil and eventually break OPEC. I don’t see that kind of supply response lurking today. The Natural Gas Policy Act of 1978 In November of 1978, at the peak of ...Read More

A surge of a different type

[Skip to the end] Government spending kicking in with 2007 spending that was delayed to 2008: Topical article: The GOP’s December Surprise by James K. Galbraith Durable Goods Orders Rise Unexpectedly by Michael M. Grynbaum A separate report showed that orders for big-ticket items rose last month, beating economists’ expectations. A surge ...Read More

Japan CPI

[Skip to the end] from Dave: Japan core CPI last night came out at 1.9% as expected Petrol products were up +23.9% y/y Non fresh food products were up +3.5% y/y Core-Core CPI (ex energy and ex fresh food) rose +0.1% vs -0.1% in the previous month indicating some signs of higher ...Read More

CNBC: Housing bottom story

[Skip to the end] His monetary analysis is ridiculous but we agree on this point: The Media Are Missing the Housing Bottom by Larry Kudlow Media reports painted a pessimistic picture of today’s release on existing home sales, which fell 15 percent from a year ago and recorded higher inventories. But inside ...Read More

Reinhart got it right

[Skip to the end] I hadn’t noticed this back then, but Vince got it right: The Fed purchased the $30 billion of securities from JPM/Bear Stearns, with JPM agreeing that if there were any net losses it would be responsible for the first $1 billion. It’s very odd that the Fed would ...Read More

PI: Pension bill regarding commodities watered down

[Skip to the end] Looks like they buckled quickly to get the rest of the bill through ASAP. Pension fund provisions out of House bill by Doug Halonen A bill in the House Agriculture Committee that would deal with commodity speculation was dramatically revised today to delete provisions in a previous draft ...Read More

2008-07-25 US Economic Releases

[Skip to the end] Durable Goods Orders MoM (Released 8:30 EST) Durable Goods Orders YoY (Released 8:30 EST) Durables Ex Transportation (Released 8:30 EST) Durable Goods Orders ALLX (Released 8:30 EST) U of Michigan Confidence (Released 10:00 EST) U of Michigan Confidence ALLX (Released 10:00 EST) Inflation Expectations 1yr Forward (Released 10:00 ...Read More