Daily Archive: Friday, January 2, 2009

Obama in no rush for fiscal package?

[Skip to the end] Obama Has No Timetable for Stimulus Package by Steve Leisman President-elect Barack Obama does not have a timetable to develop and pass an economic stimulus package, according to one of his aides on the transition team. Still, Obama wants to get a plan in place as soon as ...Read More

EU Daily | Europe Manufacturing Recession Worsens in December

[Skip to the end] Highlights Europe Manufacturing Recession Worsens in December Nowotny Says ECB’s Liquidity Measures Need Time to Take Effect Right, time to wait for a US fiscal response large enough to help the eurozone as well as the US. Merkel hints at German tax cuts Spain Manufacturing Contracted at Record ...Read More

Macro effect of government MBS purchases

[Skip to the end] The fed buying mortgages at, say, 5% and paying nothing on the balances it credits to pay for the purchases increases fed ‘earnings’/decreases private sector earnings, So at the ‘income level’ it’s a tax that reduces aggregate demand. Only to the extent private sector debt increases more than ...Read More

Foreign dollar bond issuance increasing

[Skip to the end] Not a lot yet, but $65 billion is something and counts as USD deficit spending as they are presumably borrowing to spend. The Fed swap lines outstanding of something over $600 billion probably do not yet represent ‘borrowing to spend’ but there is no way to tell from ...Read More

Gasoline consumption up again

[Skip to the end] We are still very close to the edge of available supply. And the OPEC cuts are supporting Saudi efforts to bring price up without losing too much production. Oil Surges 14 Percent on Lower-Than-Forecast Fuel Supply Gain By Mark Shank Dec. 31 (Bloomberg) — Crude oil rose, trimming ...Read More

Crude Graph

[Skip to the end] Crude Open Interest (Released Dec 31 EST) Crude Open Interest (n/a)   Inventory liquidation over? Happy New Year! [top] ...Read More

Fed MBS Purchase Plan

[Skip to the end] These quotes are not from Warren: Yesterday the Fed announced that it will be starting its $500b Agency MBS Purchase Plan in early January. The mortgage market has been waiting for some clarity on this issue since it was first announced on Nov-26th. Although mortgage dollar prices are ...Read More

2009-01-02 USER

[Skip to the end] ISM Manufacturing (Released 10:00 EST) ISM Prices Paid (Released 10:00 EST) ISM Manufacturing (Dec) Survey 35.4 Actual 32.4 Prior 36.2 Revised n/a [top][end] ISM Prices Paid (Dec) Survey 20.0 Actual 18.0 Prior 25.5 Revised n/a   Karim writes: Weaker than expected across the board. Prices paid and production ...Read More