Brussels Presentation Announcement

Euro, the moment of Truth ...Read More

CPI, Redbook Retail Sales, Industrial Production, Housing Index, Containers, FHA Capital, EU Car Registrations, Japan

Part of the Fed’s mandate is to hit it’s 2% inflation target: Still at recession type levels: This is also what recession looks like: The anointed ‘driver of the economy’ continues to falter as previously discussed: Housing Market Index Highlights The housing market index from the nation’s home builders shows weakness, at ...Read More

Empire State Manufacturing, China Power Usage, Stock Buy Backs

The recession continues: Empire State Mfg Survey Highlights Negatives are beginning to run in Empire State with the index at minus 10.74 in November, right in line with the prior four readings and well below the Econoday consensus for minus 5.00. Several components are showing extended weakness including unfilled orders, at minus ...Read More

LA port traffic, Philly Fed Forecasting Survey, Job Growth Chart, Japan

LA area Port Traffic declined in October By Bill McBride First, from the WSJ: Quiet U.S. Ports Spark Slowdown Fears For the first time in at least a decade, imports fell in both September and October at each of the three busiest U.S. seaports, according to data from trade researcher Zepol Corp. ...Read More

PMC News!

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PPI, Retail Sales, Consumer Sentiment, Business Sales and Inventories

More deflation news here: PPI-FD Nothing good here, and of course sales = income, so lower sales = lower incomes. Also, the boost to prior months from car sales looks like it’s fading: Retail Sales Highlights Retail sales slowed in October but fundamentally remain solid. Sales rose only 0.1 percent, 2 tenths ...Read More

Debt and Recession, Jolts

This shows how private sector credit deceleration is associated with recessions. It’s about the need for those spending more than their incomes to offset those spending less than their incomes. And most often private sector deficit spending decelerates some time after public sector deficit spending decelerates and fails to provide the income ...Read More

Mtg Purchase Apps, Saudi Pricing History, China

So much for housing leading the way up- looks to have gone from flat to down: MBA Mortgage Applications For the most part Saudis have been lowering premiums and increasing discounts which causes prices to fall to get their sales up to their pumping capacity: Not without a bit of pain, which ...Read More

Saudi statement, NFIB detail

This means they continue with their discount policy until their entire output capacity is being sold, and then continue to sell their full output capacity at ‘market prices’. That is, they no longer want the high priced producers to benefit from their willingness to to be swing producer and support prices by ...Read More

SNB $US reserves

Note the ‘currency allocation’ of 33% to $US. The SNB was buying euro and selling swiss francs to keep the franc from strengthening beyond 1.20 vs euro. To then get the $US exposure, they would have to sell some of their euro to buy $US. So that means, on average, that for ...Read More