Global Macro Perspectives
Integral version. In general, something for everybody. Looks like it puzzled the markets, but I think the focus tomorrow will be on FOMC unwillingness (for the time being) to “resume large-scale asset purchases”. My take: Economic outlook. Little bit too positive in my view. In the economic forecast prepared for the AugustFOMC meeting, the staff lowered its projection for theincrease […]
(For August 2010) Conference Board consumer confidence came out at 53.5 vs. 50.7 consensus and 51.0 reading for July. Chart 1. Conference Board Consumer Confidence
(For August 2010) Chicago Purchasing Managers Index was reported at 56.7 vs. 57.0 consensus and 62.3 July reading. Chart 1.
(For June 2010) Seasonly adjusted S&P/Case-Shiller HPI 10 city composite rose 0.3%; Seasonly adjusted S&P/Case-Shiller HPI 20 city composite also rose 0.3%. This is three month rolling average for June. Chart 1. S&P/Case-Shiller Composite 10 Chart 2. S&P/Case-Shiller Composite 20
Excellent opinion piece in todays Financial Times by Carmen Reinhart and Vincent Reinhart. Carmen Reinhart co-authored with Kenneth S. Rogoff now famous study on public and foreign debt: Growth in a Time of Debt. Finacial Times link (subscription required): Beware those who think the worst is past. Ben Bernanke, chairman of the Federal Reserve, painted a […]