Fed Apologist Ritholtz Interviews Fed Apologist McCulley

Bloomberg columnist Barry Ritholtz interviewed Paul McCulley, former chief economist at PIMCO, and often mentioned FOMC candidate on the Fed's performance. The Podcast is over two hours long, so let's just go with Ritholtz's brief summary: McCulley Demands Apology on Behalf of the Fed. McCulley noted those who claimed QE and ZIRP were going to… Read More

U.S. Light Vehicle Sales increased to 17.7 million annual rate in August

Based on a WardsAuto estimate, light vehicle sales were at a 17.72 million SAAR in August. That is up 2.9% from August 2014, and up 1.3% from the 17.5 million annual sales rate last month.Click on graph for larger image.This graph shows the historical light vehicle sales from the BEA (blue) and an estimate for July… Read More

Wednesday: ADP Employment, Beige Book

Auto sales and construction spending were solid, although manufacturing was weak. However the weakness in manufacturing is mostly due to lower oil prices and the strong dollar, so overall the US data has been fairly solid.Wednesday:• At 7:00 AM ET, the Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.•… Read More

Energy Curiosities: Update

U.S. solar developers are luring cash at record rates from investors ranging from Warren Buffett to Google Inc. (GOOG) and KKR & Co. by offering returns on projects four times those available for Treasury securities. Recent Commentaries | Safehaven.com… Read More

Silver Stocks: Jobs Report Rally Leaders

Welcome to September! Please click here now. That's the daily Dow chart. In early morning futures market trading, the Dow is down about 330 points. Recent Commentaries | Safehaven.com… Read More

ISM Manufacturing index decreased to 51.1 in August

The ISM manufacturing index suggested expansion in August. The PMI was at 51.1% in August, down from 52.7% in July. The employment index was at 51.2%, down from 52.7% in July, and the new orders index was at 51.6%, down from 56.5%.From the Institute for Supply Management: August 2015 Manufacturing ISM® Report On Business® Economic… Read More

Greece Loses 17,000 Jobs in July, Most Since 2001

It's no wonder Greek prime minister Alexis Tsipras wanted elections now rather than later. He does not want the grim news of job losses and austerity to hit when he is more vulnerable.Tsipras' problem may well be that he is too late.Via translation from Libre Mercado, The Greek Economy Lost 17,000 Jobs in July, the… Read More

Tuesday: ISM Mfg Index, Construction Spending, Auto Sales

From Tim Duy: Does 25bp Make A Difference?Bottom Line: I am coming around to the belief that the timing of the first rate hike is more important than Fed officials would like us to believe. The lack of consensus regarding the timing of the first hike tells me that we don't fully understand the Fed's… Read More

Trading Notes: Week of 8/31/15

Monday, August 31st*  We focus on setting goals and tracking our progress toward those goals, but a wealth of evidence suggests that a process focus is much more likely to lead to positive outcomes.  When we emphasize doing the right things, we are most apt to do things right.  This is a very important topic… Read More

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