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July 28, 2015
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Why Is The Fed Tightening? A transcript of the July 23, 2015 conference call. Handout Audio [audio:https://www.biancoresearch.com/bianco/SubscriberArea/072315.mp3|titles=Conference Call ] Webcast [hana-flv-player video=”https://www.biancoresearch.com/bianco/SubscriberArea/072315.flv” width=”600″ height=”495″ description=”” player=”3″ autoload=”false” autoplay=”false” loop=”false” autorewind=”true” splashimage=”https://www.biancoresearch.com/bianco/wp-content/themes/twentyten/images/splash.jpg” /] [pageview class=”PDFViewer” url=”https://www.biancoresearch.com/bianco/wp-content/plugins/PDFViewer/plugin.php?id=263″]
Fact Set – Earnings Insight Earnings Scorecard: Of the 187 companies that have reported earnings to date for Q2 2015, 76% have reported earnings above the mean estimate and 54% have reported sales above the mean estimate. Earnings Growth: For Q2 2015, the blended earnings decline is 2.2%. The last time the index reported a… Continue reading An Earnings Update
The Wall Street Journal – Fed Economic Forecasts Released Early Lawmakers express concern as staff projections posted five years ahead of schedule Internal economic forecasts prepared by Federal Reserve staff ahead of the June policy meeting were posted on the U.S. central bank’s website late last month, years ahead of schedule, the central bank said… Continue reading What We Can Learn About The Fed’s Creative Writing From The Staff Forecast Leak
<Click on graphic for larger image> The Financial Times – “Lowflation” forever in the US? The FOMC will release its next policy statement on Wednesday. Since its last meeting in June, reported inflation data have barely changed, but there has been a drop of about 19 per cent in the price of oil, and a… Continue reading The Fed’s Inflation Target
<Click on chart for larger image> Bloomberg.com – Oil Bulls Are Fleeing at the Fastest Pace in Three Years Speculators’ conviction that oil will rally weakened at the fastest pace in three years, just before futures tumbled into a bear market. The net-long position in West Texas Intermediate contracted 28 percent in the seven days… Continue reading Betting On Crude Oil
<Click on chart for larger image> Bloomberg.com – Hedge Funds Are Holding First-Ever Gold Net-Short Position Hedge funds are holding the first ever bet on a decline in gold prices since the U.S. government started collecting the data in 2006. The funds and other speculators shifted to a net-short position of 11,345 contracts in New… Continue reading Gold Capitulation
The Economist – Ways of seeing The presidential candidates’ ideas for boosting wages reveal different diagnoses of how the economy has changed over the past 40 years WITH unemployment low, decent growth anticipated for this year and the Federal Reserve preparing to raise interest rates, America’s economy looks rosier. That has not stopped candidates for… Continue reading Wage Growth
<Click on chart for larger image> The Wall Street Journal – China Stocks Suffer Sharpest Daily Fall Since 2007 China stocks suffered their sharpest daily percentage decline since 2007, as worries mount that authorities are pulling back on measures to prop up the market. The Shanghai Composite Index ended down 8.5% at 3725.56, its second-straight… Continue reading Chinese Stocks Continue To Trade Off “Central Bank Fundamentals”
The Wall Street Journal – Ben Leubsdorf and Jon Hilsenrath: Fed Officials May Offer More Clarity on Rates New hints on timing of rate increase could come this week after policy meeting Federal Reserve officials are likely to emerge from their policy meeting Wednesday with short-term interest rates still pinned near zero, though they could… Continue reading Hilsenrath Previews The FOMC Meeting
The New York Times – Editorial: How the Euro Turned Into a Trap When they introduced the euro in 1999, European leaders said the common currency would be irreversible and would lead to greater economic and political integration among their countries. That pledge of permanence, long doubted by euro-skeptics, seems ever less credible. While the… Continue reading The Euro
CNBC – The Dow just broke a pretty dubious record nvestors have watched with interest as stock market indexes this year have set several new highs. The latest record to fall, though, is for not doing much of anything at all. On Thursday, the Dow Jones industrial average swung to a negative year-to-date return, the… Continue reading Stock Returns Continue Vacillating Around 0%