The Wall Street Journal – Jon Hilsenrath: Fed’s Guidance Questioned As Market Misreads Signals Federal Reserve officials created new uncertainty about how much farther they will push their easy-money policies—and new questions about how effective they are at communicating their thinking—with the decision to stand pat on the pace of their bond purchases for now.… Continue reading FOMC Transparency
The Economist – The economics of equity research: Analyse this The old model of stockmarket research is changing Old-style research is not about to die. Big banks retain 56.2% of the “research vote” (smaller brokers take another large chunk). Bank bosses still value the support research analysts can give their profitable investment-banking and corporate-advisory businesses.… Continue reading The State Of Equity Research
<Click on chart for larger image> Reuters – U.S. jobless claims rise, but government analyst says backlog distorting data The number of Americans filing new claims for jobless benefits rose last week, but it was difficult to get a clear read on the labor market’s health because a Labor Department analyst said two states appeared… Continue reading Pay No Mind To Jobless Claims Right Now
The Wall Street Journal – Glitch Blocked Goldman at Treasury Auction A glitch in a computer system at the center of the $11.6 trillion market for U.S. government debt last week blocked Goldman Sachs Group Inc.’s multibillion-dollar order at an auction of Treasury bills, leaving the bank empty-handed and altering prices in the U.S. debt… Continue reading Treasury Auction Glitch Works Against Goldman
Bloomberg.com – Buffett Says Federal Reserve Is Greatest Hedge Fund in History Billionaire investor Warren Buffett compared the U.S. Federal Reserve to a hedge fund because of the central bank’s ability to profit from bond purchases while accumulating a balance sheet of more than $3 trillion. “The Fed is the greatest hedge fund in history,”… Continue reading Buffett Calls The Fed The Greatest Hedge Fund Ever
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Conference Call Presentation/Charts of the Week Audio [audio:https://www.biancoresearch.com/bianco/SubscriberArea/Bianco%20FULL%20AUDIO%20092013.mp3|titles=Conference Call ] Topics Covered This Week Include: What Has Changed? Where Is Ben??? Where Is Hilsenrath??? Can The Fed Agree? The Federal Reserve’s (Poor) Forecasts What To Expect In The US Private Forecasters Versus The Fed The Bond Selloff In Perspective Economists’ Opinion – Always Bearish On… Continue reading Conference Call Presentation/Charts of the Week
Comment Yesterday Jim was on CNBC with Rick Santelli busting myths surrounding the taper. To view the interview, click on the image above. To view any of our recent interviews, click here. Here are the notes from our interview, which have been lightly edited in light of the Federal Reserve’s decision. Myth #1, the Federal… Continue reading Myth Busting
[pageview class=”PDFViewer” url=”https://www.biancoresearch.com/bianco/wp-content/plugins/PDFViewer/plugin.php?id=147″] The Wall Street Journal – Fed Stands Pat on Bond Buying Federal Reserve officials on Wednesday kept the central bank’s $85 billion-per-month bond-buying program in place, saying that they wanted to see more evidence that the economy can sustain improvement before scaling back its bond purchases, but they made clear that they… Continue reading The FOMC Statement
The Wall Street Journal – Editorial: Mr. Bernanke Blinks The Fed chief shrinks from bond tapering even in his final days. As the nearby table shows, the Fed has persistently predicted that its policies would lift the economy to a faster pace of growth, only to be disappointed. In mid-2011, the “central tendency” prediction of… Continue reading The Fed’s (Poor) Forecast
The Wall Street Journal – White House Signals Yellen Will Be Nominee for Fed Chief Outreach to Senate Democrats Suggests Decision on Bernanke Successor Is Near The White House is sending signals that President Barack Obama is close to nominating Janet Yellen to be the next head of the Federal Reserve. Administration officials have begun… Continue reading Yellen Is The Frontrunner
The Wall Street Journal – J.P. Morgan ‘Whale’ Fine Put at Over $900 Million Announcement Expected Thursday Regulators in the U.S. and U.K. are expected to fine J.P. Morgan Chase & Co. more than $900 million for actions tied to its 2012 “London ” trading debacle, according to a person familiar with the settlement talks.… Continue reading More JP Morgan Fines