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Negative Treasury Bill Auctions

February 2, 2012

Bloomberg.com – Negative Treasury Bill Auction Yields Would Avoid ‘Grab-a-Thon,’ CRT Says Letting investors buy short-term bills with negative yields at auction would make the market more efficient, according to CRT Capital Group LLC. The Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association unanimously recommended that the government allow for its… Continue reading Negative Treasury Bill Auctions

Newsclips

Inflation Targeting

February 2, 2012

<Click on chart for larger image> The Financial Times – It’s time to re-examine inflation targeting Has inflation targeting reached its sell-by date? Given the Federal Reserve’s formal adoption of an inflation target only last week, the answer is presumably No. There is, nevertheless, something odd about the enduring enthusiasm among central bankers for inflation… Continue reading Inflation Targeting

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Newsclips

Europe

February 2, 2012

The Wall Street Journal – ECB Role in Greek Bailout Under Discussion The possible involvement of the European Central Bank in Greece’s second bailout package continues to be under discussion among senior euro-zone and International Monetary Fund officials, who see a need for more resources to provide Athens with sufficient debt relief. The ECB’s role… Continue reading Europe

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Arguing Against QE

February 2, 2012

PIMCO – Bill Gross: Life – and Death Proposition My goal in this Investment Outlook is not to pick a “doggie bone” with the Chairman. He is makin’ it up as he goes along in order to softly delever a credit-based financial system which became egregiously overlevered and assumed far too much risk long before… Continue reading Arguing Against QE

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Newsclips

The Superbowl As An Economic Indicator

February 2, 2012

<Click on picture to view video> America’s unofficial holiday is this weekend, the Superbowl. What can this event tell us about the economy? The first chart below shows the cost of a 30-second commercial during the Superbowl (domestic audience only).  The blue bars show the actual cost while the black line shows the cost on… Continue reading The Superbowl As An Economic Indicator

Newsclips

William Dudley’s Portfolio

February 2, 2012

The Wall Street Journal – Fed’s Dudley Details 2008 Holdings Federal Reserve Bank of New York President William Dudley owned $120,000 worth of shares in General Electric Co. and $2,000 in shares of American International Group Inc. in September 2008, when Mr. Dudley was involved in government efforts to support those and other firms, the… Continue reading William Dudley’s Portfolio

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Newsclips

A Call For Free Market Capitalism

February 2, 2012

Bloomberg.com – Caroline Baum: Just Fill the Darn Potholes, We’ll Do the Rest I’m all for changing the tax code — to something we can comply with via a postcard-size return. Creating new exemptions or tax breaks to induce companies to do what the government wants them to do isn’t the answer. The tax code… Continue reading A Call For Free Market Capitalism

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Cartoons

February 2, 2012

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Charts of the Week

Conference Call Presentation/Charts of the Week

February 1, 2012

Conference Call Presentation/Charts of the Week Audio Webcast Topics Covered This Week Include: Earnings Season So Far Earnings Season The Latest On The Economy When Will The Federal Reserve Hike Rates? The FOMC Adopts An Inflation Target Living In A QE World Living In A QE World – 2 Living In A QE World –… Continue reading Conference Call Presentation/Charts of the Week

Newsclips

The CBO Releases Its Budget And Economic Outlook

February 1, 2012

<Click on chart for larger image> Congressional Budget Office – The Budget and Economic Outlook: Fiscal Years 2012 to 2022 Each January, CBO prepares “baseline” budget projections spanning the next 10 years. Those projections are not a forecast of future events; rather, they are intended to provide a benchmark against which potential policy changes can… Continue reading The CBO Releases Its Budget And Economic Outlook

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Newsclips

The Stock Market Quietly Had Its Largest January Gain Since 1997

February 1, 2012

The New York Times – In January, a Calm Fell on the Markets Volatility eased as investors appeared to take in stride the latest developments in the European debt crisis and persistent worries about economic growth. At the same time, stocks motored through the month with slow but steady advances, logging in their biggest January… Continue reading The Stock Market Quietly Had Its Largest January Gain Since 1997

Newsclips

The Golden Cross

February 1, 2012

The Big Picture (Blog) – How Bullish is the Golden Cross? Pinging around trading desks last week was a report from Birinyi Research on the Golden Cross. Given where prices are (and the days dropping off the MA from 200 days ago) the S&P Composite is likely to see the Golden Cross soon Here’s the… Continue reading The Golden Cross