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News For NOSYMBOL From The Last 14 Days Check below for free stories on NOSYMBOL the last two weeks. |
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| May 22, 2013 |
| 11:40 EDT |  | | PIMCO's Gross Tweeted on Bernanke:
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| 11:20 EDT | | | Bernanke noted various indicators reflecting improvement in the financial markets
Bernanke noted various indicators reflecting improvement in the financial markets as the effects of the financial crisis have been mitigated. Consumers are deleveraging, consumer debt burdens are going down, banks are much healthier as seen in stress tests, while credit availabity is improving. On inflation, he said the Fed is looking at market data, commodity prices, and various econometric models. He doesn't see much inflation currently, and if anything it's a little on the low side. Bernanke wouldn't directly answer whether the Fed was enabling Congress delay on fiscal policy actions. |
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| 11:10 EDT | | | NY Fed bought $1.25 B in bonds
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| 11:05 EDT |  | | CBOE Volatility Index VIX is recently up 10c to 13.47
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| 11:05 EDT | | | More Bernanke: he argued for a more balanced monetary-fiscal fix
More Bernanke: he argued for a more balanced monetary-fiscal fix with respect to the labor market. Slowing the pace of tightening, along with a long term fiscal deal, would make the exit easier. Monetary policy "is not omnipotent" said the Fed chief. Bernanke said it's hard to say how much of unemployment is structural and how much is cyclical, and noted the FOMC estimates about 5.2% to 6% is structural, thus leaving about 2% to be addressed by policy. |
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| 10:55 EDT | | | Bernanke believes Fed can exit without selling any MBS
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| 10:50 EDT | | | Bernanke says supportive of Bank of Japan policies
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| 10:50 EDT | | | Treasury Action: yields have jumped, despite a dovish JEC text from Bernanke
Treasury Action: yields have jumped, despite a dovish JEC text from Bernanke, with equities lower and the dollar higher as well. Seemingly the catalyst was a remark from the Fed Chairman in Q&A who said asset purchases could start to be unwound over next few meetings. BUT, he was goaded into that by the questioning on the timing of an exit, which he would not be pinned down. That statement on unwinding again came with the caveat that economic conditions have to improve and inflation needs to pick up. Bernanke's overall tone remains very dovish. |
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| 10:47 EDT | | | Bernanke says exit possible without sale of MBS, but no decision made yet
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| 10:40 EDT | | | Bernanke Q&A:
Bernanke Q&A: asked if the economy accelerated, when would the Fed exit, Bernanke said they would first have to start to wind down asset purchases. Then they would alter guidence on interest rates, and complement those with other tools. The Fed may or may not sell assets. Bernanke said currently it doens't appear asset sales will be necessary; the Fed can just let its holdings roll off. Fed could take a step down in its purchases over the next few meetings if the policymakers were convinced that the outlook for the labor market was on a sustained trajectory, and if there were no signs of falling prices. The Chairman continued to say the timing of a withdrawal is dependent on the data, and wouldn't be pinned down to a specific date. He also said the market can see the data as well as the Fed, suggesting the timing need not be announced. |
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| 10:33 EDT | | | Bernanke says could decide to cut pace of purchases in 'next few meetings'
Says QE purchase strategy depends on economic data. Says Fed will respond "in steps" to data. |
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| 10:30 EDT | | | Crude Inventories for the week of May 17
Crude oil inventories 338K draw vs. consensus of 1.0M draw. Gasoline inventories 3.02M build vs. consensus of 300K draw. Distillates 1.05M draw vs. consensus of 1.0M build. |
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| 10:29 EDT | | | Bernanke says winding down QE will be first part of exit
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| 10:25 EDT | | | FX Action: The dollar added to previous losses
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| 10:25 EDT | | | The 0.6% April U.S. existing home sales rise
The 0.6% April U.S. existing home sales rise to a 4.970 M recent-high pace left a rate that slightly exceeded the prior recent-high 4.960 M pace in November, following tiny recent wiggles that left rates of 4.940 (was 4.920) M in March and 4.950 M in February. Analysts have a restrained 14% existing home sales rise since September of 2011, versus larger comparable gains of 22% for pending home sales and 36% for new home sales, as existing home sales continue to post only a reluctant cyclical climb despite strength in other housing measures. In contrast, the median price continues to overperform other price measures thanks to a shift in the mix of sales to higher priced homes. Analysts still expect GDP growth of an unrevised 2.5% in Q1 and 2.0% in Q2, with an unrevised 12.6% Q1 growth rate for real residential construction that is followed by a 28% pace in Q2. For the remaining April reports, analysts expect a 3.1% rise in new home sales to a 430k rate, and a 0.9% construction spending rise despite a 0.4% April drop in construction hours-worked. |
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| 10:20 EDT | | | Treasury Action: yields continued to stretch lower
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| 10:15 EDT | | | U.S. existing home sales rose 0.6% to 4.970 M in April
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| 10:12 EDT | | | Bernanke says monetary stimulus must continue
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| 10:10 EDT | | | Fed Chairman Bernanke warned against premature tightening of policy
Fed Chairman Bernanke warned against premature tightening of policy as it would "carry substantial risk of slowing or ending the economic recovery and causing inflation to fall further." So no tapering anytime soon. He continues to say QE is providing "significant benefits" and has helped offset "incipient deflationary pressures." The Chairman also reiterated the FOMC statement that fiscal policy has become "significantly more restrictive." The Fed is going to keep on trucking. |
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| 10:09 EDT | | | Market fueled higher by Bernanke prepared remarks ahead of testimony
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