Republican Convention Open Thread

Posted on August 30, 2012 by Michigoose

You’re welcome, Don Juan!  🙂

 

Are you quite sure you don’t want to become an author with full rights and privileges for starting arguments?

MiA adds: Every time someone double posts, if I catch it, I trash one. All of us but one are following on a comments thread and the double posting is annoying. The “one” should learn to use this site.

Every time someone posts without a category (uncategorized), I jam it into one, if I catch it. KW used to do it for us, and sometimes Lulu did. Brent, look at the categories list, click the Most Used tab, and you will be surprised to find Morning Report as the second most used.

Now we wait for WMR to make his speech. If any of you watch it, please report in the comments.

Filed under: 2012, Open Thread, Republican Party | 161 Comments »

Morning Report 8/30/12

Posted on August 30, 2012 by Brent Nyitray

Vital Statistics:

  Last Change Percent
S&P Futures  1402.6 -4.6 -0.33%
Eurostoxx Index 2422.6 -11.7 -0.48%
Oil (WTI) 95.45 0.0 -0.04%
LIBOR 0.421 -0.001 -0.24%
US Dollar Index (DXY) 81.45 -0.104 -0.13%
10 Year Govt Bond Yield 1.63% -0.02%  
RPX Composite Real Estate Index 192.1 -0.8  

Markets are lower after ho-hum economic data in the US and disappointing data overseas. Bonds and MBS are up slightly. Tonight we will get Mitt Romney’s speech at the Republican Convention and then all eyes turn to Bernake’s speech in Jackson Hole.

Personal Income and Spending both rose in July, with income coming in at .3% and spending coming in at .4%. The spending number was the strongest number since last winter, but was little below street expectations. The retailers will report BTS comps a week from today, and that will give us a more granular look at spending patterns. Initial Jobless Claims were 374k last week, more or less in line with the latest readings. 

Tomorrow, Ben Bernake will give a speech in Jackson Hole. The Street will be looking for clues to further stimulus, and they will probably be disappointed as politics are now center stage and the Fed wants to appear independent. Mitt Romney has been skeptical of the Fed’s reflation efforts and has already said he would replace Ben Bernake if he wins. Which means you should watch the polling numbers as a Romney win should be bond bearish at the margin. Especially if the Europeans find a way to muddle through.

The national settlement over foreclosure abuses is 6 months old, and the settlement monitor has released his first report. Total consumer relief has been $10.6 billion, of which the lion’s share has been short sales. At first glance, it appears the banks are over halfway there on delivering the $20 billion in relief, but that $10.6 billion will be haircut as there are different weights for different outcomes. 

Filed under: Morning Report | 30 Comments »