Brent Nyitray
Fairlington Blade
Let the mutherfuker burn!
jnc4p
Kevin S. Willis
Michigoose
lmsinca
markinaustin
Arcanaut
novahockey
quarterback
ScottC
yellojktVital Statistics:
| Last | Change | Percent | |
| S&P Futures | 1698.2 | -2.0 | -0.12% |
| Eurostoxx Index | 2801.2 | -7.4 | -0.26% |
| Oil (WTI) | 107.4 | -0.5 | -0.42% |
| LIBOR | 0.267 | 0.001 | 0.38% |
| US Dollar Index (DXY) | 82 | -0.336 | -0.41% |
| 10 Year Govt Bond Yield | 2.61% | -0.09% | |
| Current Coupon Ginnie Mae TBA | 104.3 | 0.6 | |
| Current Coupon Fannie Mae TBA | 103.8 | 0.6 | |
| RPX Composite Real Estate Index | 200.7 | -0.2 | |
| BankRate 30 Year Fixed Rate Mortgage | 4.46 |
If you went to sleep just before Wednesday’s GDP report and just rolled out of bed, you would be forgiven for asking what all the hoopla is about. If not, you would be suggesting that Webster’s put the 3 day intraday chart of the 10-year bond yield as the illustration for the word “whipsaw.”
Bonds are rallying hard after a weak jobs report. Stocks are selling off as well. TBAs are up 3/4 of a point.
The July jobs report sent yields down 14 basis points (yes) on disappointing numbers. 162,000 jobs were added in July, and June was revised downward. The unemployment rate fell from 7.6% to 7.4% as the labor force participation rate dropped from 63.5% to 63.4%. Hourly earnings ticked down month-over-month and weekly hours fell. Overall, a “meh” report, with the caveat that summertime jobs reports tend to be volatile and no matter how hard the Bureau tries to make seasonal adjustments for all the things going on (seasonal work, students, teachers, etc) it is a difficult task.
Given that GDP growth has averaged about 1% over the past 3 quarters and the labor market is improving at a snail’s pace, it makes you wonder what the Fed is thinking about when they say they want to taper this fall.
The Fed seems to alternate between characterizing growth as “modest” and “moderate.” Ever wonder what the line between the two is? The WSJ attempts to parse.
Filed under: Morning Report |
All Things in Moderation 
Funny.
http://freebeacon.com/the-court-reporters/
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Mr President, is it hard to be as awesome as you are?
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Q: Thank you, Mr. President. During these first 100 days, what has surprised you the most about this office? Enchanted you the most from serving in this office? Humbled you the most? And troubled you the most?
http://hotair.com/archives/2009/04/30/video-the-100-days-enchantment/
Must be nice to be surrounded by fluffers.
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If only there was some explanation for this.
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“If only there was some explanation for this.”
A surtax on overseas earnings will fix that…
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Our betters:
Among those worried about letting anyone reporting news to consider themselves journalists: Sen. Amy Klobuchar (“I’m concerned this would provide special privilege to those who are not reporters at all”) and Sen. Dianne Feinstein (who said such a law should apply only to “real reporters”).
http://www.poynter.org/latest-news/mediawire/220036/senators-cant-agree-on-whos-a-journalist/
There is no way any supporter of this believes in liberty.
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And moar regulations! Especially EPA regulations.
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Tweet of the Day!
@PresPasserby: Of course journalists should be licensed. Not just anybody can be trusted to repeat whatever I say.
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well, i have a Journalism BA so i guess I’m all set.
Hibbert: Son, I’m afraid that leg is hanging by a thread.
Lubchenko: Lubchenko must return to game!
Hibbert: [chuckles] Your playing days are over, my friend.
But, you can always fall back on your degree in …
[reads chart] communications!? Oh, dear Lord!
Lubchenko: I know! Is phony major. Lubchenko learn nothing.
Nothing! [cries]
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To my fucking core.
http://hotair.com/archives/2013/08/02/charlie-rangel-these-tea-partiers-are-the-same-terrorist-white-crackers-we-fought-during-desegregation/
But at least *I* pay my taxes.
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Interesting column because of its co-authors.
http://tinyurl.com/l3yzv4q
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To my fucking core. George?
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Rangel’s crack about Tea Partyer’s are crackers. We are in fact History’s Greatest Monster.
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Got it now, George.
I have always respected Schmidt among the political operative class, a group not crawling with respectable folks.
http://tinyurl.com/n5g6vmy
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Has Schmidt been officially Frummed as a RINO yet?
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YJ, I dk.
Economist predicts peak oil demand now, not peak oil supply.
http://www.economist.com/news/leaders/21582516-worlds-thirst-oil-could-be-nearing-peak-bad-news-producers-excellent
This morning David H. the retired NASA engineer recalled his recently deceased former colleague, the genius George Mitchell [the one in the article, not the Senator/Ambassador].
Apparently he was a wealth of contradictions and bold ideas.
David is in my Friday breakfast group and also runs a “Great Decisions” program in Austin and also teaches robotics, gratis, to pre-schoolers. His son is an engineer too, who designed one of the latest if not the latest model drone. I saw a video of it in action. Very cool.
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Mark, thanks for the Economist piece. Funny, I’ve never read so much oil industry stuff as I have since the BP spill and having a daughter working in the industry. She’s always sending me info, if you’re interested I’ll forward to you, just let me know.
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Lulu, thanks. Please forward to mark_in_austin@operamail.com, not the gmail address, if that is not too much to ask. You might want to bookmark “fuelfix.com”, the Houston Chronicle’s heavy duty energy news section.
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Will do Mark, I added that email to my contact list. There’s a lot going on in CO right now because of horizontal drilling. Of course a lot of it is political. She’s working on what they call an “exploitation” team…………haha, not a very good name for what she does. Right now she’s compiling data and creating her famous maps to show where all the drilling is going on in CO, especially her basin, and matching that up with core data to help determine future drill sites. It’s a bigger job than she imagined she’d be doing her first year. She has her first big presentation next week and then goes on vacation for 2 1/2 weeks.
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Speaking of vacations, have any of you heard about this global threat alert?
http://bigstory.ap.org/article/some-us-embassies-close-sunday-over-security
Is this anything she should worry about as she leaves for Africa in a week? I’m not much of a traveler, especially International, so don’t know if we should be concerned or not. Any advice?
WASHINGTON (AP) — The United States issued an extraordinary global travel warning to Americans Friday about the threat of an al-Qaida attack and closed down 21 embassies and consulates across the Muslim world for the weekend.
The alert was the first of its kind since an announcement preceding the tenth anniversary of the 9/11 terrorist attacks. This one comes with the scars still fresh from last year’s deadly Sept. 11 attack on a U.S. diplomatic post in Benghazi, Libya, and with the Obama administration and Congress determined to prevent any similar breach of an American Embassy or consulate.
“There is a significant threat stream and we’re reacting to it,” said Gen. Martin Dempsey, chairman of the Joint Chiefs of Staff. He told ABC News in an interview to be aired Sunday that the threat was “more specific” than previous ones and the “intent is to attack Western, not just U.S. interests.”
BTW, I’m hoping to be around a little more now that July is behind me. I’m too old to be this busy.
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A Republican and a Democrat join forces to boot Filner from the Mayor’s office.
On Friday, Republican Michael Pallamary, a professional land surveyor from the wealthy San Diego neighborhood of La Jolla, and Democrat Stampp Corbin, the gay African-American publisher of the San Diego LGBT Weekly, agreed to team up on a recall effort to force Filner from office.
Unlikely bedfellows, the duo had launched separate recall efforts last month before agreeing to join forces in a signature gathering drive to force a recall election.
“We are all united to let the citizens decide,” Corbin told reporters in a news conference. The recall effort, under city rules, requires signatures of more than 101,000 voters to qualify for the ballot.
Corbin has cited the sexual harassment accusations against Filner as the reason for the recall, while Pallamary has listed other grievances against the mayor, including the alienation of other city officials.
In a Survey USA poll released last week by the San Diego Union-Tribune and local station KGTV, 69 percent of 700 city residents polled said Filner should resign. The poll had a margin of error of 3.5 to 4.3 percentage points.
http://www.reuters.com/article/2013/08/02/us-usa-sandiego-mayor-idUSBRE9711BG20130802
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