Brent Nyitray
Fairlington Blade
Let the mutherfuker burn!
jnc4p
Kevin S. Willis
Michigoose
lmsinca
markinaustin
Memetrics
novahockey
quarterback
ScottC
yellojktVital Statistics:
| Last | Change | Percent | |
| S&P Futures | 1925.0 | -3.3 | -0.17% |
| Eurostoxx Index | 3263.1 | -19.8 | -0.60% |
| Oil (WTI) | 107.1 | 0.2 | 0.22% |
| LIBOR | 0.231 | -0.002 | -0.65% |
| US Dollar Index (DXY) | 80.61 | 0.035 | 0.04% |
| 10 Year Govt Bond Yield | 2.59% | -0.02% | |
| Current Coupon Ginnie Mae TBA | 106.5 | 0.0 | |
| Current Coupon Fannie Mae TBA | 105.3 | 0.1 | |
| BankRate 30 Year Fixed Rate Mortgage | 4.22 |
Markets are lower this morning on no real news. Bonds and MBS are up
Big week coming up with respect to economic data and potential bond market moves. First, we have some important data today with industrial production / capacity utilization. Tomorrow, we get housing starts and building permits. Finally on Wednesday, we get the results of the FOMC meeting. I believe the Fed will be refreshing its economic forecasts at this meeting as well.
The NAHB Homebuilder Sentiment Index rose to 49 in June from 45 in May. An index level of 50 is considered to be “good building conditions.” The homebuilding industry has a couple of headwinds to deal with – first the lack of skilled labor, and second caution on the part of
Empire Manufacturing came in at 19.28, the highest reading since 2010. New orders drove the increase. Employment conditions continue to improve, as we are seeing a small increase in employment levels and hours worked. The six month outlook remains optimistic.
Industrial Production increased .6% in May. Capacity Utilization rose to 79.1% and Manufacturing production rose .6%. April’s numbers were revised upward. Durable goods production was up 5.3% year-over-year.
Another Merger Monday with a couple of big deals. Medtronic agrees to buy Covidien for $43 billion and Level 3 agrees to buy TW Telecom for $7 billion. A combination of inflated stock prices and low interest rates pretty much means we should continue to see M&A activity. The Medtronic / Covidien deal is partially driven by tax considerations (remember that obamacare increased taxes on medical device companies), so expect a lot of kvetching out of the left about this deal.
The IMF cut its 2014 growth estimate for the US from 2.8% to 2%. They are forecasting 2015 growth of 3%. They expect the US to maintain ZIRP past mid-2015. Interestingly, the IMF calls for raising taxes, increasing spending, and raising the minimum wage. Christine Lagarde must have been drinking Dr. Cowbell’s kool aid.
Filed under: Morning Report |
All Things in Moderation 
The title, compared to the 1st paragraph is hilarious.
http://mobile.nytimes.com/2014/06/16/us/thousands-to-be-questioned-on-eligibility-for-health-insurance-subsidies.html?referrer=
I say fuck it and just print more money.
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Don’t you care about people getting insurance, bagger? You just want to let them die in the street, don’t you.
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Actually, Yes. Yes I do.
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Can we have this for our post Father’s Day Quote?
I’m trying to work out the moral calculus here since the group most likely to not want to bring a gay fetus to term are the people most opposed to abortion. I can’t picture Sarah Palin if Trig had been identified as a potential lesbian in utero defending her action one way or another.
yellojkt, on June 2, 2014 at 9:33 pm
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Hawt blue on blue from aught-right. Fighting over Hillary’s Battlefield commission on the War on Women.
http://m.dailykos.com/story/2008/02/24/463280/-Wow-Clinton-Attacked-12-Year-Old-Rape-Victim-s-Credibility-UPDATED
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What’s our opinion on this?
https://twitter.com/lachlan/status/478526785915985920
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I’m pretty sure I called this one: SCOTUS unanimously reverses the ludicrous 6th Circuit decision affirming dismissal of a lawsuit challenging Ohio’s law criminalizing “false” statements made in political campaigns.
Click to access 13-193_omq2.pdf
Btw, the District Judge who dismissed the case is radical leftist Tim Black, the same judge who held that Ohio must recognize homosexual “marriage.”
The Sixth Circuit’s opinion was written by an Obama appointee who is easily one of the worst Circuit Judges in the country, unqualified and rabidly political, a hack among hacks. The lynchpin of her “analysis” was that SBA could not allege any threat of enforcement (despite the fact that the case had begun in response to an enforcement action against it), because SBA said it did not intend to violate the law by knowingly making false statements in a campaign. SCOTUS minced few words about that reasoning: “The Sixth Circuit misses the point.”
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Why would anyone loan money to a country like Argentina?
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look at that spike at HHS.
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Thank God this is what the VA spends time on.
Obviously this demonstrates the Federal Government’s ability to handle Single Payer.
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Mr. Burns: Oooh, so Mother Nature needs a favor?! Well maybe she should have thought of that when she was besetting us with droughts and floods and poison monkeys! Nature started the fight for survival, and now she wants to quit because she’s losing. Well I say ‘hard cheese.’
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“Obviously this demonstrates the Federal Government’s ability to handle Single Payer.”
#OurOcean2014 — everyone into the risk pool!
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Do you need a fire extinguisher?
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maybe?
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See Michi’s comments to me on Saturday.
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If Obama held a public burning of the Constitution, issued a fatwa against all Republicans and Tea Partiers, and signed a Homosexual Emancipation Proclamation declaring SSM the law of the land and all objectors to be rounded up and transported to reeducation camps, liberals would say conservatives were paranoid and getting worked up over nothing.
The left must be destroyed, and its protests of innocence and benign intentions ignored. They are lies.
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Greenpeace loses $5.2 million on currency speculation.
Clearly non-profits are inadequately regulated.
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If Obama held a public burning of the Constitution, issued a fatwa against all Republicans and Tea Partiers, and signed a Homosexual Emancipation Proclamation declaring SSM the law of the land and all objectors to be rounded up and transported to reeducation camps, liberals would say conservatives were paranoid and getting worked up over nothing.
Do you have a date for that? I’d like to watch.
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Losing 5.2 million in the euro is not easy. That had to be a pretty sizeable position.
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Brent:
Losing 5.2 million in the euro is not easy. That had to be a pretty sizeable position.
A Rueters article I read said that the loss came in the second half of 2013. I looked and the high/low on the EUR/$ was 1.28/1.38. So the smallest position that could produce that kind of loss during that time frame was $60mm short.
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The left must be destroyed
Destroyed how?
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look at that spike at HHS.
I thought your new top hat and monocle looked pretty jaunty. How’s the yacht fund doing?
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This is the proper role of government.
http://mobile.nytimes.com/2014/06/16/business/agency-aims-to-regulate-map-aids-in-vehicles.html?_r=0&referrer=
Please, give me single payer too!
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Heh.
https://twitter.com/seanmdav/status/478643954984837120
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Who will be the first progressive Journolist (SWIDT) who in ironically cites the “every previous administration has used the IRS to attack their political opponents” Nixon defense. My bet is on Hack Sargent.
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For a brisk morning plunge into deep irony, hypocrisy, and liberal psychosis, read this letter from Gavin Newsom and a lot of fellow bigots and lunatics to the Archbishop of San Francisco condemning his planned attendance at the March for Marriage.
http://www.ktvu.com/news/news/local/state-city-officials-ask-archbishop-cancel-anti-sa/ngJx7/
People like Newsom can’t be stupid enough to be unable to comprehend how self-contradictory and self-refuting the letter is. Any explanation requires malice on their part.
Have I mentioned that our society, on this trajectory, is finished?
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For every liberal who has shouted “hypocrite” at someone who believes in limited government but has used government services like roads, schools, etc, I give you this:
http://www.bloomberg.com/news/2014-06-17/wealthy-clintons-use-trusts-to-limit-estate-tax-they-back.html
Just payin’ their fair share, I guess…
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I find it much simpler to just state my support for a tax rate sufficient to fund just that subset of services. Should result in a tax cut of about 50% at least.
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