At 8:00 a.m. EST, CNBC‘s announcer says, “From The Most Powerful City In the World, This Is Squawk Box.” What bothers me is the squawking about your importance. What irritates me even more is that Beijing has been the most powerful city when it comes to moving markets. Every other idea spewed this week has been about the impact of the Chinese authorities and the policy impact from the Politburo that “destroyed” trillions of equity market value. It even appears that the Chinese are dominating the discussion in Jackson Hole, Wyoming where the Kansas City Fed is hosting their annual symposium. Even New York Fed President Bill Dudley, aka Less Compelling, cites the Chinese as the reason to be less compelled to raise rates at the September meeting.
Posts Tagged ‘Bill Dudley’
Notes From Underground: Housing Is Making It As the Foundation of Obama’s Domestic Agenda … Why Hasn’t Geithner Been Replaced?October 24, 2011
The speeches by FOMC GOVERNOR TARULLO and Vice Chair Yellen were followed up with an Obama speech on a “major” REFI operation and many articles in the media. In today’s Financial Times, Larry Summers just happened to have a piece titled, “WHY THE HOUSING BURDEN STALLS AMERICA’S ECONOMIC RECOVERY.” It seems that the administration has awakened to the fact that the credit crisis has been wrapped in a housing crunch that has kept consumer demand lackluster at best. (Also known as the Geithner plan: Aid the banks first and maybe help the debt-laden consumer/homeowner somewhere down the line.)
Notes From Underground: The FED’s new drinking game–every time you hear the word TRANSITORY, drink a shot (we are going to need it)April 11, 2011
The markets were a bit heavy today as profit taking set in amid rumors that GOLDMAN was selling some long-held commodity trades. I cannot confirm the rumors as nobody from the hallowed tower called to let me know but the rumors weighed heavily on the commodities and certain commodity-related currencies. The GOLD made all time highs and the SILVER put in 31-year highs and both wound up closing lower on the day. Such price action in the precious metals would serve warning about a correction, but as usual I advise consulting your favorite technician or book on technical analysis to determine the best course of action.