Posts Tagged ‘Bill Dudley’

Notes From Underground: Hey CNBC, New York Is Not the Most Powerful City In the World

August 27, 2015

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.

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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.)

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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.

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Notes From Underground: Bill Dudley refills the PUNCHBOWL (or why New York bankers shouldn’t Head the NY FED)

April 3, 2011

All was right with the markets as the unemployment data was released and for one of the few times in recent memory, the Wall Street analysts, ADP and others were right on target. Private sector job growth continued to improve, and the state and local governments were continuing layoffs to try to balance its budgets. The softest part of the employment data was the average hourly earnings, which were FLAT. This implies that employers are under no stress to lift wages with the unemployment rate at 8.8 percent. The markets took the data in stride as the DOLLAR was rallying on the positive data. With the previous day’s comments from various FED presidents, there appeared some need to lift some of the SHORT DOLLAR positions. The short-end of the yield curve was under pressure, aiding the DOLLAR RALLY and the selloff in the precious METALS. The equities seemed to be basking in the perfect storm for no WAGE GAINS, a mere threat of 1 percent FED FUNDS with an improving JOBS PICTURE doesn’t get any better for the EQUITIES.

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