- Dallas Fed Fisher: Policy reversal could be swift “When it comes time to tighten monetary policy, my colleagues and I will move with an alacrity that, if needed, will be equal in speed and intensity to that with which we pursued monetary accommodation,” Fisher said in remarks prepared for a speech to the Texas Christian University Business Network of Dallas. For now, Fisher expressed “cautious optimism” about the economy in general and the housing market in particular. There is some concern that the hope for a housing rebound could succumb to the headwinds experienced earlier if the efforts of fiscal and monetary authorities are allowed expire. Yet, that said, there is, in my opinion, a limit to the life support that can be provided,” he said.
- US July 20-City Case-Shiller home prices up 1.6% - better than expected. Consensus was up 0.5% after the 1.4% gain in June. The y/y fell to -13.3% better than the -14.3% expected. The 10-city index gained 1.7 percent in July after a 1.4 percent rise the previous month. “These figures continue to support an indication of stabilization in national real estate values, but we do need to be cautious in coming months to assess whether the housing market will weather the expiration of the Federal First-Time Buyer’s Tax Credit in November, anticipated higher unemployment rates and a possible increase in foreclosures,” David Blitzer, chairman of the index committee at S&P, said in a statement.
- US Consumer Confidence for September drops to 53.1 – weaker than expected. Consensus 57. This follows 54.5 in August. Present situation 22.7 from 25.4; expectations 73.3 from 73.8; Jobs plentiful drop to 3.4 from 4.3 while hard to get rise to 47 from 44.3; Inflation 1y outlook 5.2% from 5.4%.
- US Business Roundtable CEO economic outlook rises in 3Q to 44.9 from 18.5 but still plan job cuts, capex cuts. The survey said 40 percent expect to cut U.S. jobs over the next six months, compared with 13 percent who expect to add them. Some 35 percent expect to lower U.S. capital spending, more than the 21 percent who plan to raise it. In a sign that they see the U.S. economy beginning to pull out of its worst downturn since the Great Depression, the majority — 51 percent — of CEOs expect their companies’ sales to rise over the next six months. The Business Roundtable’s quarterly CEO Economic Outlook Index rose to 44.9 in the third quarter, up from a reading of 18.5 three months ago, but below the level of 50 that separates growth from decline. It has been negative for a year. CEOs expect real U.S. gross domestic product to decline 0.9 percent in 2009, up from their June view of a 2.1 percent decline. Business Roundtable member companies, who were surveyed Sept. 2 to Sept. 18, employ more than 10 million people and collectively generate over $5 trillion in annual revenue.
Financial Market News
September 29th, 2009 · No Comments
Tags: Forex News
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