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Consumer Sentiment Consensus
The Reuter's/University of Michigan's Consumer sentiment index sank further to 56.7 for the mid-June reading from 59.8 in May. June's figure is the lowest on record since the series began in 1952. The second lowest reading was 57.6 for February 1975. For the latest month, one-year inflation expectations slipped 1 tenth but remained high at 5.1 percent while 5-year expectations were unchanged at 3.4 percent.

Consumer sentiment Consensus Forecast for final June 08: 56.9
Range: 55.9 to 58.0
http://fidweek.econoday.com/reports/US/EN/New_York/consumer_sentiment/year/2008/yearly/06/index.html
 
Personal Income and Outlays Consensus Notes
Personal income growth appears to be softening as April's increase eased to 0.2 percent, following a 0.4 percent advance in March. April's true weakness was masked by income tax rebate checks as the wages and salaries component actually fell 0.2 percent, following a 0.5 percent boost the month before. A surge in government benefits reflected the start of the income tax rebates intended to boost the economy. On the spending side, personal consumption rose 0.2 in April after jumping 0.4 percent in March. On the inflation front, the headline PCE price index came in with a 0.2 percent increase, following a 0.3 percent gain in March. Meanwhile, the core PCE price index slowed to 0.1 percent in April, following a 0.2 percent increase the prior month. With the latest jump in the overall CPI to 0.6 percent for May, we are likely to see a similar increase in the headline PCE price index.

Personal income Consensus Forecast for May 08: +0.4 percent
Range: +0.2 to +1.9 percent

Personal consumption expenditures Consensus Forecast for May 08: +0.7 percent
Range: +0.3 to +0.9 percent

Core PCE price index Consensus Forecast for May 08: +0.2 percent
Range: +0.2 to +0.2 percent
http://fidweek.econoday.com/reports...me_and_outlays/year/2008/yearly/06/index.html
 
Not so fast, senators tell Fed, SEC on bank pact
As the Federal Reserve and securities regulators neared an agreement on investment banks, leaders of the U.S. Senate Banking Committee on Friday warned them not to get ahead of Congress with any Wall Street reforms. Investment banks, which have traditionally enjoyed light regulation, are trying to boost capital in the wake of the subprime mortgage crisis that triggered billions of dollars in write-downs. The Fed and the Securities and Exchange Commission have been developing a formal agreement to share information about investment banks amid an intensifying debate on what additional regulation may be needed.

Connecticut Democrat Christopher Dodd and Alabama Republican Richard Shelby sent a letter to the Fed, SEC and the Treasury Department about the Fed-SEC agreement. Dodd chairs the banking committee and Shelby is its top Republican member. "We ask that no action regarding implementation of the (agreement) be taken before we can determine that it is in the best interests of our nation's economy and the well-being of its citizens," the letter said. The lawmakers' warning came as the Bush administration deals with the aftermath of momentous decisions in March that changed the Fed's relationship to Wall Street, perhaps permanently. In that month, the Fed helped engineer a takeover of Bear Stearns by JPMorgan Chase & Co and guaranteed a $29 billion loan to facilitate the transaction out of concern that a Bear Stearns bankruptcy could trigger a financial panic.

http://news.yahoo.com/s/nm/20080627...ngress_dc_2;_ylt=AmTQLx6kaxT5phCzxaPL8cME1vAI
 
[BRIEFING.COM] S&P futures vs fair value: -16.3. Nasdaq futures vs fair value: -26.0. The mood in premarket trading remains decidedly pessimistic. Stock futures continue to lag fair value as traders find little motivation to buy stocks.
 
The unemployment rate for June came in at 5.5%, which is above the 5.4% rate of unemployment that economists forecast. The rate reflects a 62,000 drop in nonfarm payrolls. The change in payrolls was unchanged from the prior month, but 2,000 more than economists expected. Jobless claims for the week ending June 28 totaled 404,000, topping the 385,000 claims economists expected and up from the prior week.
 
e-mini S&P traded today untill noon est....down 8.25 pts. to 1256

oil trading probably till 3:00 est...down 1.07 to 144.22
 
08:30 am : S&P futures vs fair value: +10.0. Nasdaq futures vs fair value: +12.8. Futures continue to indicate an upward start to Thursday's action. Initial jobless claims for the week ending July 5 totaled 346,000, which is below the 395,000 filings economists forecast. Weekly claims decreased 58,000 from the prior week. Continuing claims through June 28 climbed 91,000 to total 3.202 million, though economists were expecting 3.14 million ongoing claims.
 
These guys are on the ball: Shares of Lehman Brothers (LEH) have been downgraded after analysts digested the investment bank's preliminary third quarter results announced yesterday. The stock was moved to Hold from Buy at Citigroup this morning. Goldman Sachs also lowered shares of LEH to Neutral from Buy, according to Dow Jones. The downgrades reflect disappointment with Lehman's latest results and the company's plan to turn itself around.
 
Ha! Lehman reiterated 'Equal Weight' on shares of FNM after they plunged to mere pennies on Monday. I'm guessing that's the same as 'Hold' which is the same as 'Sell'.
 
The morning's gap filled impressively, but watch the 1245 area for strong resistance (Friday's high before Monday's big gap up).
 
Last edited:
08:35 am : S&P futures vs fair value: -15.90. Nasdaq futures vs fair value: -4.80. A lower open is expected, with a barrage of reports not doing much to help sentiment. The New York Fed accepted a $50 billion overnight repo in an effort to improve liquidity following the doubling of the overnight Libor rate and an increase in the fed funds rate above the target rate. Overseas central banks also injected liquidity into the system, according to CNBC. Fed funds futures for today's meeting now indicate a 96% chance of a 25 basis points cut to 1.75% and a 4% chance of a 50 basis point cut. There was no chance of rate cut just one week ago. Best Buy (BBY) reported second quarter earnings of $0.48 per share, which is $0.09 worse than the average analyst estimate of $0.57. Goldman Sachs (GS) earned $1.81 per share, which topped the average estimate of $1.71, but marked year-over-year decrease of 72%. GS fell 8% to a fresh 52-week low in premarket trading. In economic news, CPI fell 0.1% in August, matching expectations due to a drop in commodity costs. CPI excluding food and energy rose 0.2%, also in line with expectations. In commodity trading, oil prices are plunging once again, down 4.1% to $91.79 per barrel.
 
VIX hits 33.70 this morning.

Fed then intervenes- pumps in $50 billion in liquidity to calm the markets, and then pumps another $20 billion in again.


Crazy day, eh?
 
James48843 said:
VIX hits 33.70 this morning.

Fed then intervenes- pumps in $50 billion in liquidity to calm the markets, and then pumps another $20 billion in again.


Crazy day, eh?
Click to expand...
Where can I read up on this process. Specifically, when it's decided, how do they "inject" the money, and is there a "removal" of these funds???:cool:
 
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