Fed’s Daly: The number was a “wow” number. The December Fed policy is a good indicator.
Fed’s Daly on FoxBusiness At the end of the day, nothing new. However, we do know that between yesterday and today, the Fed may not have a higher terminal rate, but they will also not stop tightening or reverse course for an extended time. The next meeting is on March 21. There will be another […]
US factory orders for December 1.8% versus 2.2% estimate
US factory orders rebound Factory orders for December 1.8% versus 2.2% expected. Prior month -1.8% Durable goods unrevised 5.6% versus a 5.6% preliminary. Prior month -1.7% durable goods ex transportation x% versus -0.1% preliminary Durable goods Non Defense Cap ex-air -0.1% versus -0.2% preliminary Factory orders ex transportation -1.2% versus -1.2% last month (revise from […]
Australia December retail sales -3.9% m/m (expected -0.3%)
Australia December retail sales -3.9% m/m – a huge miss but there were warnings expected -0.3%, prior +1.4% (November benefitted from Black Friday sales) the -3.9% m/m is the first fall after 11 consecutive months of rises apart from the pandemic and the introduction of sales tax (GST) this is the worst month ever The […]
US December PCE core inflation +4.4% vs +4.4% expected
Core PCE data y/y Consumer spending and income for November: Personal income +0.2% vs +0.2% expected. Prior month +0.4% Personal spending -0.2% vs -0.1% expected. Prior month +0.1% Real personal spending -0.3% vs +0.0% prior Under the covers of this report, the Fed might not like seeing services inflation up 0.7% m/m. That’s counteracted by […]
Dallas Fed trimmed mean PCE price index +2.3% annualized in December vs +3.0% prior
One-month trimmed mean annualized +2.3% vs +3.0% prior 12-month PCE trimmed mean +4.4% vs +5.0% prior These one-month numbers have come down from 6.0% in August to near the Fed’s target. It will take more numbers like this with the help of lapping soft comps to get the Fed where it wants to be. Source […]
US December pending home sales +2.5% vs -0.9% expected
Prior was -4.0% (revised to -2.6%) Index 76.9 vs 73.9 prior This is the first improvement since May Full report This is December data but there’s increasing talk of better home-buying traffic in January as consumers see rates in the low 6s. “This recent low point in home sales activity is likely over,” said NAR […]
Japan PM Kishida says BOJ December ‘tweak’ was to enhance, sustain monetary easing effects
Reuters headline on a remark from Japanese Prime Minister Kishida: Acknowledges BOJ’S December policy decision was an operational tweak to enhance, sustain monetary easing effects smoothly Huh. Given the way inflation is rising in Japan many in the markets saw it as a tiny first step towards the Bank of Japan dially back its ultra […]
Bank of Japan – Minutes of the Monetary policy Meeting on December 19 and 20, 2022
The decision to expand the tolerance for the 10-year JGB yield Yield A yield represents the earnings generated by an investment or security over a certain time period. Yields are typically displayed in percentage terms and are in the form of interest or dividends received from it.These figures do not include the price variations, which […]
Economic calendar in Asia – Bank of Japan December meeting minutes
The December Bank of Japan policy meeting was a doozy. The Bank widened its YCC tolerance band after weeks and months of saying they’d do nothing of the sort. Link to the statement, impact, and reverberations through markets that day: We’ll learn more from the publishing of the minutes of that meeting. These are due […]
US existing home sales for December 4.02M vs 3.96M estimate
<ul><li>Existing home sales 4.02M va 3.96M estimate</li><li>Prior month 4.08M vs 4.09M previously reported. </li><li>Sales are down -1.5% MoM</li><li>11th straight month decline</li><li>Supply at 2.9 months with a more balanced market being 4.6 months</li><li>Median sale price $366,900 that is up 2.3% from December 2021</li><li>2022 existing home sales 5.03M units -17.8% from 2021 (6.12M units)</li></ul><p>Existing home sales are […]