While most of us are expecting another round of Fed pump priming on Nov 3rd, non voting member Lockhart last night said “For me, personally, it is not a foregone conclusion that more accommodation is required.” The US$ and gold today think there is no doubt and believes it’s a fait accompli as long as Bernanke is running the Fed. The CRB RIND rose to a record last night for a 2nd day. According to the MBA, the avg 30 yr mortgage rate fell to a new low of 4.38% but refi’s fell for a 4th straight week to a 7 week low (otherwise known as, the law of diminishing returns). Purchases rose 2.4%. The private sector weighted Chinese manufacturing PMI rose 1 pt to a 4 month high but Chinese stocks were little changed. The Q3 Japanese Tankan manufacturing index rose 7 pts to +8, 1 pt above forecasts and the Yen is up for the 7th day in the past 8. II: Bulls 43.3 v 41.4 Bears 27.8 v 29.3, bulls highest since mid May, bears at 7 week low.

Category: MacroNotes

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

One Response to “Stuff”

  1. chartist says:

    Of course Lockhart will say that….Otherwise, he’d cause a $100 ramp in gold…..The GLD chart seems to indicate $1500 is the next target.