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  • Wall Street Breakfast: Must-Know News [View article]
    Fed's Rosengren: We will adjust our policy to fit the economic data as it presents itself. We are on the right path.

    Sept. Nonfarm Payrolls: -263K vs consensus expectation of -175K. Unemployment rate = 9.8%. This was worse even than GS recently adjusted estimate (yesterday) of -250K.

    However, Aug. Nonfarm Payrolls losses were revised downward from -216K to -201K. This was a little bit heartening.

    This could lead to another down day. Factory Orders to come at 10am ET may have a significant impact still. Gold down -$3+. Oil down -$1+. USD Index up +.26% currently. All these things so far set the stage for a down day. Of course, the SPY sank a dollar to $102.08 soon after the non-farm payrolls announcement. We'll have to wait to see where it goes from here.
    Oct 02 08:43 am |Rating: +1 -2 |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    The first Q2 GDP estimate came in at -1.0%. This was better than the expected -1.5%. However, some people had apparently been hoping for an even better result. Obama pre-announcing a negative result was a big clue that expectations were likely too high.

    The Q1 GDP revision to -6.4% was a huge disappointment to the markets. The markets had been hoping for an upward revision. This means the overall result was worse than the market expectations. This result also makes the likelihood of a downward revision of Q2 GDP more likely. This is not good news for the markets either.
    Jul 31 09:13 am |Rating: +2 0 |Link to Comment
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