Credit Writedowns

The widely followed Markit PMI report of China's manufacturing for July was disappointing, coming in at an 11 months low.

News links for 23 Jul 2013

Argentina's official economic growth surprised analysts with a 7.8% year over year jump in May. But can the growth numbers be trusted?

I have a few brief comments here on the crop of technology earnings and stories that are coming out. The lead story is actually on Nokia's earnings because it captures the pricing pressure I believe is happening right across the technology…

The Fed will be stuck at zero for a very long time, perhaps forever. Investors who are anticipating the Fed's tightening are premature in their assessment of when rate hikes can reasonably occur. Ben Bernanke and other Fed members have made…

This note comes via New Economic Perspectives in response to Bill Black's article The housing appraisers warned us about the crisis but we didn’t listen that appeared here.

We think it would be a good idea to take a step back to see how EM FX and equities have performed during this recent bounce. Many EM currencies peaked against the dollar and the euro in early May, but then gave up ground, especially after…

News links for 17 Jul 2013

The following are today's prepared remarks of the Semiannual Monetary Policy Report to the US Congress by US Federal Reserve Chairman Ben S. Bernanke. While the totality of Chairman Bernanke's remarks are not new, we have underlined and…

News links for 16 Jul 2013