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Japan Intervenes: BoJ Puts Cat Among the Pigeons
Highlights The US dollar is firmer against the major foreign currencies, but the main interest today is on the first Japanese intervention in six years that has succeeded in driving the greenback through the JPY85.00. This appears to have…
Gold Confiscation: Straws in the Wind
by David Galland, Managing Director, Casey Research In the emails that our readers at Casey Research send our way, questions and concerns about the possibility of gold confiscation rank high. My somewhat standard response is that, yes,…
More on retail sales, small businesses and economic growth
There were three pieces of data today that give the complete picture for the consumer economy right now. My read of the data says we are now in a holding pattern awaiting more concrete evidence that the technical recovery which began last…
On whether the economy is headed up or down and other links
Topic of the Day: Is the economy headed up or down? Buffett Rules Out Double-Dip Recession Amid Growth - Bloomberg Hatzius pegs a double dip at only 25 percent | Credit Writedowns Small business optimism sees slight uptick |…
Rosenberg: “If I was going to publish a bullish report on the U.S. economy…”
Everybody's favourite bearish analyst, Gluskin Sheff's David Rosenberg had a few thoughts on some of the bullish analyses he's been seeing. Despite his bearishness, he even goes as far as to say why he would be bullish. Here are the first…
Small business optimism sees slight uptick
CNBC discusses the small tick up in the NFIB Small Business Optimism Index with William Dunkelberg, Chief Economist for the National Federation of Independent Business. Note that despite the uptick, small businesses are not saying they plan…
Headlines: Japan leadership contest, German confidence and UK inflation
Highlights The US dollar is mostly higher as a result of disappointing German, UK and New Zealand economic data. However, Prime Minister Kan succeeded in holding off the challenge at the DPJ leadership contest, easing the threat on the…
Hatzius pegs a double dip at only 25 percent
Here's Jan Hatzius, Chief US Economist at Goldman, talking to Steve Liesman on CNBC talking about the economy and taxes (Hat tip Joe Weisenthal). Hatzius sees significant growth risks but is more sanguine on a multi-year recovery scenario…
Chart of the Day: Beware Downward Adjustments to Earnings Estimates
by John Lounsbury David Rosenberg, chief economist at Toronto's Gluskin Sheff, is continually publishing interesting graphs. Below one from today's newsletter which shows the relationship between 12-month forward earnings estimates for the…
Hussman: Watch the lagging indicators
John Hussman is not buying the recent risk-on sentiment that has developed since September began. For example, retail sales numbers are to be released tomorrow. Marc Chandler has said that a number above consensus estimates of 0.3%…