Friday, November 11, 2011

Here is Peter Boockvar's (of Miller Tabak fame) summary of this week's macroeconomic events.


1) Berlusconi goes and Italian Senate passes budget (awaits lower House)

2) The EFSF sells bonds to fund Irish bailout after last week's failure

3) ECB members stick to guns and say money printing not going to happen. They implicitly say to Italy "you figure it out"

4) September exports rise to record high ... but can it last?

5) MBA said refis rose 12.1% and purchases were up 4.8% as mortgage rates fell

6) U.S. import prices unexpectedly fall by 0.6% month-over-month led by food and energy prices

7) China's CPI moderates to five month low but remains still high at 5.5%


1) Italian bond yields move higher again but close well off week's intraday highs. The third-largest bond market in the world is staring over the edge. French rising bond yields becoming big focus too

2) Will the ECB be left with no choice but to be like Ben?

3) US 10 yr and 30 yr Treasury auctions were weak, finally push back on historically low yields with inflation elevated and concerns with Super Duper Undercover Secret Committee?

4) Import prices from China rise .4% month over month, the most since April

5) India's Industrial Production in September rises at the slowest pace in 2 years

6) German Industrial Production in September falls a greater than expected 2.7%

If all goes well in Italy over the weekend, I expect the ECB to cut rates again shortly.