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In This Issue.
* Turning Japanese ????
* Mike Meyer vs. WSJ - who is right?
* New Zealand keeps rates unchanged
* Dimon gets grilled on Capitol Hill
And, Now, Today's Pfennig For Your Thoughts!
The US is turning Japanese ? ? ?
Good day. I returned home late last night after a quick trip down to Tampa. The trip was great, and I got to 'spread the gospel' of diversification to a couple groups of current and potential EverBankers. I took advantage of the plane rides to catch up on some overdue reading, some of which gave me some good pfodder for today's Pfennig. The papers and magazines I picked up at the airport were full of stories about the Eurozone breakup which I expected, but there were also a number of stories regarding what has been termed the 'fiscal cliff' which we are moving toward here in the US. The editors seem to be having as difficult a time as investors figuring out on which side of the pond to focus their attention.
The dollar traded off through most of the day as investors are increasing their bets the Fed will discuss another round of quantitative easing during their FOMC meeting next week. The chances of another round of stimulus increased after data released yesterday showed Producer Prices fell 1% during May on a month to month basis and increased just .7% on a YOY basis. Other data showed retail sales increased less than predicted, and actually fell when autos and gas were taken out of the figure.
Today we will get the CPI data for May and the numbers are expected to mirror yesterday's PPI data. Consumer Prices are expected to have fallen .2% during May when compared to April. It is Thursday, so we will also see the weekly jobs numbers probably won't show any improvement over last week's 377k increase in jobless claims.
This data reflects an ...
Thanks Billy Bayne