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| "God has numbered your reign. You have been weighed, and found wanting." |
I would expect some wording change to reflect the deteriorating macroeconomic outlook in the US, even if they do not admit it.
The Chicago PMI came in weak, showing a contraction. Tomorrow we get the national ISM number and I think that will show a slight contraction as well, a little light of 50. But its hard to say.
We will also get the latest ADP employment change number, although it seems to have little impact except during a Non-Farm Payrolls week and at the extremes of estimates.
ECB will make a rate decision of their own on Thursday.
AAPL cheered the equity markets today by announcing its intentions to issue a record amount of new debt, on the order of $17 billion, in order to 'pay dividends and buy back stock.' They are doing this to avoid bringing back profits they have sequestered overseas to avoid paying taxes.
This is innovation, American style.
There are repeated rumours of a private run on the bullion banks from the ranks of the wealthy. Apparently they are pulling their bullion holdings out of even the 'allocated stores' of the banks and moving them to private storage facilities.
As you know, Ben Bernanke will be leaving the Fed soon, most likely to retreat back to Princeton and start writing his version of history, while taking a few spins through the revolving door. The discussion of his possible successors makes one's skin crawl. The economists are lining up to be considered for a chance at this largess of power and position, strutting their stuff like tarts on 11th Avenue. A sign of the times perhaps that the job will go to some smarmy insider. That is Obama's style.
Let's see what happens.
