The Trade Deficit data for the US will be released in the next few hours with the Petroleum Deficit already $27.6 bln, non oil goods $34.8 bln and the Services surplus of $15.4 bln of last month expected not to change so a surprise would need evaluation in that report
The 30 yr bond auction was weak as expected even for the lower $16 bln bond amount on bid with dealers picking up 57% of the issue indicating weak investor interest. Yields though were firm
The Fed Balance Sheet was perky in the afternoon however, even as the $4. 3 bln in new Central bank Liq Swaps failed to bloat the balance sheet with maiden Lane II dropping out of the Fed picture. Bank in the picture was weekly Reserve bank credit up to $7.9 bln even a s money supply surged to $10 bln for the weekly data
While the housing sector will receive a lot of attention in the markets before and after the weekend, we would be pushing to figure how the bank claimed credit roll the extra $15 bln to the homeowners. According to D Lazarus of the LA Times, the BAC bill for the docket is $12 bln, Wells Fargo and Chase $5.4 bln each California’s signing the bill could mean good traction in the West US as housing and unemployment remain the only niggles in a good year otherwise
the Bloomberg Consumer index interestingly has moved up from -76 to -41 today while the UMIch Sentiment report is expected to stick around last month’s 75 levels
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