- FOMC vote was unanimous. Statement was fairly dovish. Quotes: “progress toward its objectives has been disappointingly slow.”
- No surprises out of the SOTU. The proposed fiscal measures will only reduce the projected budged deficit by a couple of percent at best.
- Apple is expected to install "wave and pay" technology in its next iPhone version in hopes of securing a big piece of the multibillion-dollar transaction industry – FT.
- The CBO estimates that the FY 2011 deficit will reach $1.480trn, or 9.8% of GDP vs $1.066trn (7.0% of GDP) in August 2010. This upward adjustment is significantly higher than consensus forecasts. (8.75%)
- BoE minutes showed that 2 MPC members voted for a hike, the surprise voter being Martin Weale. Posen maintained his vote for more QE.
- Some banks in China have sharply raised lending rates in an effort to curb credit creation. Some have hiked lending rates to as much as 1.45x the benchmark levels. DJ/Bloomberg
- GDP in South Korea increased 0.5% q/q in the fourth quarter, a tenth above expectations. Year-over-year the economy has grown 4.8%.
- Crunching a lot of numbers today, so nothing insightful. Hopefully will have an interesting bit on P/E tomorrow.