Recap 9-18-13




  • FOMC: No Taper, no change in thresholds in the statement, but in the Q&A, Bernanke seemed to disclaim the idea that QE would end once UER hit 7%. Forecasts:
  1. 2014 GDP: 3.0% vs 3.25% prev
  2. 2014 Unemployment: 6.6 vs 6.65 prev
  3. Median Fed Funds at YE 2016 at 2.0% vs 2.25-2.5% exp

US Housing Starts rose to 891k in Aug vs 917k exp and 896k prev. The miss was driven by a sharp 11% drop in themulti-family component.

BoE Minutes showed a 9-0 vote to keep policy unchanged

Home prices in China’s 70 major cities increased by 8.3% y/y

S&P put Portugal on Watch Negative

As much as $26.3bn in net flows made its way into the 480 or so single-manager hedge funds with $1bn or more in this year’s first half, according to data from Hedge Fund Research. Attempts at fundraising over the same period yielded dismal results for the more than 7,500 funds with less than $1bn; they managed to collect just $3.4bn in assets on a net basis. -Dealbreaker

Upcoming Data:

  • Thu: UK Retail Sales, Initial Jobless Claims, Philly Fed, Existing Home Sales
  • Fri: RBI, Canada CPI
  • Mon: China Markit Flash Mfg PMI, EU PMI, Chicago Fed National Activity Index, Market US Preliminary PMI
  • Tue: German IFO, Canada Retail Sales, US Home Price Index, US Consumer Confidence