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A good royalist/mi6 agent is one pushing daisies up! Down with MI6. Arrest them all!!!
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Bo’s Son a Tory!!
Too funny! He knows who runs the world and heads the real communist party of England!
Fed prepared to act, but only if economy weakens
Reuters) – U.S. Federal Reserve officials, out on a speaking spree on Thursday, suggested the economy would have to deteriorate for the central bank to consider additional monetary stimulus.
Policymakers did hint at the possibility of further action. Fed Board Governor Sarah Raskin said the U.S. central bank stands ready to do all it can to support the economic rebound, while William Dudley, president of the New York Fed, emphasized the recovery’s fragility.
“Some economic news has been encouraging and may be suggesting that the pace of the recovery is picking up,” Raskin said, citing the drop in the unemployment rate over the past six months and the creation of about 1 million jobs. “However, the national economic recovery clearly has a long way to go.”
Late Wednesday the Fed’s influential vice chair, Janet Yellen, said the central bank’s policy of near-zero interest rates is appropriate given high unemployment and the headwinds facing the economy. She added the central bank has a variety of options were it to engage in further asset purchases, and that the Fed remains “quite willing” to take whatever actions are necessary to achieve its mandate.
However, that message was not unanimous. While Yellen defended the Fed’s guidance that it would likely leave rates near zero until late 2014, Philadelphia Fed President Charles Plosser on Thursday said the central bank should move away from the approach of suggesting a specific calendar date for the start of rate hikes.
“I’d like to get us to move away from that and substitute something that’s a little more systematic and coherent about how it depends on the economy,” Plosser told reporters after a speech to economists.
The Fed next meets on April 24-25, and it is not expected to take any fresh policy measures at that time, but rather use the meeting to discuss the latest economic developments and further refinements to its communications strategy.
Still, a Reuters poll conducted after last week’s release of disappointing March employment figures found most Wall Street primary dealers think another round of bond-buying will eventually take place.
Financial markets have been keenly attuned to any signs that the Fed might expand its asset-buying program, which it has used to stimulate the economy along with the decision to keep the official interest rates near zero. The easy money that has flooded markets has been viewed as a key factor in supporting asset values.
The Fed’s Operation Twist program, which is designed to lower long-term interest rates by lengthening the average maturity of the Fed’s bond portfolio, is to end in June.
BERNANKE UP TO BAT
Investors will be keen to see what Fed Chairman Ben Bernanke has to say on Friday when he gives the latest in a string of recent public pronouncements that included four lectures to college students last month.
Raskin said the Fed’s actions have helped with business investment spending and she noted the pick-up in car sales. The lower value of the U.S. dollar has also helped exports, but the pace of recovery is still slow.
“The Federal Reserve remains fully committed to doing everything it can to promote maximum employment in the context of stable prices,” Raskin said in a speech to Los Angeles business and community leaders.
Still, investors were left with the sense that things would need to get worse for the central bank to act.
“We believe it would take a significant weakening in the data before the committee would initiate further asset purchases,” said Michael Gapen, economist at Barclays in New York.
Yellen said she expects the economic recovery to continue and to strengthen somewhat over time.
U.S. economic growth has been erratic during this recovery, and the job market has been especially slow to get into gear.
Gross domestic product registered growth of 3 percent in the fourth quarter of 2011, but growth is expected to have slowed to the low 2 percent range in the first three months of this year.
The unemployment rate has fallen from around 9.1 percent last summer to 8.2 percent in March. But employment growth slowed sharply last month as well, raising fears that the labor market might sputter out yet again.
The economy has made up less than half the jobs lost during the Great Recession, without adjusting for population growth.
Still, Plosser and others at the Fed argue further monetary stimulus would offer little additional boost to employment while raising the risk of inflation and complicating an eventual exit from the low rates policy.
“Maximum employment is largely determined by factors that are beyond the control of monetary policy,” he said.
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JPMorgan Earnings Beat (lowered) Estimates on Mortgage Lending Gains
JPMorgan Chase & Co. (JPM) reported a 3.1 percent drop in earnings, a smaller decline than analysts estimated as mortgage revenue surged and trading almost doubled from the fourth quarter.
First-quarter net income fell to $5.38 billion, or $1.31 a share, from a record $5.56 billion, or $1.28, in the same period a year earlier when there were more shares outstanding, the New York-based company said today in a statement. Per-share profit compared with an average estimate of $1.17 from 28 analysts surveyed by Bloomberg….
JPMorgan and Wells Fargo & Co. (WFC) are the first of the top six U.S. banks to release results, and are projected by analysts to post the highest earnings of the group. Wells Fargo, the fourth- largest U.S. bank, reported a 13 percent increase in first- quarter profit, reaching a record high of $4.25 billion and beating analysts’ estimates.
Fracking Tied to Unusual Rise in Earthquakes in U.S.
Consumer Prices in U.S. Increased at a Slower Pace in March
The cost of living in the U.S. increased at a slower pace in March as the run-up in energy prices eased, supporting the view of some Federal Reserve policy makers that inflation will ebb.
The consumer-price index climbed 0.3 percent, matching the median forecast of economists surveyed by Bloomberg News, after increasing 0.4 percent the prior month, Labor Department data showed today in Washington. The so-called core measure, which excludes more volatile food and energy costs, rose 0.2 percent…
People are Getting Tired of Dennis Gartman’s Dissimulations
Dennis Gartman Is A Fraud—In Yen Terms
In his typical pompous, weak-chinned facade, alleged gold expert Dennis Gartman has declared that the decade-long bull market in gold is dead—again—and again. He penned in his newsletter, Gartman Letter:
“ . . . in retrospect it does appear that gold has not been in a bull market but has indeed been in a bear market” since peaking at $1,920 in August 2011.
“Since then,” he continued “each new interim low has been lower and each new interim high has followed. How, we ask, had we missed that fact!”
In keeping with the CNBC’s Steve Liesman cadre of phony economic theorists and Fed sycophants, Gartman reminds his fellow bourgeoisie that he should never be mistaken for a dreaded gold bug proletariat, nor should anyone even think for a moment that he could actually be a closet ‘prepper.’
“I don’t like being long of gold. I don’t like the gold bugs,” he said, affirming his allegiance to CNBC producers. “I’m not a believer that the world is coming to an end.”
“Nonetheless the trend in gold in all sorts of currencies, whether in dollar terms, euro terms, yen terms, has been…from the lower left to the upper right,” he stated, contradicting his previous assessment that gold’s chart pattern indicates a bear market in the precious metal.
Gartman, a gold bug? No. Mr. Gartman is a sophisticated man, with all of his teeth and education to prove he is no rube who owns at least a shotgun. Moreover, he sports a beard to match Bernanke’s and Krugman’s—the Smith Brothers trio of the Church of Keynes.
“They genuflect in gold’s direction; we merely acknowledge that it exists as a tradingvehicle and nothing more. There are times to be bullish, and times to be bearish … to every season, as Ecclesiastes tells us,” stated Gartman.
However, Gartman neglected to quote Deuteronomy, Genesis and Revelations, all of which tell us that he is as full of bull as Bernanke and Krugman are.
Deuteronomy 23:19 Thou shalt not lend upon usury to thy brother; usury of money, usury of victuals, usury of any thing that is lent upon usury.
Genesis 2:12 And the gold of that land is good: there is bdellium and the onyx stone.
Rev 3:18 I counsel thee to buy of me gold tried in the fire, that thou mayest be rich; and white raiment, that thou mayest be clothed, and that the shame of thy nakedness do not appear; and anoint thine eyes with eyesalve, that thou mayest see.
Ultimately, when the dollar collapses and gold can’t be pried loose from the public at $5,000 per ounce (400,000, in yen terms), Gartman can be expected to start quoting Romans 13 in his newsletter.
Related: SPDR Gold Trust (NYSEARCA:GLD), iShares Silver Trust (NYSEARCA:SLV), iShares Silver Trust (NYSEARCA:IAU), ProShares Ultra Silver (NYSEARCA:AGQ), ProShares Ultra Gold (NYSEARCA:UGL), Powershares Bullish Dollar ETF (NYSEARCA:UUP).
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Mittens Pratt Sells America Out to the Butcher of 911, Bibi Netanyahu