Key data releases this week include: existing home sales (Wed), housing prices (Thu), leading economic indicators (Thu), and new home sales (Fri).
Haver
June 14, 2017
At (last week's) meeting of the Federal Open Market Committee, the targeted federal funds rate was increased 25 basis points to a range of 1.00% to 1.25%. The targeted range has been raised four times since the low of 0.12% in place from late-2008 until late-2015.
Haver
June 14, 2017
The Consumer Price Index eased 0.1% during May (1.9% y/y) following a 0.2% April rise. Expectations had been for no change in the Action Economics Forecast Survey. Consumer prices excluding food & energy ticked 0.1% higher for a second consecutive month. The y/y gain in core pricing power declined to 1.7%, the weakest increase since May 2015.
Market News International
June 15, 2017
The eurozone economic recovery is getting stronger and becoming more broad-based, the International Monetary Fund said. The EU's efforts to build a capital-markets and banking union could lead to capital and liquidity becoming more evenly distributed throughout the region, the IMF said.
Reuters
June 14, 2017
The ECB's bond-buying policy continues to attract opposition from some EU members, who are calling for it to be tapered. Jens Weidmann, president of Germany's Bundesbank, argues that the measures could ultimately be counterproductive and threaten stability, while Klaas Knot, head of the Dutch central bank, says their intended effect on inflation has not emerged.
Reuters
June 14, 2017
While raising its growth forecast for China to 6.7% for the year, the International Monetary Fund urged regulators to speed up reforms addressing growing debt. Lending must be directed to activities that support growth, IMF Deputy Managing Director David Lipton said.
Mario Gabelli/Barron’s
June 12, 2017
“Our concern is that money flowing into U.S. equities is being invested heavily in ETFs, and helping a narrow group of stocks lead the market indexes. Also, many trading strategies are computer driven. If stocks start selling off, there are no specialists to make a market. In addition, there is no uptick rule. Today’s market structure hasn’t been stress tested.”
The Hill
June 12, 2017
Reuters
Tuesday, June 13, 2017
The US Treasury Department has released a report with recommendations on easing financial regulation under the Dodd-Frank Act. Treasury Secretary Steven Mnuchin says 80% of the recommendations, including easing stress test criteria and limiting the Consumer Financial Protection Bureau's power, could be implemented through regulatory changes, rather than legislation.
ThinkAdvisor/Bloomberg
June 12, 2017
Treasury Secretary Steven Mnuchin has called on Congress to raise the national debt limit before its August recess, but the federal government won't face a crisis if that doesn't happen, experts say. The US has enough borrowing power to carry it through "sometime in early September," economists at Wells Fargo said.
The WSJ
June 15, 2017
Quant funds, which rely on statistical models to choose investments, trail behind traditional funds this year, rising 1.44%, compared with 8.7% for the Standard & Poor's 500 index. Despite failure to outperform, quant funds saw $4.6 billion in net inflow in the first quarter, compared with more than $10 billion in outflow from traditional funds, according to Hedge Fund Research.

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