The New York Times
June 29, 2015
The Greek government has imposed capital controls, including closure of banks and the stock market, after the European Central Bank refused to increase emergency liquidity that has prevented the financial system from collapse. A referendum Sunday will decide whether Greece accepts an offer from international creditors, Prime Minister Alexis Tsipras says.
Haver
June 24, 2015
Real GDP eased 0.2% last quarter (SAAR), revised from a 0.7% shortfall estimated last month. Business activity suffered last quarter due to severe winter weather and West Coast port closings. It was the third quarterly decline since the economic recovery began late in 2009 and matched expectations in the Action Economics Forecast Survey.
Haver
June 23, 2015
New home sales during May gained 2.2% to 546,000 (AR) from 534,000 in April, initially reported as 517,000. It was the highest sales level since February 2008. The latest figure beat expectations for 520,000 sales in the Action Economics Forecast Survey. Sales are quoted at seasonally adjusted annual rates.
Haver
June 25, 2015
Personal consumption expenditures jumped 0.9% during May following a 0.1% uptick in April, revised from a negligible decline. It was the largest monthly increase since August 2009 and beat expectations for a 0.7% rise in the Action Economics Forecast Survey. Personal income matched expectations and improved 0.5% (4.4% y/y) for the second straight month. Wages & salaries also rose 0.5% (5.0% y/y), the strongest gain in three months.
Barron’s
June 29, 2015
Economic growth in the U.S. should average 3.5% over the next few quarters because shopping is back, personal income is picking up, household wealth is surging, housing is poised to act as a tail wind, small businesses are more confident and capital investment should pick up.
Barron’s
June 29, 2015
Greece’s public debt is expected to be 180% of gross domestic product this year. Without substantial debt relief soon, Greece’s exit from the euro zone may be inevitable.
South China Morning Post (Hong Kong)
June 27, 2015
The Chinese central bank has reduced reserve ratios and interest rates after a sharp stock market downturn. The ratio has been cut 50 basis points for banks serving small businesses, agriculture and rural areas and 300 basis points for finance companies. The interest rate for one-year loans has been lowered 25 basis points, to 4.85%.
The Telegraph (London)
June 28, 2015
Central banks have exhausted options in coping with the financial crisis and have no tools left for the next one, according to the Bank for International Settlements' annual report. Central banks have fallen into a trap by lowering interest rates to create booms, then further reducing rates when booms turn to busts, the BIS says.
The Guardian (London)
June 28, 2015
The Bank for International Settlements said central banks' loose monetary policies are hiding an urgent need for structural reform. A need to keep interest rates at abnormally low levels since the financial crisis reflects much bigger problems. Major challenges include low productivity, excessive debt and risk in the financial system and unbalanced economic expansion, the BIS said.
BCA Research
June 29, 2015
The weekend’s dramatic events in Greece have increased the probability of ‘Grexit’ from 5-10% to between 30-40%. Investors should be prepared for a risk-off environment as a market riot produced by a referendum or even an early election in Greece may be necessary to get both sides to a ‘Yes.’

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