Barron’s
June 22, 2015
While the lion’s share of Greece’s debts are held by official institutions, rather than European banks, to say the situation is contained seems to tempt the fates. After all, the same was said about subprime mortgages nearly a decade ago, and we know how that turned out: tragically.
Bloomberg
June 22, 2015
Previously owned U.S. homes sold in May at the fastest pace since November 2009, driven by first-time buyers and indicating budding momentum in the residential real estate market. Closings on existing properties, which usually occur a month or two after a contract is signed, rose 5.1 percent to a 5.35 million annualized rate, the National Association of Realtors reported Monday in Washington. The median forecast in a Bloomberg survey called for a 5.26 million pace.
Haver
June 18, 2015
The Index of Leading Economic Indicators from the Conference Board posted a 0.7% rise in May (5.7% y/y), the same as during April which was unrevised. A 0.4% increase had been expected in the Action Economics Forecast Survey. The improvement drove three-month growth to 7.1% (AR), its best since July. Ninety percent of the component series rose m/m, the greatest breadth since September.
Haver
June 23, 2015
Growth in average hourly earnings for U.S. workers has been fairly stable for the last several years, near 2%. Through last year, that translated into a roughly unchanged level of real earnings as consumer prices continued to rise. During 2015, however, the environment is changing; the result of quicker growth in earnings and the decline in oil prices. Consumer prices in May were unchanged y/y, versus earlier growth between 1.5% and 3.0%.
Barron's
June 22, 2015
The Fed’s balance sheet has stopped growing and actually shrunk slightly in the past five months. The drop has been only about $25 billion out of a $4.45 trillion balance sheet.
Market News International
June 19, 2015
More bankers anticipate further easing of monetary policy, according to a second-quarter survey by the People's Bank of China. The central bank says 45.8% of respondents think monetary policy will be relaxed during the next three months, compared with 34% in the Q1 survey.
Xinhuanet.com
June 18, 2015
The housing market in China is starting to emerge from its lengthy downturn, according to data. New-house prices in May fell in 43 of the 70 cities tracked by the government, the National Bureau of Statistics said. Prices rose in 20 cities, compared with 18 in April.
The Mainichi (Japan)/Kyodo News
June 19, 2015
The Bank of Japan's Policy Board voted to stick with its stimulus policies and continue to make asset purchases to expand the monetary base at a rate of 80 trillion yen a year. The central bank said the economy is recovering moderately.
Reuters
June 18, 2015
A lack of liquidity during sell-offs that regulators fear might result from rising interest rates could force central banks to become "market makers of last resort," says Jose Vinals, director of capital markets at the International Monetary Fund. Market liquidity has declined as capital rules increase for banks, he says
Barron's
June 22, 2015
Just 25% of respondents to the latest AAII sentiment survey called themselves bullish. That’s the seventh week in a row that the percentage of bulls was under the long-term average of 30%, the longest streak since 2003.

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