Bloomberg
January 11, 2016
December retail sales are the most important economic report of the week (Friday), as consumers appear to be the salvo of tepid economic growth in 2016. Because the headline will be hurt by weak unit motor vehicle sales and the further drop in gasoline prices, the most accurate indication of consumers’ vigor will come from retail sales excluding cars and gasoline, which rose 0.5% in November.
Haver
January 8, 2016
Nonfarm payrolls increased by a firm 292,000 during December following upwardly revised gains in the prior two months. Expectations had been for a 194,000 rise in the Action Economic Forecast Survey. The gain was powered by strength in service-producing industries. The unemployment rate remained unchanged as expected at 5.0%.
Barron's (free content)
January 6, 2016
The New York Times
Wednesday, January 6, 2016
Minutes of the Federal Reserve meeting at which policymakers decided to increase interest rates show the decision wasn't easy. Inflation concerns expressed suggest additional rate increases will come more slowly and cautiously than analysts had predicted.
Reuters
January 7, 2016
Federal Reserve officials had expressed concern that markets weren't grasping that the central bank would hold on to its $4.5 trillion bond portfolio longer than expected. A survey by the Federal Reserve Bank of New York indicates that dealers have heard the message. They expect the Fed to keep its portfolio considerably longer than the period they had forecast before last month's interest-rate increase.
Market News International
January 7, 2016
South China Morning Post (Hong Kong)
Friday, January 8, 2016
January 7, 2016
The Wall Street Journal
The People's Bank of China says foreign exchange reserves decreased by $512.66 billion in 2015, the biggest annual drop on record, and by $107.92 billion in December, a record monthly decline. The central bank has been using FX reserves to slow a weakening of the yuan. Traders expect another big decrease in FX reserves this month.
Barron’s
January 11, 2016
The weakening economy and capital flight from China mean further declines in the yuan, which probably puts further downward pressure on emerging markets and commodity prices. And, in turn, global capital markets are likely to continue to be roiled.
Reuters
January 5, 2016
MarketWatch
Tuesday, January 5, 2016
More than two-fifths of Wall Street securities dealers say high-frequency trading has made managing positions in the US government-bond market harder, according to a survey by the Federal Reserve. Most dealers who give credit to high-frequency clients have "increased the amount of resources and attention devoted to monitoring intraday exposures to such clients over the past three years," the quarterly survey says.
Reuters
January 10, 2016
ABC News/The Associated Press
Sunday, January 10, 2016
Major US companies stand a good chance of reporting fourth-quarter results that show earnings have fallen two quarters in a row, marking a recession. Forecasts call for a 4.2% decline in earnings and a 3.2% decrease in revenue for companies in the Standard & Poor's 500 index.
Bloomberg
January 8, 2016
Years of central bank stimulus have left policymakers without tools to address new threats, analysts say. "All of these natural market forces that have been suppressed and overwhelmed by money printing by developed-market central banks will likely assert themselves this year," said Stephen Jen, founder of SLJ Macro Partners.
Thomas Lee, FundStrat/Barron’s
January 11, 2016
The S&P 500 dividend yield is 2.3%; rarely in the past 60 years has it yielded more than the 10-year Treasury note, now at 2.12%. The last time this occurred was late 2011. That turned out to be a great buying opportunity for stocks.

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