Everyone else is knee-deep in shit trying to give their story on why EM currencies are getting hammered. There’s enough noise on that front for you to sort through elsewhere. Take a look at these two articles to get away from that:
Happy Friday, y’all. Calculated Risk provided a great rundown of today’s jobless report. The part that stands out the most to me is the following:
This appears to be great news in the face of continuing deterioration of consumer confidence. Hopefully this seasonal hiring and the holiday spirit will reverse course for the consumer and provide our economy with a nice 4th quarter spark.
If you’re listening, Santa, why don’t you stuff a little bit of extra GDP growth for the US in that sack of yours.
I don’t know about you, but the weather here in NC has been remarkable and I’m looking forward to drinking beer outside in a hoodie. Nothing is more relaxing to me than fall weather. Hopefully you have some smashing plans for your weekend. Here’s what I’ve been reading this morning:
- Don’t wanna work for assholes? You don’t have to! (Seth’s Blog)
- World GDP: Keep an eye on China (Economist)
- US railroad traffic continues to expand (Calculated Risk)
- Apple’s new iPhone release could be the best ever (Tech Crunch)
Also, take a look at this chart depicting the yield of 10-year treasuries:
We could have some room to go on the downside. My take on the chart, all quotes from Bullard on tapering today aside, is that support should be met around 2.5%. If that level is broken we could probably revisit the 2-2.2% range.
On jobless claims, China PMI, and ECB rate comments, it appears the S&P 500 will close above 1,700 for the first time in history.
Here are a few links discussing those stories and a few others I find worth the time:
- US Jobless claims lowest since January 2008 (CNBC/Reuters)
- Avg 30-yr mortgage rate jumps to 4.4% (USA Today)
- China PMI climbs to 50.3, beating expected 49.8 (Business Insider)
- Results US GDP calculation changes (Financial Times)
- The harsh reality of US Student Loan debt (Sober Look)
- Rail Traffic remains stable, hinting at continued recovery (Pragmatic Capitalism)