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Great Graphic: US Crude Oil Exports Fifteen Year Highs, but....

June 26, 2014
This Great Graphic, posted by Sumit Roy on Hard Assets, is based on data from the US Energy Information Administration.  It shows the surge in US crude oil exports.  They totaled more than 250k barrels a day in April, a 15-month high or about 3% of the 8.2 mln barrels a day produced in the US in March.  
Ironically, US has banned crude oil exports …
Great Graphic: US Crude Oil Exports Fifteen Year Highs, but.... Great Graphic:  US Crude Oil Exports Fifteen Year Highs, but.... Reviewed by Marc Chandler on June 26, 2014 Rating: 5
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Dollar Mixed, Sterling Recovers

June 26, 2014
The US dollar is mixed. The dollar-bloc currencies remain firm, led by New Zealand dollar and prospects of more RBNZ tightening. The US dollar is threatening to fall through the CAD1.07 level and head toward the next target seen near CAD1.0650.
For its part, the Aussie is flat, just above $0.9400, but is resilient in the face of Moody's warn…
Dollar Mixed, Sterling Recovers Dollar Mixed, Sterling Recovers Reviewed by Marc Chandler on June 26, 2014 Rating: 5
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Refresher: CPI and the PCE Deflator

June 25, 2014
On Thursday, the US Department of Commerce will publish the May estimate of personal consumption expenditure deflator. Last week, investors learned that the consumer price index rose at its fastest rate in two years.
Since extraordinary monetary policy measures were taken, some observers have warned of inflation risks lurking around every corne…
Refresher: CPI and the PCE Deflator Refresher:  CPI and the PCE Deflator Reviewed by Marc Chandler on June 25, 2014 Rating: 5
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Great Graphic: Austerity and Employment

June 25, 2014
The economies of most high income countries remains below the pre-crisis peaks.  The US, Germany, and it now appears, the UK, are the notable exceptions.  On the eve of the EU summit, there continues to be a debate over fiscal policy.

The rise of anti-EU parties in the European parliament election has strengthening calls to permit even more flexibi…
Great Graphic: Austerity and Employment Great Graphic:  Austerity and Employment Reviewed by Marc Chandler on June 25, 2014 Rating: 5
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FX: Watching Paint Dry?

June 25, 2014
The foreign exchange market is becalmed. No, seriously. The euro has been confined to less than a 20 pip range (1/5 of a penny), and the dollar has not moved out of a 15 tick range against the yen (about 1/1000 of a penny).
Sterling is in a somewhat larger range (~35 pips) as the market tries to make sense of the so-called time inconsistencies …
FX: Watching Paint Dry? FX:  Watching Paint Dry? Reviewed by Marc Chandler on June 25, 2014 Rating: 5
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Cool Video: Boom Bust With Erin Ade

June 24, 2014
Erin Ade of RTV interviewed me yesterday for her Boom Bust show. We touched on various issues, including sterling, which I cautioned against chasing, preferring to look for a pullback. 
There is also an interview here with Marshall Auerback (Director of the Institute for New Economic Thinking) on Hyman Minski.   Click here for the video on Hulu o…
Cool Video: Boom Bust With Erin Ade Cool Video:  Boom Bust With Erin Ade Reviewed by Marc Chandler on June 24, 2014 Rating: 5
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Momentous EU Summit

June 24, 2014
There are two big issues for the EU heads of state meeting at the end of this week: A review of the fiscal plans and structural reforms of member countries and the appointment of the EC President, following the recent EU parliamentary elections. To the chagrin of many observers, especially in Berlin, the attempt some countries, like France and I…
Momentous EU Summit Momentous EU Summit Reviewed by Marc Chandler on June 24, 2014 Rating: 5
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Great Graphic: China's Megapolises

June 24, 2014
This Great Graphic, drawing on from the CIA's World Factbook, and Chinese government data, was published by the Wall Street Journal.    It shows that China's two largest cities, Shanghai and Beijing have populations that rival countries. 

Shanghai, for example, with 24 mln people, has edged above the population of Australia.  Beijing, with…
Great Graphic: China's Megapolises Great Graphic:  China's Megapolises Reviewed by Marc Chandler on June 24, 2014 Rating: 5
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Slippery Forward Guidance Spurs Sterling Profit-Taking

June 24, 2014
The emphasis on central bank forward guidance always seemed like shaky ground to rest monetary policy. After all, central bankers always tried to influence investor expectations. However, as the UK is amply demonstrating, what is euphemistically called "time inconsistency" may limit its effectiveness.
Sterling has been hit by a wave o…
Slippery Forward Guidance Spurs Sterling Profit-Taking Slippery Forward Guidance Spurs Sterling Profit-Taking Reviewed by Marc Chandler on June 24, 2014 Rating: 5
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