Links: 16 August 2012

Global Macro:

United States:

  • The Untold Story of Municipal Bond Defaults – New York Fed
  • Key Measures show slowing inflation in July – Calculated Risk
  • Empire State Manufacturing Survey drops 13 points, goes negative – New York Fed
  • US and euro zone industrial production rebased to 100 – Thomson Reuters
  • Industrial Production rises 0.6% in July, Capacity Utilization up – Calculated Risk
  • NY Fed Manufacturing Survey indicates contraction, CPI flat in July – Calculated Risk
  • Report: Housing Inventory declines 19.3% year-over-year in July – Calculated Risk
  • Data Dump – Tim Duy’s Fed Watch – Economist’s View
  • NAHB Builder Confidence increases in August, Highest since February 2007 – Calculated Risk
  • Yes, we have no inflation – Washington Post
  • Housing bottoming? Then where are the buyers? – The Big Picture
  • America’s drought will take a significant toll on some of the nation’s principal food crops – The Economist
  • Fed’s Fisher says more policy easing won’t help on jobs – Reuters



  • China’s Wen says economy still under pressure – Reuters
  • China Bear Market Lures Record Foreign Bids as Locals Pull Funds – Bloomberg
  • The number of Chinese aged 60 or more is projected to grow from 181m today to almost 390m in 2035 – The Economist
  • China’s very different election show – Financial Times


  • Australia’s Banks Are Now Worth More Than Europe’s—How Is That Possible?- The Atlantic
  • Budget cuts needed, not just tweeks – AFR
  • CBA backs inquiry into financial system – AFR
  • Property now a dud investment – AFR
  • CBA: Get used to the high AUD – Fairfax


  • Brazil to unveil $66bn stimulus plan – Financial Times
  • The other multiplier effect, or Keynes’s view of probability –
  • Brazil announces stimulus plan – BBC News