Wednesday, February 10, 2010

Quick Overview

  • (Bloomberg) -- The Federal Reserve may raise the discount rate “before long” as part of the “normalization” of Fed lending, a move that won’t signal any change in the outlook for monetary policy, Chairman Ben S. Bernanke said.


  • U.S. Exports rose $4.6 billion in December to $142.7 billion while imports rose $8.4 billion to $182.9 billion -- widening the trade gap by $3.8bn from November, to $40.2bn in December

  • The Mortgage Bankers Association's index of mortgage applications fell 1.2%

  • A Communist Party directive leaked to the Chinese-language edition of the Asia Times said dollar reserves should be limited to US Treasuries or agency mortgage debt such as Freddie Mac that enjoys Washington's implicit backing.


  • Japan’s machinery orders rose 20.1% in December.

  • U.K.’s index of industrial production rose 0.5% MoM but fell 3.6% YoY.

  • Canada’s exports rose C$.5 billion in December to C$32.2 billion while imports rose C$.5 billion to C$32.4 billion.

  • The massacre in Ciudad Juarez at the end of January made it clear that Mexico is losing the war on drugs. Narcotics-related violence is on the rise in other Latin American cities as well. An increasing number of voices are demanding that drugs be decriminalized.

  • Arab ambassador in Dubai annuls marriage after discovering his new wife is cross-eyed, has beard.

  • U.S. silver imports rose 13.5% in December from the previous month, but fell 9.3% YoY

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