Federal Reserve Chairman Ben Bernanke today spoke at the Economic Club of New York. The topic of his speech was the Outlook for the Economy and Policy . While nothing groundbreaking was said, I do want to recap his comments and point out a few observations. Bernanke opened with the usual mixed message, progress has been made but several considerable challenges lie ahead… "financial conditions are considerably better than they were then, but significant economic challenges remain. The flow of credit remains constrained, economic activity weak, and unemployment much too high. Future setbacks are possible." I don't like making Ben look like a politician, but at this point one of the biggest factors affecting his outlook and the market's perception of our economic well-being…(read more)
The week begins with a bang but ends with a whimper. A storm of data hits markets on Monday with retail sales an hour before the opening bell, plus the first look at November manufacturing and business inventories. To top off the day, Fed chairman Ben Bernanke gives a talk during the lunch hour a little after dual Treasury auctions. Later in the week markets will be looking at inflation indexes, housing construction data, the usual weekly labor report, and leading indicators. Friday ends the week with no data at all. The week is sure to be a busy one. Even before the opening bell sentiment is high after the Japanese economy climbed a healthy annualized rate of 4.8% in the third quarter, about two percentage points better than expected incline due to robust consumer spending and improving exports…(read more)
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