Good Morning. Today is loaded with economic data and plenty of Fed PR speeches. The only semi-sane speech of the day comes from “centrist” James Bullard (three on the hawk, dove scale). At this point, Fed speeches are likely not going to move markets at all. Unless of course the speeches hint at the liquidity spicket being turned off. Not very likely. Instead these speeches are intended to make something bad look good.
On the economic front we get Philly Fed, PMI manufacturing and leading indicators. And I suspect with QE now off the table (in the sense there is so much it cannot fit on the table) and economic data deteriorating fast, that soon, very soon bad may be bad.
The excitement about a nicely wrapped gift builds until the gift is opened. Then no matter how great the gift was, the joy wears off as the suspense is no longer. Chairman Bernanke will bring gifts every month, but he need not wrap them. For we know what it is. It’s good, don’t get me wrong, but the mystery behind it is gone.