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  • Fighting Deflation Instead of Inflation?

    * A bounce in the euro overnight... * Iran tests long range missiles... * Japan's Machine Orders soar! * Is Big Ben giving us a hint? ** Fighting Deflation Instead of Inflation? Good day... And a Wonderful Wednesday to you! Things settled down a bit yesterday, with the rumors of bailout for Fannie and Freddie Macs fading, and some awful Housing data being swept under the rug. The dollar gained back the ground it had lost to the euro the previous day, and Japan printed a very strong Machine Orders report... And now Iran tests long range missiles... All that and more as we begin our Wednesday... OK, front and center this morning... The Housing data from yesterday. Since the media decided to sweep this under the rug, I thought I would make certain that at least Pfennig Readers were aware of the rot on the Housing vine. The index of Pending Home resales fell -4.7% in April, a much larger decline than the "experts" forecast. I think what you're seeing here is simply that would be buyers are holding off as they expect further declines in prices.....
  • Fighting Inflation...

    * CPI increases... * Eurozone inflation increases too! * G-8 lets currencies slip by... * TIC Flows data today... **Fighting Inflation... Good day... And a Marvelous Monday to you! I hope you had a grand Father's Day... Mine was fabulous! And a great weather day too! Cards take 2 of 3 from the Phillies after getting royally spanked on Friday night! UGH! And I got to see my first ever Polo game on Saturday! I've seen 100's of water polo games, as son Andrew was a good player in High School, but never a Polo game on horses... Absolutely cool! OK... Friday was not a good day in the currencies as once again the dollar took the hammer and swung a mighty swing. The euro spent the day in the 1.53 handle, as more and more talk about the Fed fighting inflation took hold of the markets. I'm still resisting this rhetoric by the Fed, and believe that eventually the markets will come to the realization that the Fed is simply "talking the talk" and are unwilling to "walk the walk"......