by John Galt August 1, 2012 19:25 ET Updated 8/2 1700 ET: Tropical Storm Ernesto has formed per the NHC. Updates are below. Here we go gang and the long term models and forecast could indicate trouble for the Gulf of Mexico potentially within a week or so. 8/1/12 19:25 ET: Ugh. Welcome to August and the start of the peak of the hurricane season. I’ll use this thread to maintain the updates as it strengthens into Tropical Storm…
by John Galt August 1, 2012 14:30 ET Full FOMC statement from the Federal Reserve website: Release Date: August 1, 2012 For immediate release Information received since the Federal Open Market Committee met in June suggests that economic activity decelerated somewhat over the first half of this year. Growth in employment has been slow in recent months, and the unemployment rate remains elevated. Business fixed investment has continued to advance. Household spending has been rising at a somewhat slower pace…
by John Galt August 1, 2012 05:30 ET Beyond language stating that the Fed will be there to support low interest rates for the long term, price stability, inflating being under control, and concerns about the economic data reflecting lackluster growth there is nothing of interest coming from today’s Fed decision in this author’s opinion. The rally in equities was a purely rumor driven fantasy based on the delusion that the economy has stalled enough to justify another round of Quantitative Easing. This…
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