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ECBs Merkel on the Wires


  • ‘very close agreement’ between France, Germany
  • Talks about making EFSF ‘more efficient’
  • ECB can help bolster on EFSF
  • EU fiscal pact may be completed as soon as January 30
  • May be able to sign pact in Jan or Mar the latest
  • Merkel and Sarkozy want Greece to stay in Euro
  • EU ready to back Greek tranche if conditions met


US Nonfarm, Unemployment, Manufacturing Payrolls All on the Uprise

Change in Nonfarm Payrolls:   Survey:  155K     Actual:  200K    Prior:  120K      Revision: 100K

Change in Private Payrolls:  Survey: 178K    Actual: 212K     Prior:  140K     Revised: 120K

Change in Manufacturing Payrolls:  Survey: 6K   Actual:  23K   Prior:  2K     Revised: 1K

Unemployment Rate:  Survey:  8.7%     Actual: 8.5 %     Prior:  8.6%      

Avg Hourly Earning (MoM) All Emp:    Survey:  0.2%     Actual: 0.2%      Prior:  0.1%         

US ISM Rises Above Prior Figure

ISM Non-Manufacturing Composite:  Survey: 53.0   Actual: 52.6   Prior: 52.0

St. Louis Fed President Bullard on the Wires


  • Fed ‘very close’ to having inflation target
  • Inflation targeting possible in 2012
  • ‘Hard’ to talk of natural rate of unemployment
  • ‘Getting closer’ to longer-term policy issues
  • ‘Some measure of overall prices’ for possible target
  • Inflation measures do make adjustments
  • Forecasters too pessimistic on 2012


US & Canada 8:30AM Data Both Stronger


Jobless Claims:  Survey:  375K    Actual: 372K   Prior: 381K    Revised:  387K   

Continuing Claims:  Survey: 3570K    Actual:  3595K    Prior:  3601K  Revised: 3617K


Industrial Production Price Index MoM:    Survey:  -0.1%    Actual: 0.2%    Prior: -0.1%   

Raw Materials Price Index:      Survey:  0.5%   Actual:  3.8%     Prior: -1.2%    Revised:  -1.0%

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