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  • Thu, Feb 27 2020
  • 4:39 PM » Wall Street on record correction pace as pandemic fears loom
    Published Thu, Feb 27 2020 4:39 PM by Reuters
    Wall Street's main indexes tumbled for the sixth straight session on Thursday with the S&P 500 on track for its fastest correction in history as the global spread of coronavirus intensified investor uncertainty about the economic impact.
  • 4:39 PM » Thousands in California being monitored for coronavirus: governor
    Published Thu, Feb 27 2020 4:39 PM by Reuters
    California health officials are monitoring 8,400 people for coronavirus symptoms after their arrival on domestic commercial flights, but the state had only a limited supply of test kits available, Governor Gavin Newsom said on Thursday.
  • 3:03 PM » Fed's Evans: too early to cut growth outlook or rates on coronavirus
    Published Thu, Feb 27 2020 3:03 PM by Reuters
    Chicago Federal Reserve Bank President Charles Evans said on Thursday it was too soon to say if the U.S. growth forecast would be lowered due to the coronavirus epidemic, let alone if the U.S. central bank would need to cut rates. .
  • 3:03 PM » Fed seen slashing rates amid virus threat, low inflation
    Published Thu, Feb 27 2020 3:03 PM by Reuters
    The Federal Reserve may need to move aggressively to cut borrowing costs to cushion the economy from the rapid spread of the new coronavirus, in part because interest rates are already low and so is inflation.
  • 2:56 PM » Ex-Fed official Richard Fisher warns against Fed-to-the-rescue every time there's a crisis
    Published Thu, Feb 27 2020 2:56 PM by CNBC
    "I think the market is getting ahead of itself because the market is dependent on Fed largess," Fisher said.
  • 2:08 PM » Exclusive: U.S. mulls using sweeping powers to ramp up production of coronavirus protective gear
    Published Thu, Feb 27 2020 2:08 PM by Reuters
    President Donald Trump's administration is considering invoking special powers through a law called the Defense Production Act to rapidly expand domestic production of protective masks and clothing to combat the coronavirus in the United States, two U.S. officials told Reuters.
  • 2:08 PM » California is monitoring 8,400 people for the coronavirus
    Published Thu, Feb 27 2020 2:08 PM by CNBC
    California is monitoring 8,400 people for the coronavirus<br/>https://www.cnbc.com/2020/02/27/california-is-monitoring-8400-people-for-the-coronavirus.html
  • 11:27 AM » Kansas City Fed: "Tenth District Manufacturing Activity Increased Modestly" in February
    Published Thu, Feb 27 2020 11:27 AM by Calculated Risk Blog
    From the Kansas City Fed: Tenth District Manufacturing Activity Increased Modestly The Federal Reserve Bank of Kansas City released the February Manufacturing Survey today. According to Chad Wilkerson, vice president and economist at the Federal Reserve Bank of Kansas City, the survey revealed that Tenth District manufacturing activity increased modestly, reaching positive territory for the first time in eight months . "Regional factory activity finally expanded again in February," said Wilkerson. " This was despite over 40 percent of firms reporting some negative effect from the spread of coronavirus so far in 2020. " ... The month-over-month composite index was 5 in February , higher than -1 in January and -5 in December. The composite index is an average of the production, new orders, employment, supplier delivery time, and raw materials inventory indexes. The increase in district manufacturing activity was driven by both durable and non-durable goods plants, particularly food and transportation equipment producers. Most month-over-month indexes moved into positive territory in February, with many reaching their highest levels in over a year. However, the order backlog and employment indexes continued to fall. Year-over-year factory indexes rebounded strongly, with the composite index jumping from -7 to 5. The future composite index remained solid, inching slightly higher from 14 to 16. emphasis added This was the last of the regional Fed surveys for February. Here is a graph comparing the regional Fed surveys and the ISM manufacturing index: Click on graph for larger image. The New York and Philly Fed surveys are averaged together (yellow, through February), and five Fed surveys are averaged (blue, through February) including New York, Philly, Richmond, Dallas and Kansas City. The Institute for Supply Management (ISM) PMI (red) is through January (right axis). Based on these regional surveys, it seems likely the ISM manufacturing index will increase...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 11:08 AM » Multifamily Builder and Developer Confidence Unchanged in Fourth Quarter
    Published Thu, Feb 27 2020 11:08 AM by eyeonhousing.org
    Confidence in the market for new multifamily housing remained unchanged in the fourth quarter of 2019, according to results from the National Association of Home Builders' Multifamily Market Survey (MMS). The MMS produces two separate indices: The Multifamily Production Index (MPI) which remained even at 49 (Figure 1), and the Multifamily Vacancy Index (MVI) which also remained unchanged at 40... Read More ›
    Click Here to Read the Full Article

    Source: eyeonhousing.org
  • 9:43 AM » Q4 GDP Unchanged at 2.1% Annual Rate
    Published Thu, Feb 27 2020 9:43 AM by Calculated Risk Blog
    From the BEA: Gross Domestic Product, Fourth Quarter and Year 2019 (Second Estimate) Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the fourth quarter of 2019 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP also increased 2.1 percent. The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was also 2.1 percent. In the second estimate, an upward revision to private inventory investment was offset by a downward revision to nonresidential fixed investment. emphasis added Here is a Comparison of Second and Advance Estimates . PCE growth was revised down to 1.7% from 1.8%. Residential investment was revised up from 5.8% to 6.2%. The revisions were small. This was at the consensus forecast.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:26 AM » US weekly jobless claims rise more than expected
    Published Thu, Feb 27 2020 9:26 AM by CNBC
    The number of Americans filing for unemployment benefits increased more than expected last week, but the underlying trend remained consistent with solid labor market conditions.
  • 9:26 AM » US orders for durable goods slip 0.2% in January
    Published Thu, Feb 27 2020 9:26 AM by CNBC
    Orders to U.S. factories for big-ticket manufactured goods dipped in January, pulled down by decreased demand for cars, auto parts, and military aircraft.
  • 8:31 AM » Goldman sees zero earnings growth for US companies this year because of coronavirus
    Published Thu, Feb 27 2020 8:31 AM by CNBC
    Goldman Sachs revised its earnings estimate for the year to $165 per share, representing 0% growth in 2020.
  • 8:08 AM » Coronavirus live updates: Possible community spread in US, Japan to close all schools
    Published Thu, Feb 27 2020 8:08 AM by CNBC
    As of Thursday, more than 81,400 cases of coronavirus have been reported, resulting in at least 2,770 deaths.
  • 8:03 AM » Pandemic fears pummel stocks, push bond rally to fresh heights
    Published Thu, Feb 27 2020 8:03 AM by Reuters
    Stocks sunk deeper into the red on Thursday, oil prices fell and U.S. Treasuries rallied into record territory as more signs of the global spread of the coronavirus heightened fears of a pandemic.
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