As we said earlier in the day, lenders are normally...

Chairman Ben S. Bernanke's speech at the 2012 National Association of Homebuilders International Builders' Show, Orlando, Florida...

Things have been fairly calm so far this morning, especially...

The Philadelphia Federal Reserve released a first-quarter survey of 45 forecasters showing upward revisions to expected payroll growth. This provides some counterpoint to bond-market benefits felt from the weaker-than-expected Consumer Sentiment data out five minutes earlier.

• RTRS - QUARTERLY FORECASTERS SURVEY - US Q1 GDP GROWTH SEEN AT +2.2 PCT VS PREVIOUS FORECAST +2.4 PCT
• RTRS - FORECASTERS SURVEY - US Q2 GDP GROWTH SEEN AT +2.3 PCT VS PREVIOUS FORECAST +2.4 PCT
• RTRS - SURVEY - US Q1 PAYROLLS SEEN GROWING AVERAGE 160,100/MONTH VS PVS FORECAST 121,000/MONTH
• RTRS - SURVEY - US Q2 PAYROLLS SEEN GROWING AVERAGE 141,900/MONTH VS PVS FORECAST 126,300/MONTH
• RTRS - SURVEY - US Q1 UNEMPLOYMENT RATE SEEN AT 8.4 PCT VS PREVIOUS FORECAST 8.9 PCT
• RTRS - SURVEY - US Q2 UNEMPLOYMENT RATE SEEN AT 8.3 PCT VS PREVIOUS FORECAST 8.9 PCT
• RTRS - SURVEY - US Q1 CORE PCE INFLATION SEEN AT +1.6 PCT VS PREVIOUS FORECAST +1.6 PCT
• RTRS - SURVEY - US Q1 CORE CPI INFLATION SEEN AT +1.9 PCT VS PREVIOUS FORECAST +1.8 PCT

• RTRS - US CONSUMER SENTIMENT PRELIMINARY FEB 72.5 (CONSENSUS 74.5) VS FINAL JAN 75.0
• RTRS - CURRENT CONDITIONS INDEX PRELIMINARY FEB 79.6 (CONSENSUS 84.5) VS FINAL JAN 84.2
• RTRS - CONSUMER EXPECTATIONS INDEX PRELIMINARY FEB 68.0 (CONSENSUS 69.5) VS FINAL JAN 69.1
• RTRS - 12-MONTH ECONOMIC OUTLOOK INDEX PRELIMINARY FEB 82 VS FINAL JAN 82
• RTRS - 1-YEAR INFLATION OUTLOOK PRELIMINARY FEB 3.2 PCT VS FINAL JAN 3.3 PCT
• RTRS - 5-YEAR INFLATION OUTLOOK PRELIMINARY FEB 2.9 PCT VS FINAL JAN 2.7 PCT

Bond markets weakened slightly ahead of the report but have since bounced back to previous levels, or otherwise seem to be in the process of doing so. Stocks are down about 3 points in the S&P and volume is some of the best of the day.

• RTRS- US DEC TRADE DEFICIT $48.80 BLN (CONSENSUS $48.00 BLN) VS NOV DEFICIT $47.06 BLN (PREV $47.75 BLN)
• RTRS- US DEC EXPORTS +0.7 PCT VS NOV -1.0 PCT, IMPORTS +1.3 PCT VS NOV +1.0 PCT
• RTRS- US DEC GOODS DEFICIT $64.30 BLN, SERVICES SURPLUS $15.50 BLN
• RTRS- US DEC EXPORTS $178.76 BLN VS NOV $177.53 BLN, IMPORTS $227.56 BLN VS NOV $224.58 BLN
• RTRS- U.S. DEC CAPITAL GOODS IMPORTS RECORD HIGH $44.67 BLN VS NOV IMPORTS $43.64 BLN
• RTRS- U.S.-CHINA DEC TRADE DEFICIT $23.14 BLN VS NOV DEFICIT $26.87 BLN; US-GERMANY DEC DEFICIT RECORD HIGH $4.83 BLN
• RTRS- US-OPEC DEC TRADE DEFICIT $9.10 BLN VS NOV DEFICIT $9.11 BLN
• RTRS- US DEC OIL IMPORT PRICE $104.13/BBL VS NOV $102.50/BBL, +30.5 PCT FROM DEC'10 $79.79/BBL
• RTRS- US 2011 TRADE DEFICIT $558.02 BLN, HIGHEST SINCE 2008, VS 2010 DEFICIT $500.03 BLN
• RTRS- US 2011 TOTAL IMPORTS $2.66 TRLN, EXPORTS $2.10 TRLN AT RECORD HIGHS
• RTRS- U.S.-CHINA 2011 TRADE DEFICIT AT RECORD HIGH $295.5 BLN; EXPORTS, IMPORTS AT RECORD HIGHS

Chairman Ben S. Bernanke's speech at the 2012 National Association of Homebuilders International Builders' Show, Orlando, Florida...

As we said earlier in the day, lenders are normally...

Chairman Ben S. Bernanke's speech at the 2012 National Association of Homebuilders International Builders' Show, Orlando, Florida...

Things have been fairly calm so far this morning, especially...

The Philadelphia Federal Reserve released a first-quarter survey of 45 forecasters showing upward revisions to expected payroll growth. This provides some counterpoint to bond-market benefits felt from the weaker-than-expected Consumer Sentiment data out five minutes earlier.

• RTRS - QUARTERLY FORECASTERS SURVEY - US Q1 GDP GROWTH SEEN AT +2.2 PCT VS PREVIOUS FORECAST +2.4 PCT
• RTRS - FORECASTERS SURVEY - US Q2 GDP GROWTH SEEN AT +2.3 PCT VS PREVIOUS FORECAST +2.4 PCT
• RTRS - SURVEY - US Q1 PAYROLLS SEEN GROWING AVERAGE 160,100/MONTH VS PVS FORECAST 121,000/MONTH
• RTRS - SURVEY - US Q2 PAYROLLS SEEN GROWING AVERAGE 141,900/MONTH VS PVS FORECAST 126,300/MONTH
• RTRS - SURVEY - US Q1 UNEMPLOYMENT RATE SEEN AT 8.4 PCT VS PREVIOUS FORECAST 8.9 PCT
• RTRS - SURVEY - US Q2 UNEMPLOYMENT RATE SEEN AT 8.3 PCT VS PREVIOUS FORECAST 8.9 PCT
• RTRS - SURVEY - US Q1 CORE PCE INFLATION SEEN AT +1.6 PCT VS PREVIOUS FORECAST +1.6 PCT
• RTRS - SURVEY - US Q1 CORE CPI INFLATION SEEN AT +1.9 PCT VS PREVIOUS FORECAST +1.8 PCT

• RTRS - US CONSUMER SENTIMENT PRELIMINARY FEB 72.5 (CONSENSUS 74.5) VS FINAL JAN 75.0
• RTRS - CURRENT CONDITIONS INDEX PRELIMINARY FEB 79.6 (CONSENSUS 84.5) VS FINAL JAN 84.2
• RTRS - CONSUMER EXPECTATIONS INDEX PRELIMINARY FEB 68.0 (CONSENSUS 69.5) VS FINAL JAN 69.1
• RTRS - 12-MONTH ECONOMIC OUTLOOK INDEX PRELIMINARY FEB 82 VS FINAL JAN 82
• RTRS - 1-YEAR INFLATION OUTLOOK PRELIMINARY FEB 3.2 PCT VS FINAL JAN 3.3 PCT
• RTRS - 5-YEAR INFLATION OUTLOOK PRELIMINARY FEB 2.9 PCT VS FINAL JAN 2.7 PCT

Bond markets weakened slightly ahead of the report but have since bounced back to previous levels, or otherwise seem to be in the process of doing so. Stocks are down about 3 points in the S&P and volume is some of the best of the day.

• RTRS- US DEC TRADE DEFICIT $48.80 BLN (CONSENSUS $48.00 BLN) VS NOV DEFICIT $47.06 BLN (PREV $47.75 BLN)
• RTRS- US DEC EXPORTS +0.7 PCT VS NOV -1.0 PCT, IMPORTS +1.3 PCT VS NOV +1.0 PCT
• RTRS- US DEC GOODS DEFICIT $64.30 BLN, SERVICES SURPLUS $15.50 BLN
• RTRS- US DEC EXPORTS $178.76 BLN VS NOV $177.53 BLN, IMPORTS $227.56 BLN VS NOV $224.58 BLN
• RTRS- U.S. DEC CAPITAL GOODS IMPORTS RECORD HIGH $44.67 BLN VS NOV IMPORTS $43.64 BLN
• RTRS- U.S.-CHINA DEC TRADE DEFICIT $23.14 BLN VS NOV DEFICIT $26.87 BLN; US-GERMANY DEC DEFICIT RECORD HIGH $4.83 BLN
• RTRS- US-OPEC DEC TRADE DEFICIT $9.10 BLN VS NOV DEFICIT $9.11 BLN
• RTRS- US DEC OIL IMPORT PRICE $104.13/BBL VS NOV $102.50/BBL, +30.5 PCT FROM DEC'10 $79.79/BBL
• RTRS- US 2011 TRADE DEFICIT $558.02 BLN, HIGHEST SINCE 2008, VS 2010 DEFICIT $500.03 BLN
• RTRS- US 2011 TOTAL IMPORTS $2.66 TRLN, EXPORTS $2.10 TRLN AT RECORD HIGHS
• RTRS- U.S.-CHINA 2011 TRADE DEFICIT AT RECORD HIGH $295.5 BLN; EXPORTS, IMPORTS AT RECORD HIGHS

The Philadelphia Federal Reserve released a first-quarter survey of 45 forecasters showing upward revisions to expected payroll growth. This provides some counterpoint to bond-market benefits felt from the weaker-than-expected Consumer Sentiment data out five minutes earlier.

• RTRS - QUARTERLY FORECASTERS SURVEY - US Q1 GDP GROWTH SEEN AT +2.2 PCT VS PREVIOUS FORECAST +2.4 PCT
• RTRS - FORECASTERS SURVEY - US Q2 GDP GROWTH SEEN AT +2.3 PCT VS PREVIOUS FORECAST +2.4 PCT
• RTRS - SURVEY - US Q1 PAYROLLS SEEN GROWING AVERAGE 160,100/MONTH VS PVS FORECAST 121,000/MONTH
• RTRS - SURVEY - US Q2 PAYROLLS SEEN GROWING AVERAGE 141,900/MONTH VS PVS FORECAST 126,300/MONTH
• RTRS - SURVEY - US Q1 UNEMPLOYMENT RATE SEEN AT 8.4 PCT VS PREVIOUS FORECAST 8.9 PCT
• RTRS - SURVEY - US Q2 UNEMPLOYMENT RATE SEEN AT 8.3 PCT VS PREVIOUS FORECAST 8.9 PCT
• RTRS - SURVEY - US Q1 CORE PCE INFLATION SEEN AT +1.6 PCT VS PREVIOUS FORECAST +1.6 PCT
• RTRS - SURVEY - US Q1 CORE CPI INFLATION SEEN AT +1.9 PCT VS PREVIOUS FORECAST +1.8 PCT

• RTRS - US CONSUMER SENTIMENT PRELIMINARY FEB 72.5 (CONSENSUS 74.5) VS FINAL JAN 75.0
• RTRS - CURRENT CONDITIONS INDEX PRELIMINARY FEB 79.6 (CONSENSUS 84.5) VS FINAL JAN 84.2
• RTRS - CONSUMER EXPECTATIONS INDEX PRELIMINARY FEB 68.0 (CONSENSUS 69.5) VS FINAL JAN 69.1
• RTRS - 12-MONTH ECONOMIC OUTLOOK INDEX PRELIMINARY FEB 82 VS FINAL JAN 82
• RTRS - 1-YEAR INFLATION OUTLOOK PRELIMINARY FEB 3.2 PCT VS FINAL JAN 3.3 PCT
• RTRS - 5-YEAR INFLATION OUTLOOK PRELIMINARY FEB 2.9 PCT VS FINAL JAN 2.7 PCT

Bond markets weakened slightly ahead of the report but have since bounced back to previous levels, or otherwise seem to be in the process of doing so. Stocks are down about 3 points in the S&P and volume is some of the best of the day.

• RTRS- US DEC TRADE DEFICIT $48.80 BLN (CONSENSUS $48.00 BLN) VS NOV DEFICIT $47.06 BLN (PREV $47.75 BLN)
• RTRS- US DEC EXPORTS +0.7 PCT VS NOV -1.0 PCT, IMPORTS +1.3 PCT VS NOV +1.0 PCT
• RTRS- US DEC GOODS DEFICIT $64.30 BLN, SERVICES SURPLUS $15.50 BLN
• RTRS- US DEC EXPORTS $178.76 BLN VS NOV $177.53 BLN, IMPORTS $227.56 BLN VS NOV $224.58 BLN
• RTRS- U.S. DEC CAPITAL GOODS IMPORTS RECORD HIGH $44.67 BLN VS NOV IMPORTS $43.64 BLN
• RTRS- U.S.-CHINA DEC TRADE DEFICIT $23.14 BLN VS NOV DEFICIT $26.87 BLN; US-GERMANY DEC DEFICIT RECORD HIGH $4.83 BLN
• RTRS- US-OPEC DEC TRADE DEFICIT $9.10 BLN VS NOV DEFICIT $9.11 BLN
• RTRS- US DEC OIL IMPORT PRICE $104.13/BBL VS NOV $102.50/BBL, +30.5 PCT FROM DEC'10 $79.79/BBL
• RTRS- US 2011 TRADE DEFICIT $558.02 BLN, HIGHEST SINCE 2008, VS 2010 DEFICIT $500.03 BLN
• RTRS- US 2011 TOTAL IMPORTS $2.66 TRLN, EXPORTS $2.10 TRLN AT RECORD HIGHS
• RTRS- U.S.-CHINA 2011 TRADE DEFICIT AT RECORD HIGH $295.5 BLN; EXPORTS, IMPORTS AT RECORD HIGHS