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The Market At 2008-07-23 15:55:17 ET

10-Year: 4.115 -04/32   GNMAs:    EUR/USD: 1.5689   USD/JPY: 107.8950

(13:50) Stalled ahead of Biege Book
(10:15) New lows, uptick in size as GSE protection near done deal
(08:27) Ticking off, but trying to pull back some ground following open
(07:33) Bonds sliding as oil fuels equity rallies. 10-yr -09+/32 yielding 4.136%
Fed Beige Book
Auction up $31B 2-yrs draw 2.820% with 2.42 bid-to-cover and an indirect take of 36.9%
28-day TSLF offering $25B Thurs

Another Blow: The market was dealt another blow today, with the supply, GSE bailouts and bouncing stocks all serving to lean on prices. Thurs may see some small relief for the market, but with a record $21B 5-yr auction on tap, gains will be hard to come by. The housing report will carry some weight, but will require some pretty hard numbers to offer much support. Jobless claims are also expected to worsen, but, again the bar has been set pretty low, and without approaching their worst levels (400K+) won't do anything in this quarter. As more news regarding Paulso...

The Interest Rate Outlook

Last Updated: 2008-07-22, 16:01:06 ET

Watching Fed Directives
The breathlessly awaited FOMC meeting has come and gone, with the general response to the much anticipated statement being “duh.” The policy-posse was in a tough spot, still is, but overall players seem to think they did the right, the only, thing they could, which was to hold on rates but pepper the statement with a dash of heated inflation talk (that was not over...
Last Updated: 2008-07-21, 08:55:37 ET

Strong June same-store sales reports from retailers confirm what has already been apparent in the May real personal consumption expenditure (PCE) data: the fiscal stimulus checks are providing a huge boost to consumer spending.
The strength in consumer spending will push second AND third quarter real GDP growth over a 2% annual rate.
The June same-store sales data were very strong, and...

Date ET Release For Actual Briefing.com Consensus Prior
Jul 2314:00:00Fed's Beige Book
Jul 2310:35:01Crude Inventories07/19-1558KNANA2952K
Jul 2408:30:01Initial Claims07/19372K380K366K
Jul 2410:00:01Existing Home SalesJun4.97M4.95M4.99M
Jul 2508:30:01Durable OrdersJun0.0%-0.3%0.0%
Jul 2510:00:01Mich Sentiment-Rev.JulNA56.456.6
Jul 2510:00:01New Home SalesJun507K505K512K