Posted by: John Gilmore | October 24, 2010

Philly Fed Misses – Markets Soar – Sept 15 2011

We are watching greed coupled with ignorance – blind the world.

Even though underlying economic data continues to deteriorate (unemployment, wages, manufacturing, inflation, local – state – federal deficits, etc.), stock markets rocket on the news that central banks are ‘helping’ the European dollar liquidity issues (albeit with more debt) and the hope of additional QE.

The world is placing its hope with the very people planning its demise.

Expect extreme volatility to continue throughout markets until the rug is pulled out from under us.

Remember – all of this ‘help’ is being done now so that the central bankers and world political leaders can tell you later that they did everything possible to save the system.

We know the truth.


September 15, 2011


Philly Fed Misses, Market Soars As Inflation Roars Back With Prices Paid Doubling

Submitted by Tyler Durden on 09/15/2011 10:10 -0400

Love bizarro day, Embrace bizarro day, Have its child. The Philly Fed missed consensus of -15.0, printing at -17.5, though better than last month’s abysmal -30.7 print… and stocks rip on expectations of more, more, more, intervention. As for how QE will work when the Philly Fed just announced its Prices Paid category doubled from 12.8 to 23.2… well, it don’t matter to Jesus.

From the report:

“Responses to the Business Outlook Survey this month suggest that regional manufacturing activity is continuing to contract, but declines are less widespread than in August. The survey’s broad indicators for activity, shipments, and new orders all remained negative for the second consecutive month. Responding firms, however, indicated that employment was slightly higher this month. The broadest indicator of future activity remained positive and rebounded this month, suggesting that recent declines are not expected to continue over the next six months.”

And on Inflation, which is back:

Increasing costs were somewhat more widespread this month compared to last month. Nearly 29 percent of firms reported paying higher prices for inputs this month. Only 6 percent reported lower prices. The prices paid diffusion index increased 10 points, its first one?month increase in seven months.

Full table:

And chart:



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