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Morning Notes For November 8th 2010 at Trader’s Narrative

Morning Notes For November 8th 2010

The following is a guest post by a buy-side analyst working in a US asset management firm. The author’s comments are in italics. I welcome your feedback in the comments:

  • The October employment report was a significant improvement from September: Total payrolls rose by 151,000 as private payrolls expanded by 159,000, driven by employment in the services sector. – Roubini Global Economics

Private Payroll Formation from Recession troughs
private payroll recession troughs Nov 2010

  • Fed won’t be swayed by one month of good eco news but a string of successive strong releases may start to change views. The Fed has left itself some flexibility to adjust the volume and pace of its purchases. – WSJ
  • Fed’s Warsh expresses skepticism over QE2 – Warsh is wary of the second round of asset purchases and wants a regular review of the program; Warsh’s criticisms suggest there could be more uncertainty at the Fed… “the uncertainty could dilute the effectiveness of the program” – WSJ
  • Obama is announcing trade deals worth $10 billion with India that are expected to create 54,000 U.S. jobs. He’s also unveiling new export rules designed to make it easier for U.S. companies to do business. The news came during the first days of Obama’s trip to Asia. – AP
  • America will survive the errors of Ben Bernanke’s trigger-happy Federal Reserve; “America is a resilient nation, with far healthier demographics than China, Japan, Korea, Germany, Italy or Russia. The storm will blow over” – Evans-Pritchard – London Telegraph
  • Obama Op-Ed in the NYT – “Exporting Our Way to Stability” – discusses his goal of doubling US exports in the next 5 years. Says this week’s trip to Asia is a critical component of that goal as it is intended on opening new markets for US goods. – NYTin order for this plan to work, a weaker dollar is probably required.

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