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TIC Flows Show Foreign Demand for US Debt Waning
The Treasury’s latest measure of international capital flows failed to match the optimism in economists’ forecasting charts. rnrnForeign demand for long-term Treasuries was just $15.3 billion in July, a quarter of what analysts were expecting. Total figures including short-term securities showed an outflow of $97.5 in the month versus -$56.8 billion in June.rn
Industrial Production Advances in August
Federal Reserve chairman Ben Bernanke’s comment that the recession is “very likely over†was given additional credence this morning as Industrial Production beat forecasts and advanced 0.8% in August. Revisions to July doubled the previous estimate from 0.5% to a full percentage climb.rnrnAnnually, industrial production remains down 10.7%, but that’s quite an improvement from the -13.1% print in July. Forecasts were looking for an increase of 0.6%.
Consumer Prices Modestly Higher in July. Gasoline Prices Surge
Consumer prices were rising modestly in August. Higher energy prices pushed the all-items index up 0.4%, as expected, but a decrease in new car prices helped mitigate the monthly advance. The core rate, which excludes volatile energy and food components, also matched forecasts as it inched up 0.1%.rnrnAnnually, the all-items index is down 1.5%, while core prices are up 1.4%, six basis points below the Federal Reserve’s preferred rate.rn
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