14 April 2016



Today’s Issue Cluster: Coal

US – BofA: The Biggest Part of the Economy Might Be Rolling Over
Fed – By One Measure, Rates Are Already Negative
US – Student Debt Is Holding Back Millennials? Not So Fast


MAJOR DATA POINTS

EZ – Mar: Inflation revised up; 0.0% was -0.1% / eu

US – Mar: Consumer Prices Rose for First Time in 4 Months; +0.1%, core +0.1% / WSJ / R

US – Week: Jobless fell; -13k to 253k / WSJ / R


MARKETS

US – Japanese serve as early warning signal for stocks FT *

US – Tighter supply, tougher rules rattle key funding market R *


ECONOMICS

US – BofA: The Biggest Part of the Economy Might Be Rolling Over B *

US – Weak Retail Sales in March Augur Ill for Q1 Growth WSJ

US – ‘Everything’s Looking Up for Consumers, So Why Aren’t They Spending?’ B * *

US – Credit cycle has already turned; defaults to rise FT *

US – ‘Wages must fuel growth until credit recharges’ b *

US – Braces for Worst Earnings Season Since 2009 Crisis B *

US – ‘The Coming Default Wave Is Shaping Up to Be Among Most Painful B * *

US – Chinese Investment Rises to Record B *

US – Cheap Oil Means Record Trade Surplus With Opec wsj *

US – Economists Trim Estimates for Growth, Jobs WSJ *

US – Philly Fed Coincident Indexes Increased in 43 States / cr *

US – Slow recovery / t *

US – Is “Overdeveloped”: study science *

US – Top imports by state / motw *


POLITICS & FISCAL POLICY

US – M&A deals worth $370b torpedoed by Obama administration FT *


MONETARY POLICY

Fed – Lockhart pulls support for April rate hike R / FT

Fed – Beige Book: Higher Wages in Nearly All Regions WSJ / R

Fed – Yellen Says Near Full Employment B

Fed – Would Negative Rates Work in the US? WSJ

Fed – By One Measure, Rates Are Already Negative WSJ *

Fed – The Market Might Lose This Fight WSJ *


FINANCE

US – Five ‘living wills’ rejected WSJ / FT / R / NYT / B / AP *


REAL ESTATE

US – Student Debt Is Holding Back Millennials? Not So Fast wsj *

US – More Luxury-Home Sellers Drop Their Asking Prices WSJ *

US – Apartment Market Shows Signs of Losing Steam WSJ *

US – Apartment Vacancy Rate increased / cr *

US – Office Vacancy Rate declined / cr *

US – Mall Vacancy Rate unchanged / cr *

US – Hotel Occupancy Rate Tracking just behind Record Year / cr *


LABOR & EDUCATION

US – Asia has replaced LatAm as biggest source of immigrants pew *


SERVICES



MANUFACTURING



TECH



TRADE & TRANSPORTATION

Rail – CSX Revenue Falls 14% as Coal Shipments Continue to Drop WSJ


COMMODITIES



ENERGY & ENVIRONMENT

Coal – Peabody Files Chapter 11 Bankruptcy WSJ / FT / R / B / NYT * * *

Coal – The Market Bets Everybody Got Wrong B * * *

Coal – As Future Grows Murkier, Banks Pull Financing NYT

Coal – Technology to Make Clean Energy Is Stumbling in Practice NYT

Oil – IEA Sees Oversupply Almost Gone in H2 on Shale Drop B / FT / AP / WSJ / R *

Oil – When will the ‘call’ on US supply return? B * *


HEALTH



ENDNOTE

SF Bay’s public rail system in subway-style, 1937 motw *


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