Morning Journal---Revelations in newly released Fed documents

  News on Stocks in Our Portfolios

Expeditors International of Washington, Inc. misses by $0.06, beats on revenue

·         Expeditors International of Washington, Inc. (EXPD): EPS of $0.41 misses by $0.06.

·         Revenue of $1.63B (+6.5% Y/Y) beats by $50M.

 

Economics

   This Week’s Data

            The International Council of Shopping Centers reported weekly sales of major retailers down 0.6% versus the prior week but up 1.4% on a year over year basis; Redbook Research reported month to date retail chain store sales up 2.9% versus the comparable period a month ago and up 2.9% versus the similar timeframe last year.

            The November Case Shiller home price index rose 0.8% versus expectations of up 0.6%.

            http://www.calculatedriskblog.com/2014/02/case-shiller-comp-20-house-prices.html

            February consumer confidence came in at 78.1 versus estimates of 80.1.

            http://advisorperspectives.com/dshort/updates/Conference-Board-Consumer-Confidence-Index.php

            The February Richmond Fed manufacturing index was down 6 versus forecasts of up 3.

            http://www.calculatedriskblog.com/2014/02/richmond-fed-manufacturing-sector.html

                Weekly mortgage applications dropped 8.5% while purchase applications declined 4.0%.

   Other

            More support for the notion that the Fed will bungle the transition to tighter money when, as and if it ever does (medium):

            http://www.slate.com/articles/business/moneybox/2014/02/september_2008_fomc_meeting_transcripts_reveal_ben_bernanke_s_biggest_mistake.htm

            Bank lending continues to grow (short):

            http://scottgrannis.blogspot.com/2014/02/bank-lending-accelerates.html

            Three numbers to ponder (short):

            http://www.zerohedge.com/news/2014-02-25/good-bad-ugly-us-economy

            The deflationary risk in the EU (medium):

            http://advisorperspectives.com/commentaries/pimco_022514.php

Politics

  Domestic

Thoughts on the defense departments spending cuts (medium):

http://www.nationalreview.com/article/371876/military-budget-delusion-rich-lowry