Source: Bespoke Investment Group - Think BIG - Economist Expectations for GDP and Unemployment Out to Q12014

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From Bloomberg, below is an updated snapshot of consensus economist estimates for GDP growth (QoQ%) and the unemployment rate going out to the first quarter of 2014. The consensus estimates come from Bloomberg surveys of dozens of economists on a regular basis. As shown in the first chart below, GDP growth is expected to still be below 2% in the first quarter of 2013. Economists are then expecting GDP to grow by 2.4% in Q2 2013, 2.6% in Q3 '13, 2.8% in Q4 '13 and 2.95% in Q1 2014. Unfortunately, 3%+ GDP growth is not expected at any point in the next year and a half. Along with sub-3% GDP growth, economists aren't expecting a significant drop in the unemployment rate over the next year and a half either. The consensus expectation for unemployment is 8% or higher through Q2 2013, and then it dips by 20 basis points per quarter over the next three quarters. By Q1 2014, the unemployment rate will be at 7.5% based on the average economist estimate.

Mike

Source: Bernanke To The Rescue "There Is Scope For Further Action By The Federal Reserve" | ZeroHedge

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It is Friday, and the market is in danger of posting its first weekly loss in months. Which means it is time for everyone's favorite Fed mouthpiece, Jon Hilsenrath to hand over the podium to his true superior, Ben Bernanke, by posting the Chairsatan's response letter to Republican Darrel Issa in which he defends QE and leave in the following: "There is scope for further action by the Federal Reserve to ease financial conditions and strengthen the recovery." And just to make sure that as Hilsenrath is to the Fed, so Reuters is to the ECB, we get the following tried and now simply pathetic regurgitation of the Spiegel rumor from this Sunday (which was since denied at least two times for the simple reason that Germany will never agree to open-ended debt monetization until global stock markets are literally collapsing) via Reuters: "ECB considering setting yield band targets under new bond buying programme according to sources." Of course, neither Ben has said anything new, nor the ECB has said something that is on the margin either credible or actionable (recall that earlier today the ECB explicitly said its hands are tied until the Kardinals of Karlsruhe make their decision in 3 weeks), but the market doesn't care, and surges. Sadly for the programmed market ramp, the non-news was leaked too early, and should have been released at 3:30 pm at the earlier. Look for a full German denial shortly.

Mike

Econbrowser: U.S. monetary policy since the financial crisis

Mike

Aug. 27 (Bloomberg) -- Thomas Lee, chief U.S. equity strategist at JPMorgan Chase, talks with Bloomberg's Adam Johnson and Linzie Janis about the outlook for stocks. They speak on Bloomberg Television's "Street Smart." (Source: Bloomberg)

Bloomberg Video

Mike

Calculated Risk: Analysis: Bernanke Clears the way for QE3 in September

For QE3, the Guessing Game Now is 'When'? - MarketBeat - WSJ

Mike

NFP today at 96k.

QE3 next week?

Mike

Big Mike 

NFP today at 96k. QE3 next week? Mike

nope

I just guessing, what will become markets worser? Acceptance of the QE3 or refuse (zoom out) of the QE3?

I found a childhood picture of Bernanke.........

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Mike