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Politics : Welcome to Slider's Dugout
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From: pogohere6/15/2007 6:09:20 PM
   of 50281
 
Dan Norcini today, excerpted from: jsmineset.com

We then got the Treasury International Capital Flows or TIC data. That was a real stunner. It showed foreign net capital flows into the US were a whopping $111.8 billion for the month of April. That was in comparison to $30.1 for March. It is interesting to note here that foreign buys of US Treasuries were almost non-existent. They came in at a mere $0.376 billion ($376 million) or a year low. That was in comparison to $30.51 billion for March and $18.57 billion for February. China actually decreased their treasury holdings to $414 billion from $419.8 billion last month. [emphasis added]

The winners in the derby were US equities and US agency debt, which both saw very large increases from the previous month, especially the equity category which increased more than 3-fold from March. Now you can see the reason that the feds need to keep the US stock market elevated at all costs. If they cannot peddle US treasuries they need to peddle something else and that something is US equities.

The Current Account data was released this morning by the Commerce Department. It showed a deficit of -$192.58 billion for Q1 2007 which was the equivalent of 5.7% of GDP for that quarter. That was in comparison to -$187.94 billion for Q4 2006 which was 5.6% of GDP. Believe it or not, the number was actually better than the first quarter of 2006 by comparison which was -$200.61.

Commerce revised the final number for 2006 to -$811.48 billion (6.1% of GDP) and the number for 2005 to -$754.85 billion. Gee, I feel better already knowing this!
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