More Bad Economic News

from MSNBC:
U.S manufacturing grew in June at its slowest pace in 11 months and hiring in the sector slowed as overseas demand for U.S. products waned, an industry survey showed on Thursday...
Financial information firm Markit said its U.S. "flash" manufacturing Purchasing Managers Index fell to 52.9 from 54.0 in May. The June reading was the lowest since last July although it stayed above 50, indicating expansion in activity.

For the second straight month, weaker demand from Europe and large emerging markets such as China dented sales. Markit said U.S. manufacturers reported the second largest decline in new export orders since September 2009.

The index's new orders component fell to 54.1 from 54.6.

And jobless claims rose to the highest level in 11 months.

Fed Extends Operation Twist through 2012

from Zero Hedge:

As always, Goldman Corzined anyone who listened to its call that an epic QE is coming. Fed did the worst possible outcome for risk- merely extended Twist, just as the credit market predicted it would 3 weeks ago:

• FED SAYS IT IS PREPARED TO TAKE FURTHER ACTION `AS APPROPRIATE
• FED TWIST EXTENSION TO SWAP $267 BLN OF TREASURIES BY END 2012
• FED TO SELL OR REDEEM `EQUAL AMOUNT' DEBT DUE 3 YEARS OR LESS
• FED TO BUY TREASURIES DUE IN 6 TO 30 YEARS AT `CURRENT PACE'
• FED SAYS EMPLOYMENT GROWTH `HAS SLOWED'
• FED SAYS INFLATION HAS DECLINED, REFLECTING OIL
• FED REITERATES ECONOMY `EXPANDING MODERATELY'
• LACKER DISSENTS FROM FOMC DECISION

This means that soon Primary Dealers' entire balance sheets will be filled with the entire inventory of Fed 1-3 year bonds. Market not happy. Full June statement here.

Greece' Continued Death Spiral

Spanish Version of Wash, Rinse, Repeat

Despite Recessionary Concerns, Commodities Back in Uptrend

This is the NYBOT Commodity Index, and like stocks, commodity prices have once again returned to an uptrend. Bubbles Bernanke has promised to resume printing money to help his Wall St friends! It's "risk on" again!