Succinct Summation of Week’s Events

Succinct summation of week’s events:

Positives:

1) Payrolls reflect job growth, particularly in private sector
2) ISM mfr’g rises to highest since May ’04, ISM services at best since Aug ’05
3) Feb Vehicle sales total the most since Aug ’08
4) Bloomberg confidence (old ABC poll) holds at best since Apr ’08
5) ECB’s Trichet hinting at adherence to his sole mandate (Brazil raised rates by 50 bps).

Negatives:

1) Job growth still mediocre, Jan/Feb avg only 128k and 145k in private sector
2) Avg hourly earnings flat m/o/m as cost of living continues to rise
3) Beige Book says mfr’s and retailers start passing thru higher input costs
4) Gasoline prices rise another .10, now .30 in two weeks, Brent/WTI up another $3-5
5) 10 yr TIPS Inflation expectations rise 10 bps to 2.51%, the highest since July ’08
6) REAL spending in Jan fell .1%
7) Pending home sales weak/refi’s and purchases fall
8) Greek yields spike, Portuguese 10 yr remains above 7%.

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