Succinct Summation of Week’s Events for 9.18.15 (plus Sunday reads)

This was quite the big week so this edition of the summary should be of particular value.  And to enhance what went down this week, the Sunday reading list contains more than one insightful article about the potential long-term impact of this week's Fed actions.  Hope everyone had a great weekend.

Succinct Summation of Week’s Events for 9.18.15

by Barry Ritholtz - September 18th, 2015, 4:00pm

Succinct Summations for the week ending September 18th

Positives:

1. The FOMC leaves rates unchanged, remaining at maximum accommodation
2. NAHB home builder survey came in a 62, higher than the 61 expected.
3. Chinese retail sales increased 10.8% y/o/y, the largest increase since December.
4. Housing permits came in at 1.17 million in August, above the 1.13 million seen in July.
5. Initial jobless claims came in at 264k, lower than expected and down from 275k previously.

Negatives:

1. The Fed doesn’t move, based on slowing global growth and rising market volatility.
2. Core retail sales rose 0.3%, slightly less than expected.
3. Housing starts came in at an annualized 1.12 million, slightly below expectations.
4. U.S. industrial production fell .4% m/o/m, more than the 0.2% expected decrease.
5. The Philly fed index fell to -6, down from 8.3 previously.
6. The NY manufacturing index came in at -14.7, below the expected reading of -5.
7. Mortgage applications fell 4.2% w/o/w.

10 Sunday Reads

by Barry Ritholtz - September 20th, 2015, 7:00am

My easy like Sunday morning reads:

• For Markets, It’s the Treacherous Season: Despite the Fed’s decision to delay raising interest rates, stocks and commodities swoon at week’s end. Shades of past market crashes, Long Term Capital Management’s fall, and the Panic of 1873. (Barron’s)
• Global economic issues fuel deflationary fears and help drive policymakers to keep rates low. (Fidelity)
• If Investors Bail, Will Your Bond Fund Flail? (WSJ)
• Is Pension-gate the next big scandal to rock the financial services industry? (Evidence-Based Investor)
• The Experience Fallacy (A Wealth of Common Sense)
• The richest places in America all have one thing in common (Wonkblog)
• More Than Half of Jeb Bush’s Tax Cuts Would Go To the Top 1% (CTJ Reports) see also Study: 53 percent of Jeb Bush’s tax cuts would go to the top 1 percent (Vox)
• What the World Got Wrong About Kareem Abdul-Jabbar (NYT)
• How ‘Netflix and chill’ became internet slang for having sex (Fusion)
• After the Grateful Dead, Phil Lesh Shows He Has a Head for Business (NYT)

What are you reading?

Strong Dollar, High Inventories to Slow U.S. Factory Output
Source: Bloomberg Briefs