It’s not always sunny in Philadelphia

- Macro viewpoint: Its not always sunny in Philadelphia "The economy continues to slow and the risk of a fiscal accident is growing."
- Fed watch: Can Bernanke quell the cacophony? "We would have hoped Chairman Bernanke would speak first after the August FOMC meeting and clarify the view of the majority. Instead, we got noisy clatter from a number of hawks, all of whom we believe are unlikely to reflect the prevailing positions on the outlook or policy by most Fed officials."
- Housing watch: A mini double-dip in housing construction "The housing market is a key barometer of the underlying health of the economy. We are therefore launching a new, “Housing Watch” note within the US Economic Weekly to keep our readers in tune to the evolving state of the housing market."
- The week ahead: Taking a bite out of 2Q GDP "Chairman Bernanke will be delivering a closely-watched speech at the Kansas City Fed's annual Jackson Hole Symposium on Friday. The theme of the conference is “Macroeconomic Challenges: The Decade Ahead.” On the data front, the Bureau of Economic Analysis will likely take a bite out of 2Q GDP. With the trade gap widening even more then initial estimates, we expect 2Q GDP to be revised down almost a full percentage point to just 1.5% annualized from 2.4% previously. Keeping with the theme over the last several weeks, we expect better manufacturing sector data (durable goods orders) to offset the weak numbers emanating from the housing market (new and existing home sales)."

Merrill Lynch US Economic Weekly 20100820

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