From the Kansas City Fed: Tenth District Manufacturing Survey Improved Somewhat The Federal Reserve Bank of Kansas City released the May Manufacturing Survey today. According to Chad Wilkerson, vice president and economist at the Federal Reserve Bank of Kansas City, the survey revealed that Tenth District manufacturing activity improved somewhat, rising above zero for the first time in seven months, and producers’ expectations for future activity also increased.

Ricardo Nunes. The Federal Reserve through the Federal Open Market Committee (FOMC) regularly releases macroeconomic forecasts to the general public and the US congress with the purpose of explaining the likely evolution of the economy and the appropriate stance of monetary policy. Immediately before doing so, the FOMC receives a forecast produced by the Federal Reserve staff which remains private for five years. The literature has pointed out that, despite the informational advantage of the FOMC, its forecast differs from and is not always more accurate than the staff forecast.

Renaissance Macro Research, May 14, 2013   Jeff deGraaf, technician extraordinaire (formerly of Lehman now at Renaissance Macro Research) makes an interesting observation about the heavily overbought markets.

EVEN those in charge of listed corporations have bosses, however much they dislike thinking of their shareholders that way. So most chief executives hope to avoid the attention of “activist” investors—mostly hedge funds that specialise in shaking up listed companies in the hope of a share-price jolt. Sadly for those who dwell in corner offices, activists are getting brasher.