Trading the Fundamentals explains the significance, viability and market impact of 23 of the most widely followed economic indicators. Michael Niemira and Gerald Zukowski, two top Wall Street economists, examine and explain how each indicator behaves through every phase of the business cycle. If you hope to trade or invest profitably, you must understand how these fundamental indicators drive the financial markets.
The authors also explain the Federal Reserve's effect on financial markets, from the decisions of the Federal Reserve Board to the implementation of monetary policy by the Federal Open Market Committee. Key signals to interpreting monetary policy changes are outlined. A framework of the U.S. Treasury's debt management techniques and issuance is included.
With over 100 tables and 50 charts, Trading The Fundamentals shows you how indicators interrelate with each other and affect the markets. This detailed reference provides the keys so you can instantly interpret economic reports, and act when the numbers are released without waiting for expert analysis.
This revised edition brings you:
Êupdated information on economic analysis and monetary policy
ÊTelltale signs that signify when a particular indicator's influence is increasing
ÊHistorical data on how various factors have generally led to consistent market moves
'A clear, concise and thorough review of the most important economic indicators that drive the U.S. money markets. Must reading for new players in the market and a great refresher course for veterans.'
Dr William Ford, Federal Reserve Bank of Atlanta
'Succinct and bottom-line oriented, I found the book to be an indispensable guide for portfolio managers and traders.'
Peter Sherman, Independence Capital Inc.
'Fills the long-standing need for a cogent and concise guidebook to the jumble of indicators that pour forth in the daily barrage of official economic releases.'
Gary Ciminero, Fleet Financial Group
Section 1: Analyzing Business Conditions
1. More Than a Numbers Game
2. Business Inventories
3. Car and Truck Sales
4. Construction Expenditures
5. Consumer Confidence Measures
6. Consumer Credit
7. Consumer Price Index
8. Cyclical Indicators
9. Durable Goods Orders and Shipments
10. Employment
11. Employment Cost Index
12. Federal Budget
13. Gross Domestic Product
14. Home Sales: New One-Family and Existing
15. Housing Starts and Building Permits
16. Industrial Production and Capacity Utilisation
17. International Trade of Goods and Services
18. Manufacturing Orders, Inventories, and Shipments
19. NAPM Purchasing Managers Index
20. Personal Income and Consumption
21. Producer price Index
22. Productivity and Costs
23. Retail Sales
24. Unemployment Insurance Claims
Section 2: The Federal Reserve and the US Treasury
25. Overview
26. The Monetary Aggregates
27. Monetary Policy: The Decision-Making Process
28. Open Market Operations: Reserves and the Banking System
29. US Treasury Financing
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