NEW YORK ( TheStreet) -- Doug Kass of Seabreeze Partners is known for his accurate stock market calls and keen insights into the economy, which he shares with RealMoney Pro readers in his daily trading diary.Among the posts this past week were entries about the week's macroeconomic events and buy levels on selected stocks. Please click here for information about subscribing to RealMoney Pro.
Originally published on Friday, June 28 at 3:37 p.m. EDT. "One last thing." -- Lt. Columbo Here is a succinct summary of this week's macroeconomic events from Morgan Stanley's Peter Boockvar: Positives 1) A slew of Federal Reserve members do their best to calm markets after last week's taper hissy fit, trying to make clear that the printing presses are still running hot and will continue to well into 2014 with only the degree of heat being the question. This said, the Fed is not just dealing with unemployment and inflation, it is dealing with asset bubbles and the methodical cornering of the U.S. Treasury market (more subtle than the Hunt Brothers). Also, markets only like full speed ahead (irrespective of economic impotence and damage) and views any slowdown in speed as a form of tightening. 2) Durable goods orders in May rise more than expected led by aircraft but core rate gain is also better than estimated. 3) Richmond, Dallas and Milwaukee manufacturing surveys in June bounce from May.
4) Conference Board consumer confidence rises to 81.4 from 74.3, best level since January '08, with those saying jobs are plentiful rising to the highest since Sept '08. Those that plan to buy a home or car within six months are up a touch. 5) June UoM confidence final reading at 84.1, down slightly from May but up from the preliminary June print of 82.7. Coincident with recent drop in gasoline prices, one-year inflation expectations moderate to 3%, matching lowest since Dec '10. 6) Pending home sales and new home sales in May both total more than expected as 50 bps increase in mortgage rates to 3.90% in May pushes many off their arse. Mortgage rates now are at 4.38% as of Thursday night.