Econ News of the Day

Some observations:

1. This is a great time to be teaching macro. The focus of the State of the Union was on the economy and job creation.
2. It is no surprise that the Fed left rates unchanged yesterday.
3. Today’s initial claims for unemployment benefits was down slightly from last week but the decline had been expected to be greater. The four week moving average was up slightly. Not a particularly good sign, but also not a trend setter. http://online.wsj.com/article/SB10001424052748704878904575030884203210288.html?mod=WSJ_hps_LEFTWhatsNews
4. The Senate should vote today on Bernanke’s confirmation. If he makes it, expect the markets to express their satisfaction over policy stability. http://online.wsj.com/article/SB10001424052748704878904575031020105055604.html?mod=WSJ_hps_LEFTWhatsNews