TPC

• Bernanke says there are significant risks to the economic outlook, including strains in the global financial markets
• TPC says operation twist won't do anything because this doesn't target rates so it won't  put downward pressure on longer-term interest rates and shouldn't help make broader financial conditions more accomodative
• MBS purchases won't help growth, but they will help fend off credit fears

Bespoke

• Building permits showing good strength