Rosenberg Daily Soundbites

• Equities are still flying high; bonds are quiet after yesterday’s drubbing; the only reason why the Greek debt rollover being proposed isn’t considered a default is because it is “voluntary”
• The Richmond Fed manufacturing index did rebound in June to +3 from -6 but that still represented the second weakest reading since last September
• The Johnson Redbook survey is flashing +2.5% YoY sales growth through June 25th compared with a target of +3.8%
• The Conference Board version of consumer confidence surprised to the downside in June
• Supply shortage of long duration product? The share of Treasury debt outstanding that is 10 years and higher in maturity is less than 10% - half what it was a decade ago
• The Philly Fed leading index of the U.S. economy in May slipped to its lowest level since October of last year