Wednesday: Auto Sales, Fed's Beige Book, Trade Deficit

Josh Barro at Business Insider writes: ECONOMISTS: Summers As Fed Chair Would Shave 0.5% Off GDP And Cost Us 350,000 Jobs

Julia Coronado, Chief Economist for North America at BNP, and her colleagues Bricklin Dwyer and Laura Rosner estimated in a note last week that picking Summers over Fed Vice Chair Janet Yellen would shave 0.5 to 0.75 points off GDP growth over two years and cut job creation by 350,000 to 500,000 jobs.

Barro has some excerpts from the note with the author's conclusion:

[T]he efficacy of monetary policy does not seem to be the driving force in this nomination process and the forces in Washington seem to be moving in the direction of a Summers nomination.
emphasis added

Ouch!

Based on merit, I believe Yellen would be the nominee. 

Wednesday:
• 7:00 AM ET, the Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

• At 8:30 AM, the Trade Balance report for July from the Census Bureau. The consensus is for the U.S. trade deficit to increase to $39.0 billion in July from $34.2 billion in June.

• At 2:00 PM, the Federal Reserve Beige Book, an informal review by the Federal Reserve Banks of current economic conditions in their Districts.

• Around 4:00 PM, total Light vehicle sales for August. The consensus is for light vehicle sales to increase to 15.8 million SAAR in August (Seasonally Adjusted Annual Rate) from 15.7 million SAAR in July.