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156-205 - Check Point Certified Security Administrator CP 2000 - Dump Information

Vendor : CheckPoint
Exam Code : 156-205
Exam Name : Check Point Certified Security Administrator CP 2000
Questions and Answers : 192 Q & A
Updated On : December 12, 2018
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156-205 Questions and Answers

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156-205 Check Point Certified Security Administrator CP 2000

Study Guide Prepared by Killexams.com CheckPoint Dumps Experts


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156-205 exam Dumps Source : Check Point Certified Security Administrator CP 2000

Test Code : 156-205
Test Name : Check Point Certified Security Administrator CP 2000
Vendor Name : CheckPoint
Q&A : 192 Real Questions

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Taliban attack an Afghan forces verify point, killing 13 | killexams.com Real Questions and Pass4sure dumps

KABUL, Afghanistan -- The Taliban launched an attack early Monday on a newly based joint Afghan army and police checkpoint in japanese Ghazni province, killing at the least 13 soldiers and policemen, in response to a provincial legit.

Afghan reinforcements have been in consequence dispatched to the web site of the assault in Khogyani district but had been time and again ambushed along the way.

The assault got here as a resurgent Taliban cling almost half of Afghanistan, with close-each day attacks on Afghan security forces. The Taliban view the U.S.-backed govt in Kabul as a dysfunctional Western puppet and have refused repeated offers to negotiate with it.

Arif Noori, spokesman for the provincial governor in Ghazni, talked about that seven soldiers and six policemen have been killed. four troopers had been also wounded in the early morning attack at the checkpoint.

according to the spokesman, six insurgents have been killed and greater than 10 others were wounded all the way through the ensuing three-hour battle with Afghan forces.

Zabihullah Mujahid, a Taliban spokesman, claimed accountability for the assault in a press release sent to the media.

The joint checkpoint become installation just two days ago in a strategic area to bring to a halt a supply route for the Taliban however become now completely burned down and destroyed, Noori stated.

"Reinforcement had been rushed to aid the forces below attack however they had been ambushed by using other Taliban combatants as a minimum 4 instances whereas on their method to the checkpoint," referred to Noori.

The Taliban have stepped up attacks in unstable Ghazni, and in August overran ingredients of the provincial capital, also known as Ghazni. on the time, a whole lot of americans fled the city amid intense fighting between Afghan forces and the Taliban that killed about a hundred and twenty members of the security forces and civilians. in keeping with Afghan authorities, just about 200 insurgents, many of them international opponents, had been additionally killed.

Ghazni is the only one out of 34 Afghan provinces where the country's October parliamentary elections couldn't take area for security reasons. voting there was postponed for a 12 months.

In southern Kandahar province the vote turned into delayed for every week after an attack via an elite Afghan protect killed two properly govt officials, including an impressive provincial police chief.


Taliban hit Afghan checkpoint, kill 13 soldiers, policemen | killexams.com Real Questions and Pass4sure dumps

by using Rahim Faiez | AP

November 5

KABUL, Afghanistan — The Taliban launched an attack early Monday on a newly based joint Afghan military and police checkpoint in japanese Ghazni province, killing as a minimum 13 soldiers and policemen, based on a provincial reputable.

Afghan reinforcements were as a result dispatched to the website of the attack in Khogyani district but were again and again ambushed alongside the way. And late on Sunday night, a Taliban attack in southern Kandahar province killed at least four policemen.

The assaults got here as a resurgent Taliban dangle practically half of Afghanistan, with near-daily assaults on Afghan safety forces. The Taliban view the U.S.-backed government in Kabul as a dysfunctional Western puppet and have refused repeated offers to negotiate with it.

Arif Noori, spokesman for the provincial governor in Ghazni, stated seven soldiers and 6 policemen have been killed in Monday’s assault on the checkpoint, and four troopers have been wounded.

in keeping with Noori, six insurgents were killed and more than 10 others were wounded during the ensuing three-hour fight with Afghan forces. Zabihullah Mujahid, a Taliban spokesman, claimed accountability for the Ghazni and Kandahar attack.

The joint army-police checkpoint turned into deploy simply two days in the past in a strategic enviornment to cut off a key provide route for the Taliban but was now completely burned down and destroyed, Noori said.

“Reinforcements had been rushed to help the forces under attack but they had been ambushed with the aid of different Taliban fighters at least four times while on their technique to the checkpoint,” stated Noori.

The Taliban have stepped up assaults in unstable Ghazni, and in August overran components of the provincial capital, also known as Ghazni. at the time, a whole bunch of americans fled the metropolis amid intense fighting between Afghan forces and the Taliban that killed about 120 individuals of the protection forces and civilians. in response to Afghan authorities, practically 200 insurgents, lots of them foreign opponents, had been also killed.

Ghazni is the only one out of 34 Afghan provinces the place the country’s October parliamentary elections couldn't take vicinity for security explanations. voting there has been postponed for a 12 months.

in the Kandahar attack on Sunday evening, along with the four policemen killed, the Taliban additionally wounded two others, according to Aziz Ahmad Azizi, the provincial governor’s spokesman. He said six insurgents were additionally killed, and seven were wounded in Khakrez district, the place a checkpoint became additionally attacked. He referred to the Taliban fled the enviornment after their attack became repelled.

Elections had been delayed for every week in Kandahar after an attack by using an elite Afghan defend killed two accurate govt officials, including a powerful provincial police chief.

Copyright 2018 The linked Press. All rights reserved. This fabric may also no longer be posted, broadcast, rewritten or redistributed.


156-205 Check Point Certified Security Administrator CP 2000

Study Guide Prepared by Killexams.com CheckPoint Dumps Experts


Killexams.com 156-205 Dumps and Real Questions

100% Real Questions - Exam Pass Guarantee with High Marks - Just Memorize the Answers



156-205 exam Dumps Source : Check Point Certified Security Administrator CP 2000

Test Code : 156-205
Test Name : Check Point Certified Security Administrator CP 2000
Vendor Name : CheckPoint
Q&A : 192 Real Questions

Great source of great dumps, accurate answers.
i am very satisfied with this bundle as I were given over ninety six% on this 156-205 exam. I study the professional 156-205 manual a bit, however I bet killexams.com changed into my primary coaching useful resource. I memorized most of the questions and answers, and also invested the time to in reality recognize the eventualities and tech/practice centeredparts of the exam. I suppose that by way of itself purchasing the killexams.com package does now not guarantee that you maybypass your exam - and a few assessments are really tough. but, in case you have a look at their materials hard and in reality positioned your thoughts and your heart into your exam guidance, then killexams.com certainly beats some otherexamination prep options available out there.


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What is wanted to clear 156-205 examination?
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Training of Airport Screeners Varies Greatly Worldwide | killexams.com real questions and Pass4sure dumps

Full-body scanners that reveal what's hidden under your clothing and million-dollar machines that analyze air puffs for traces of explosives are not the first line of defense that keeps terrorists from getting aboard an airplane.

The front-line defenders remain the airport screeners — the men and women who guide you through those machines — and their training varies greatly throughout the world.

The Transportation Security Administration says America's airport screeners are the cream of the crop. "TSA's officers are our greatest investment and we provide them with a significant amount of training, both before they start working in airports and after they're on the job," spokesman Greg Soule said in a statement to FoxNews.com. "We rely on the top notch people, training, and technology to keep the aviation system safe."

But critics say America's airport screeners are undereducated, undertrained and ill-equipped compared to their counterparts in other developed nations. And that, they say, puts American passengers at greater risk.

The requirements for the job are a "reflection of the fact that we have not professionalized the field," says Andrew Thomas, an aviation security expert and editor of the Journal of Transportation Security. He has called for an academic, degree-based program for potential screeners.

"There's no assurance that [screeners] are in fact possessing the requisite skills, knowledge and background to do that job," Thomas told FoxNews.com. 'There's nothing in there about aviation security."

To become one of the nation's roughly 49,000 full- and part-time transportation security officers (TSOs), applicants must be U.S. citizens or U.S. nationals, possess a high school diploma or have at least one year of full-time experience working in security, aviation screening or as an X-ray technician.

Screeners must be proficient in "reading, writing, speaking and listening" and undergo up to 100 hours of classroom and on-the-job training.

They must pass drug and alcohol screening for marijuana, cocaine, opiates, phencyclidine and amphetamines. They must complete a medical evaluation, be able to lift and carry up to 70 pounds, have "customer service" skills and be able to "maintain focus and awareness" within stressful environments. Being able to walk up to two miles per shift is another prerequisite.

Successful candidates, who start at roughly $12 per hour and can earn up to $43,357 annually, must also pass a credit check and be less than $7,500 in debt, be clear of any delinquent federal or state taxes and not have any past-due child support payments.

According to TSA officials, more than 50 percent of TSOs have been employed by the agency for more than five years, and 25 percent are U.S. veterans.

Key skills, according to the TSA's Web site, are the ability to learn the "theories, dynamics and factors" in the aviation screening process, operating X-ray machines, working with persons of diverse backgrounds and communicating "non-technical" information effectively to others.

Those are specific criteria, but critics say the skill set doesn't match the job.

Thomas, who blasted the requirements as an "absolute joke," said U.S. screeners should be required to have secondary language skills — as is the case in many other nations — as part of a "globalized" field like aviation security. He also noted the lack of an "apprentice program" for aspiring screenes.

"Basic customer service skills are for a customer service job, and that's how they're treating it," Thomas said. "More important is the tangible ability to understand aviation security. That needs to be taught."

An airport screener's role is "completely different" in Israel, says Rafi Ron, former security director at Israel's Ben Gurion International Airport.

"The main role is not the screening aspect so much as it is conducting interviews, and that calls for a completely different set of skills," Ron told FoxNews.com. "They're not screeners, they're profilers."

Ron said the typical Israeli airport screener is 21 years old, possesses a "strong, curious" personality, has completed military service and undergoes up to nine weeks of training before employment. Pay reportedly begins at about $11 per hour.

"The kind of people who we look for are above average intelligence, so when they run interviews they are not easily impressed [with potential security risks]," he said. "That leads to a very interesting and a very different approach."

A large percentage of the workforce are students, Ron said, and are typically not employed longer than five years.

"Because of the need for curiosity, after a few years, you get burnt out," he said. "You lose your curiosity. [Screeners] don't it make it a career."

In Belgium, screeners must be citizens and be fluent in French and Dutch, unlike the one-language requirement in the U.S. Basic training includes 40 hours of instruction and up to 64 hours on various aviation security fields such as X-ray machines. Successful candidates are then paid roughly $15 per hour, according to a 2000 report on aviation security by the U.S. General Accountability Office.

Screeners in the Netherlands are also required to be fluent in two languages — Dutch and English — and are trained initially to become general security officers before receiving specialized training to be certified as checkpoint screeners. At least 40 hours of training precedes two months of on-the-job instruction and 24 hours of additional instruction annually.

Canadian screeners, according to GAO figures, must be fluent in either French or English and receive 20 hours of classroom training in addition to 40 hours of on-the-job training. Once certified by the government, individuals must pass written and practical tests every two years to remain on the job.

Douglas Laird, former security director for Northwest Airlines, said the amount of training hours screeners receive in Europe typically "far exceeds" the hours of instruction screeners receive in the United States.

"There's no comparison," Laird said. "And what you find in Europe, the screeners stay employed much longer than in the United States. It's more of a career."

He said the amount of training in the United States is not inadequate, but additional hours would undoubtedly produce a "better product."

"The concept is good, but to be effective, you need hundreds of hours," Laird said. "You have to have people who really understand the process."

The best screeners, regardless of which airport they protect, develop an "innate sense" of whom to search and whom to pass through to the gate, Laird said.

"You need to be able to look at a crowded screen and determine what you're concerned with and cut out the noise," he said. "Some people can't do it very well."


Weekly Commentary: Unassailable | killexams.com real questions and Pass4sure dumps

I've been here before and, candidly, it's not much fun. Lodged in my mind this week was the brilliant quote from the 19th century German philosopher Arthur Schopenhauer: "All truth passes through three stages: First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as self-evident."

It's fascinating how it all works. Looking back, there was definitely a bubble in 1999. Clearly, 2007 was one huge bubble. Everything is obvious in hindsight, and most look back now and contend it was pretty conspicuous even at the time. Having toiled through both prolonged bubble periods - arguing against deeply embedded bullish conventional wisdom - I can attest to the fact that the bubble viewpoint was violently opposed at the late stages of both cycles.

I don't feel I'm venturing out on a limb to predict that some years into the future the 2018 bubble backdrop will be recalled as rather self-evident. Years of experimental "whatever it takes" global monetary stimulus (rates, QE and market manipulation) nurtured excess and imbalances on an unparalleled global scale. EM borrowed excessively, too much denominated in foreign (U.S. dollar!) currencies. The Federal Reserve (all central banks) held rates too low for much too long. Prices for virtually all asset classes were inflated to dangerous extremes.

The resulting Tech Bubble 2.0 dwarfed the earlier nineties version, culminating in a global technology arms race. China was a historic bubble of reckless proportions. Protectionism and trade wars were a scourge for markets and global growth. Unsound "money" fueled populism. In the end, the backdrop created a cauldron of deepening geopolitical animosities and flashpoints.

During the mortgage finance bubble period, Chairman Greenspan was fond of claiming there was no national bubble - specifically because all real estate markets were local. Missing in the analysis was the recognition that mortgage finance had evolved into very much a national market. The GSEs, MBS, subprime ABS, the repo market, derivatives, structured finance ("Wall Street finance", more generally), the hedge funds, and money management more broadly - were all crucial to a national market of progressively loose finance.

Centralized finance linked seemingly disparate housing markets, securities markets, asset classes, financial systems and national economies. It evolved into a comprehensive bubble of mispriced finance on both national and international scales, which over time led to deepening structural impairment to both financial systems and real economies.

Recently, a period of calm have many believing the worst of EM instabilities has passed. But this week saw the Argentine peso collapse 16.3% (down 49.5% YTD). The Turkish lira sank 8.2% (down 41.9%). The Colombian peso declined 3.3%, the Chilean peso 3.2%, the South African rand 3.0%, the Mexican peso 0.9% and the Indian rupee 1.5%. Italian yields jumped eight bps to 3.24% (spread to bunds at 5-yr highs!). Greek yields jumped 24 bps (4.37%) and Portuguese yields rose 10 bps (1.92%). After somewhat of a respite, "Risk Off" was back for more.

In a sign of the times, investors remain extraordinarily bullish - even on the emerging markets. EM travails are "idiosyncratic" - individual instances of current account deficits and borrowing excessively in foreign currencies. By and large, the EM selloff has created value and buying opportunities. All markets are local; the notion of a global Bubble is asinine.

Most unfortunately, the bubble is real, and it is decidedly global. It has been fueled by an unprecedented international boom in central bank credit and sovereign debt. Underpinned by government finance and central bank liquidity backstops, over-liquefied markets accommodated unprecedented global corporate debt issuance. A comprehensive boom in global finance was fueled by a massive global leveraged speculating community, an international boom in derivatives trading and securities finance, along with a globalized market in ETFs and other passive indexed products.

Global market prices have been inflated by synchronized artificially low short-term interest rates, along with liquidity excess, again, on a globalized basis. Finance has been grossly mispriced systemically around the world.

Here in the U.S., the bullish consensus view holds that a faltering EM doesn't matter. The U.S. economy is strong and largely immune to global factors. Profits are booming. Prospects are unequivocally positive. The mindset is uncomfortably reminiscent of the "subprime doesn't matter" blather heading right into a devastating crisis. It's worth recalling that U.S. GDP exceeded 2% in 2007's 2nd, 3rd and 4th quarters, with Q4's 2.5% expansion the strongest in a year.

Things look just rotten at market bottoms. They appear splendid at tops. It's worth adding a little color from the perspective of George Soros' "reflexivity". So long as bullish perceptions sustain inflated market prices and unmatched perceived wealth, along with "animal spirits" and strong economic activity more generally, resulting "fundamentals" will tend to confirm the optimistic viewpoint.

Chuck Prince was still dancing in the summer of 2007. Everyone was locked into the dance party, as the market disregarded the subprime fiasco while rallying to record highs in mid-October 2007. By the end of 2007, few were interested in hearing another word about the bubble. The analysis was violently opposed: Washington had it all well under control. I needed to get a life.

Our reading of financial history has left us with the impression that financial manias are replete with crazy speculators running around in fits of irrational greed and excess. I hold the view that bubbles are much more about fits of deceptively rational behavior. The "Oracle of Omaha," 88 years young Thursday, can drink Coke and preach the virtue of buying stocks for the long term. Who today would take exception with such an irrefutable truth?

Mr. Buffett, along with virtually everyone, was blindsided by the 2008 crisis. This should matter but doesn't. Amazingly, another crisis is viewed these days as an opportunity rather than a risk. Stocks, as they always do, will come roaring back. The last crisis was only an issue for those that lacked conviction and sold stocks in an irrational panic.

At this point, the bullish view that stocks must be bought and held for the long term has surpassed rational. It's unassailable. Your price entry point matters little - the global backdrop even less. Politics little, geopolitics less. Holding cash is stupid, shorting much worse. Indeed, to not bet confidently on the U.S. for the long term is an act of self-destructive irrationality. A risk-based approach, to be sure, would lead to irrational decisions. It's been proven - repeatedly. Don't sell.

I believe we're nearing the end of an historic multi-decade bubble. Risk is incredibly high, a view that has by now been thoroughly discredited. A key factor boosting risk is the overwhelming consensus view that risk is virtually nonexistent. In stark contrast, I believe this protracted period of serial boom and bust cycles has led to the accumulation of financial and economic distortions and deep structural impairment.

Determined central banks and governments have resolved a series of busts with only more powerful booms. At this point, this ensures that few contemplate a scenario where policymakers are without the capacity to sustain robust markets and economic growth.

Risk-takers have gravitated to the top - in the markets, in company management, in venture capital, at banks, and generally throughout the economy. Those attentive to risk have been pushed aside - investors, speculators, managers and entrepreneurs. Trillions have flowed into "passive" investment strategies, essentially a bet on an index over active risk management. Based on (recent) historical performance, taking a passive approach is perfectly rational. But one must ignore the reality that the Trillions that flowed into this strategy ensure latent risk of an abrupt shift in market perceptions.

There is today a perception of invincibility that goes significantly beyond 1999 and 2007. It has more in common with my reading of the history from the late-twenties bubble period. "New Era." "Permanent plateau of prosperity." And at the end, "Everyone was prepared to hold their ground. But the ground gave way." There were worries throughout the twenties period. By 1929, it was a case of acute worry fatigue. Inflation psychology dominated a deeply distorted marketplace. Stated more simply, there was too much money to be made. Greed dominated.

And let's not miss a fundamental aspect from the "Roaring Twenties" period. The Fed was perceived to have things under control. It was a young central bank doing exciting new - and captivating - things. The perception that enlightened Fed operations had eliminated crisis risk in reality greatly exacerbated the risk of financial and economic calamity. For the current long cycle, central banks are anything but fledgling institutions. They have, however, adopted new and captivating doctrine and (whatever it takes) stimulus measures.

I am expecting EM contagion at the "periphery" to make its way to the "core." This is in stark contrast to the consensus market view: Idiosyncratic instability in select emerging economies ensures greater financial flows to outperforming U.S. equities and fixed-income markets. Global risks ensure the Fed concludes "normalization" well before rates turn restrictive, thus working to reduce risk for U.S. financial markets and the juggernaut U.S. economy.

It won't be viewed as such by historians, but in real time, the complacent bullish view is rational. Complacency, after all, has repeatedly paid off handsomely. Never failed. The Fed and global central bankers will clearly do whatever it takes to avoid another financial crisis. They successfully responded to mounting stress in 2012 (epicenter Europe) and again in late-2015/early-2016 (epicenter China) that, in hindsight, hardly even required a policy response. Again, to bet against central bank control would at this point appear irrational.

The Nasdaq Composite traded down to 4,210 in February 2016. The index closed Friday at 8,110, some 93% higher (up 209% from 2012 lows!). Global central banks moved to adopt aggressive "whatever it takes" stimulus measures in late-2012. When global market stress reemerged in late-2015, the BOJ and ECB boosted liquidity injection operations (and market interventions) while the Fed postponed rate "normalization." Meanwhile, Beijing implemented a number of fiscal and monetary stimulus measures. Some might see parallels to Benjamin Strong's 1927 "coup de whisky."

What's my point? Today's monetary backdrop is much different than the EM episode back in 2016. Instead of rapidly expanding, central bank liquidity is on the verge of contracting. Moreover, I would posit that the amount of central bank liquidity necessary to stabilize markets increases as market prices inflate. And this is where the proverbial analytical rubber meets the road: market players have come to have absolute faith in the efficacy of policy responses, unappreciative of crucial changes in both market structure and the liquidity backdrop.

So long as confidence holds at the "core" and speculation runs unabated, underlying fragilities remain concealed. But its wildness lies in wait - growing, strengthening and expanding, surreptitiously.

There are parallels to 2007 - as well as to the Q1 2000 (along with 1998!). The great nineties bull market culminated in a final short squeeze and derivatives-related melt-up. Options strategies had become popular both for speculating on higher prices and betting on a bursting Bubble. As they are today, the big technology stocks were at the epicenter of speculative excess, squeezes and derivative trading activity. Writing calls had become popular, often part of sophisticated options trading strategies.

When the market during Q1 2000 went into speculative blow-off mode, speculators that were caught short call options on the big tech names were forced to aggressively buy stocks into a final self-reinforcing melt-up. And, again with parallels to today's market backdrop, this melt-up occurred right into deteriorating fundamental prospects. For at least now, I know this line of analysis will either be ridiculed or violently opposed.

For the Week:

The S&P 500 gained 0.9% (up 8.5% YTD), and the Dow added 0.7% (up 5.0%). The Utilities slipped 0.7% (up 0.4%). The Banks were little changed (up 3.2%), and the Broker/Dealers increased 0.8% (up 4.6%). The Transports added 0.2% (up 6.5%). The S&P 400 Midcaps rose 0.5% (up 7.6%), and the small cap Russell 2000 gained 0.9% (up 13.4%). The Nasdaq 100 advanced 2.3% (up 19.7%). The Semiconductors gained 1.8% (up 11.8%). The Biotechs jumped 3.6% (up 26.4%). With bullion declining $5, the HUI gold index fell 2.4% (down 25.8%).

Three-month Treasury bill rates ended the week at 2.06%. Two-year government yields added a basis point to 2.63% (up 74 bps YTD). Five-year T-note yields rose three bps to 2.74% (up 53 bps). Ten-year Treasury yields gained five bps to 2.86% (up 46 bps). Long bond yields increased six bps to 3.02% (up 28 bps). Benchmark Fannie Mae MBS yields rose five bps to 3.62 (up 62 bps).

Greek 10-year yields jumped 20 bps to 4.37% (up 29 bps YTD). Ten-year Portuguese yields rose 10 bps to 1.92% (down 2 bps). Italian 10-year yields gained another eight bps to 3.24% (up 122 bps). Spain's 10-year yields rose eight bps to 1.47% (down 9 bps). German bund yields declined two bps to 0.33% (down 10 bps). French yields slipped a basis point to 0.68% (down 10 bps). The French to German 10-year bond spread widened one to 35 bps. U.K. 10-year gilt yields jumped 15 bps to 1.43% (up 24 bps). U.K.'s FTSE equities index fell 1.9% (down 3.3%).

Japan's Nikkei 225 equities index gained 1.2% (up 0.4% YTD). Japanese 10-year "JGB" yields added a basis point to 0.11% (up 6 bps). France's CAC40 slipped 0.5% (up 1.8%). The German DAX equities index dipped 0.2% (down 4.3%). Spain's IBEX 35 equities index fell 2.0% (down 6.4%). Italy's FTSE MIB index dropped 2.3% (down 6.4%). EM equities were mixed. Brazil's Bovespa index increased 0.5% (up 0.4%), while Mexico's Bolsa declined 0.2% (up 0.4%). South Korea's Kospi index rose 1.3% (down 5.9%). India's Sensex equities index gained 1.0% (up 13.5%). China's Shanghai Exchange slipped 0.2% (down 17.6%). Turkey's Borsa Istanbul National 100 index rose 2.8% (down 19.6%). Russia's MICEX equities index jumped 2.9% (up 11.2%).

Investment-grade bond funds saw inflows of $2.253 billion, and junk bond funds had inflows of $97 million (from Lipper).

Freddie Mac 30-year fixed mortgage rates added a basis point to 4.52% (up 70 bps y-o-y). Fifteen-year rates slipped a basis point to 3.97% (up 85 bps). Five-year hybrid ARM rates rose three bps to 3.85% (up 71 bps). Bankrate's survey of jumbo mortgage borrowing costs had 30-yr fixed rates up seven bps to 4.59% (up 60 bps).

Federal Reserve Credit last week declined $4.2B to $4.186T. Over the past year, Fed Credit contracted $235B, or 5.3%. Fed Credit inflated $1.375T, or 49%, over the past 304 weeks. Elsewhere, Fed holdings for foreign owners of Treasury, Agency Debt declined $0.8B last week to $3.429T. "Custody holdings" were up $88B y-o-y, or 2.6%.

M2 (narrow) "money" supply increased $11.8B last week to a record $14.215T. "Narrow money" gained $532B, or 3.9%, over the past year. For the week, Currency increased $4.6B. Total Checkable Deposits fell $18.4B, while Savings Deposits rose $18.1B. Small Time Deposits gained $5.1B. Retail Money Funds increased $2.2B.

Total money market fund assets were little changed at $2.864T. Money Funds gained $153B y-o-y, or 5.6%.

Total Commercial Paper declined $3.0B to $1.064T. CP gained $71B y-o-y, or 7.1%.

Currency Watch:

August 29 - Bloomberg (Katherine Greifeld and Tian Chen): "Turnover in the offshore yuan has reached unprecedented levels, spurred by U.S. President Donald Trump's broadsides against Chinese currency practices and the protracted trade dispute between the world's two biggest economies. On the FX trading platform of Cboe Global Markets, average daily volume in dollar-offshore yuan jumped to a record $1.7 billion in July, from $421 million a year earlier."

The U.S. dollar index was little changed at 95.099 (up 3.2% YTD). For the week on the upside, the Swiss franc increased 1.5%, the Brazilian real 1.2%, the British pound 0.9%, the South Korean won 0.6%, the Japanese yen 0.2%, and the Norwegian krone 0.1%. For the week on the downside, the South African rand declined 3.0%, the Australian dollar 1.9%, the Mexican peso 0.9%, the New Zealand dollar 0.7%, the Singapore dollar 0.5%, the Swedish krona 0.5%, the euro 0.2%, and the Canadian dollar 0.1%. The Chinese renminbi declined 0.31% versus the dollar this week (down 4.75% YTD).

Commodities Watch:

The Goldman Sachs Commodities Index jumped 2.2% (up 6.1% YTD). Spot Gold slipped 0.4% to $1,201 (down 7.8%). Silver lost 2.3% to $14.557 (down 15.1%). Crude rose $1.28 to $69.80 (up 16%). Gasoline increased 1.1% (up 11%), while Natural Gas was little changed (down 1%). Copper fell 1.5% (down 19%). Wheat rallied 1.7% (up 28%). Corn added 0.6% (up 4%).

Trump Administration Watch:

August 31 - Bloomberg (Jennifer Jacobs, Shawn Donnan, Andrew Mayeda and Saleha Mohsin): "President Donald Trump wants to move ahead with a plan to impose tariffs on $200 billion in Chinese imports as soon as a public-comment period concludes next week, according to six people familiar with the matter. Asked to confirm the plan in an interview with Bloomberg News in the Oval Office on Thursday, Trump smiled and said it was 'not totally wrong.' He also criticized management of the yuan, saying China has devalued its currency in response to a recent slowdown in economic growth."

August 30 - Bloomberg (John Micklethwait, Margaret Talev, and Jennifer Jacobs): "President Donald Trump said he would pull out of the World Trade Organization if it doesn't treat the U.S. better, targeting a cornerstone of the international trading system. 'If they don't shape up, I would withdraw from the WTO,' Trump said Thursday in an Oval Office interview with Bloomberg News. Trump said the agreement establishing the body 'was the single worst trade deal ever made.'"

August 26 - Bloomberg (Michael Schuman): "With the latest round of trade talks between the U.S. and China ending in a predictable stalemate, one thing has become clear: The Trump administration's approach to these negotiations has made it all but impossible for Chinese President Xi Jinping to make a deal. Until that changes, there's no end in sight for the tariff-for-tariff tussle between the two countries… The White House seems to misunderstand a crucial fact about modern China. As Xi has tightened his grip on power, China's economic and diplomatic initiatives have become closely associated with him personally. In foreign policy, Xi has sold himself as the champion of China's global interests and the man to stand up to the West and restore the country to its former glory. At home, Xi has promised the 'Chinese Dream,' a prosperous future with boundless new opportunities. But this carefully crafted image comes with two downsides. First, Xi must avoid any potentially humiliating setbacks on the world stage, especially any inflicted by a Western power. Second, he must keep China's economy growing, generating jobs and raising incomes."

August 27 - CNBC (Huileng Tan): "The U.S. and China will continue their standoff in the ongoing trade war as there is just not 'enough pain' yet for either side to back off, an expert said… 'I think we are in for a prolonged period of continuing escalating tensions,' said Deborah Elms, the executive director at the Asian Trade Centre… One problem is that 'both sides think they have the upper hand in this debate,' Elms told CNBC's 'Capital Connection.' Her comments came after the U.S. and China slapped new tariffs on each other last Thursday and their two-day meeting ended with no major breakthrough."

August 29 - Bloomberg (Toluse Olorunnipa and Jennifer Epstein): "President Donald Trump accused China of undermining U.S. efforts to pressure North Korea into giving up its nuclear weapons, indicating his trade war with Beijing is starting to exacerbate geopolitical tensions. 'North Korea is under tremendous pressure from China because of our major trade disputes with the Chinese Government,' Trump said in a series of tweets… 'At the same time, we also know that China is providing North Korea with considerable aid, including money, fuel, fertilizer and various other commodities. This is not helpful!' China fired back…, saying it's policies on North Korea 'are clear, consistent and stable.'"

August 26 - CNBC (Weizhen Tan): "Besieged by increasing legal concerns, U.S. President Donald Trump is thought to be looking to shore up his political position ahead of the midterm elections in November. One way to do so could be to distract voters from the problems at home by shifting the focus to the ongoing trade war with China, analysts said. In other words, the U.S. may be on the verge of escalating the conflict between the world's two largest economies."

August 27 - CNBC (Jeff Daniels): "With some U.S. farm products getting slammed by retaliatory tariffs, the Trump administration is prepared to start its emergency plan for agriculture right after Labor Day in a 'three-pronged approach' that will initially include about $6 billion in aid. The U.S. Department of Agriculture said… it is authorized to provide up to $12 billion in aid to the agricultural industry."

August 29 - Bloomberg (Kathleen Hunter and Ben Brody): "President Donald Trump warned Alphabet Inc.'s Google, Facebook Inc. and Twitter Inc. 'better be careful' after he accused the search engine earlier in the day of rigging results to give preference to negative news stories about him. Trump told reporters… that the three technology companies 'are treading on very, very troubled territory,' as he added his voice to a growing chorus of conservatives who claim internet companies favor liberal viewpoints. 'This is a very serious situation-will be addressed!' Trump said in a tweet... The President's comments came the morning after a Fox Business TV segment that said Google favored liberal news outlets in search results about Trump. Trump provided no substantiation for his claim."

August 28 - Bloomberg (Brendan Murray and Liz Capo McCormick): "Treasury Secretary Steven Mnuchin said he's 'not at all concerned' about the convergence of short- and long-term market interest rates at a time when some investors are worried the flattening yield curve signals a U.S. recession is coming. Having a flat curve is something the Treasury is 'perfectly content with,' given the government's issuance of long-term debt, he said… Mnuchin also said he doesn't view the curve as a predictor of economic growth."

Federal Reserve Watch:

August 26 - Reuters (Ann Saphir and Howard Schneider): "Federal Reserve Chair Jerome Powell has begun putting his stamp on the U.S. central bank as someone who will rely more on data-informed judgment and less on some of the models and theoretical values that have shaped the Fed's course in recent years but that Powell has said can be false guides. In doing so he may be laying the groundwork for a longer-than-expected rate-increase cycle, as discussion intensifies among policymakers about what level of borrowing costs is appropriate in an economy that is nearly back to full health. In addition, the full stimulative effects of President Donald Trump's tax cuts and increased government spending may not yet have presented themselves."

August 27 - Financial Times (Joachim Fels): "Damned if they keep raising, damned if they don't. Federal Reserve chair Jay Powell and his colleagues face a difficult choice over the next few months - and it is one that could have unpleasant ramifications whatever they decide. The first option for the Fed's Open Market Committee is that it continues to deliver on the current plan: raise rates again next month and stick to the guidance of four additional rate increases by the end of 2019. This can be easily justified by the US economy's progress towards the central bank's dual objectives… However, the Fed is not only the US central bank but also the pacemaker for the global credit cycle. Courtesy of ultra-low US interest rates, quantitative easing and a relatively weak dollar following the global financial crisis, borrowers within the US and, even more so beyond, have piled into dollar-denominated debt. According to BIS data, dollar credit to non-bank borrowers outside the US doubled to $11.5tn since the financial crisis. Within this, dollar debt in emerging markets surged from about $1.5tn 10 years ago to $3.7tn this March."

August 29 - Reuters (Howard Schneider): "The U.S. Federal Reserve should be ready to lift interest rates for a longer period or even more quickly than currently expected to insure against a jump in inflation in a U.S. economy operating in the vicinity of full employment. That is the message that has been percolating up from senior central bank staff economists to policymakers including Fed Chair Jerome Powell in research that has helped inform a subtle shift in how Powell plans to steer policy… The latest example emerged this week from staff economist Robert Tetlow, who argued that uncertainty about the stability of inflation expectations should be met with a strong response to ensure that one round of price increases does not touch off further rounds as inflationary psychology takes hold."

August 29 - Bloomberg (Liz Capo McCormick): "Goldman Sachs… is telling traders to be wary of reading Federal Reserve Chairman Jerome Powell's comments last week as dovish for the path of interest rates. Ten-year Treasury yields fell Friday on Powell's speech at the Kansas City Fed's annual policy symposium, when he said 'there does not seem to be an elevated risk of overheating.' What's more, the maturity's spread over two-year yields is close to the lowest since 2007. Goldman rates strategists lowered their year-end 10-year yield forecast last week on the back of a slower rebound in term premium. Yet in a report Monday, Goldman economists emphasized Powell's nod to a recent Fed study that indicated it would be ill-advised for the central bank to ignore low unemployment. That emboldened the Goldman economists to reiterate their call for two more rate hikes in 2018 and four next year."

U.S. Bubble Watch:

August 28 - CNBC (Michael Sheetz): "Consumer confidence rose in August to its highest level since October 2000, building on July's solid result. The Conference Board's index climbed to 133.4 in August, despite expectations… that it would fall to 126.7. The measure rose slightly last month to 127.4, up from 127.1 in June… 'Expectations, which had declined in June and July, bounced back in August and continue to suggest solid economic growth for the remainder of 2018,' Lynn Franco, director of economic indicators at The Conference Board, said…"

August 26 - Financial Times (Sam Fleming): "Moves by US companies to shift the cost of President Donald Trump's tariffs to their customers risk complicating monetary policy decisions as the Federal Reserve seeks to keep inflation steady, the central bank's policymakers have warned. Raphael Bostic, president of the Atlanta Fed, told the Financial Times that he believed the US was at an 'inflection point', where higher tariffs on products such as steel and aluminium would start to be felt by consumers. 'An increasing number of firms are telling us that they are going to start passing the cost increases through and they will be reflected in final goods prices… Businesses have told me that they have been able to absorb a fair amount of the price increases to date but that their ability to do that is diminishing."

August 30 - Bloomberg (Xin En Lee): "Profits are crucial to the growth of any company, but some of the biggest names in business today have yet to make money. Publicly-listed companies like electric carmaker Tesla and music streaming firm Spotify make billions in losses. Likewise, ride-hailing firm Uberlost $4.5 billion last year, but is gearing up for a highly anticipated public listing… Investors are not put off by unprofitable companies. In fact, the proportion of companies reporting losses before going public in the United States is at its highest since the dotcom boom in 2000. Last year, 76% of the companies that listed were unprofitable in the year before their initial public offerings… That's lower than the 81% recorded in 2000, but still far higher than the four-decade average of 38%."

August 30 - Bloomberg (Andrew Galbraith): "Investors are stomaching the lowest premium in more than a decade for taking on more risk in the US commercial property market, as a humming American economy encourages money managers to reach for higher returns. The difference between the return on the safest slices of commercial mortgage-backed securities - a pool of mortgages bundled into a bond - and the riskier slices has dropped to its lowest level since the build-up to the financial crisis… A combination of an expanding US economy and the ongoing hunt for yield is driving investors' willingness to assume more exposure to potential losses without greater compensation. For some it is another sign that a nearly decade-old credit cycle maybe approaching a turning point."

August 30 - Reuters (Lucia Mutikani): "U.S. consumer spending increased solidly in July, pointing to strong economic growth early in the third quarter, while a measure of underlying inflation hit the Federal Reserve's 2% target for the third time this year. …Consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.4% last month after advancing by the same margin in June… The personal consumption expenditures (PCE) price index excluding the volatile food and energy components rose 0.2% after edging up 0.1% in June. That lifted the year-on-year increase in the so-called core PCE price index to 2.0% from 1.9% in June. The core PCE index is the Fed's preferred inflation measure. It hit the U.S. central bank's 2% inflation target in March for the first time since April 2012."

August 28 - CNBC (Diana Olick): "Homebuyers are pulling back, and prices are finally following. Home prices are still rising, but the gains are shrinking. In June, prices nationally rose 6.2% year over year, according to the S&P CoreLogic Case-Shiller Indices. That is down from the 6.4% annual gain in May. Home prices in the nation's 10 largest housing markets rose 6% annually, down from 6.2% in the previous month. In the 20 largest markets, prices were up 6.3%, down from 6.5% in May."

August 27 - Bloomberg (Prashant Gopal): "Here's why the U.S. housing market is cooling: Prices are just too high. Starter homes are now more costly to purchase than at any time since 2008, when the last boom came to a crashing halt. In the second quarter, first-time buyers needed almost 23% of their income to afford a typical entry-level home, up from 21% a year earlier, according to an analysis by the National Association of Realtors."

August 28 - Bloomberg (Alex Tanzi): "Rising property values and record household wealth is allowing homeowners to use their homes as ATMs. In more than two-thirds of refinancing loans last quarter, homeowners pulled equity to finance consumer spending, property improvements and pay off other debts."

August 28 - CNBC (Jillian D'Onfro): "Alphabet's self-driving cars are annoying their neighbors in Chandler, Arizona. More than a dozen locals who work near Waymo's office gave The Information the same unequivocal assessment of the cars, which reportedly struggle to cross a T-intersection there: 'I hate them.' One woman said that she almost hit one of the company's minivans because it suddenly stopped while trying to make a right turn, while another man said that he gets so frustrated waiting for the cars to cross the intersection that he has illegally driven around them. The anecdotes highlight how challenging it can be for self-driving cars, which are programmed to drive conservatively, to master situations that human drivers can handle with relative ease - like merging or finding a gap in traffic to make a turn."

August 26 - Financial Times (Robin Wigglesworth): "The US student loan burden has swelled past $1.5tn despite actual lending volumes falling for more than half a decade, as struggling students fall behind on their payment plans and debt relief programmes fail to offer sufficient succour. The overall size of US student debt has grown by $500bn since the 2010-11 academic year, according to a report by S&P Global…"

August 27 - MarketWatch (Alessandra Malito): "Young adulthood can be a thrilling time for those living on their own for the first time, balancing schoolwork and a job, and paying for necessities. But many don't know how to manage all of this. About a third of young adults (32%) were considered 'financially precarious,' meaning they had few money management skills and little income stability, according to a University of Illinois study. Another 36% of participants were considered financially 'at risk' because they had an unexpected drop in income within the year and had no savings to support themselves. They also didn't have enough to pay for a $2,000 emergency."

August 29 - Wall Street Journal (Gregory Zuckerman): "A biotech boom is fueling renewed interest in a group that has been out of favor: Wall Street analysts. Investment banks Leerink Partners LLC, Cantor Fitzgerald & Co. and Jefferies Group LLC have lured top-name biotech analysts from large banks with guaranteed pay packages worth $3 million or more and contracts extending as long as three or four years… In turn, banks including Morgan Stanley and Citigroup Inc. have hiked pay to similar levels to retain top analysts. Hiring executives say compensation for less-senior analysts also has climbed…"

August 28 - Bloomberg (Ivan Levingston): "The number of candidates who passed the third and final level of the Chartered Financial Analyst exam in June rose to 56%, the highest success rate in 12 years. An all-time high of 35,518 people took the final test required for the certification... More than three-quarters of people who took the 2006 exam passed."

August 28 - Bloomberg (Eric Boston): "Two-thirds of California's beaches may be washed away by the end of the century, according to the state's latest forecast. California's fourth statewide climate assessment details the increasingly dire impact of climate change, including rising seas, climbing temperatures, more land lost to wildfires and extreme water shortages. It was issued Monday, the day before lawmakers moved to require all the state's electricity to come from wind, solar and other clean sources by 2045… Without significant efforts to curb greenhouse gas emissions, the average annual maximum daily temperature is expected to increase 5.6 to 8.8 degrees Fahrenheit (3.1 to 4.9 degrees Celsius) by 2100. The impact will be felt far sooner."

China Watch:

August 30 - Bloomberg (Andrew Galbraith): "Twitter comments by U.S. President Donald Trump accusing China of hacking former presidential candidate Hillary Clinton's email server are an attempt to cast China as a 'scapegoat', the official China Daily said… The strongly worded editorial also took aim at Trump directly, commenting: 'To the thinking person, there are few things more disconcerting than a tweet by the U.S. president as they initially seem to accord to reality but then quickly turn into messages from some alternative universe.'"

August 27 - Reuters (Winni Zhou and John Ruwitch): "China's central bank on Monday lifted its official yuan midpoint more than expected to 6.8508 per dollar after it re-introduced a counter-cyclical factor to its daily fixing mechanism to support the currency… China's central bank said on Friday that it was adjusting its methodology for fixing the yuan's daily midpoint in order to keep the currency market stable, amid broad dollar strength and ongoing trade tensions between Washington and Beijing."

August 29 - Reuters (Stella Qiu): "China's economy is facing increasing risks in the second half of the year and policymakers need to step up efforts to hit key development goals, the head of the state planning agency warned, as U.S. trade tensions intensify. 'Targets in economic growth, employment, inflation and exports and imports can be achieved through effort,' He Lifeng told the standing committee of the National People's Congress…"

August 30 - Bloomberg: "The biggest banks on Earth really want the world to know how much they're paying attention to risk. China's six largest lenders, which control a combined $16 trillion of assets, mentioned the word almost 1,900 times in their first-half earnings announcements, up about 9% from the same period of 2017, according to data compiled by Bloomberg. Bank of China Ltd. said it achieved 'new breakthroughs in risk mitigation,' while China Construction Bank Corp. touted its 'stringent risk management.' Industrial & Commercial Bank of China Ltd., the world's biggest lender by assets, said… that it will 'adopt well-targeted solutions to put all types of risks under control.'"

August 26 - Reuters (Yawen Chen, Se Young Lee and Ryan Woo): "China's investment growth, already at record lows, may weaken even further in the future and authorities should step up fiscal and financial measures to give it a boost, the state planner said… Fixed-asset investment (FAI) in the first seven months of the year grew at the slowest pace on record since early 1996, after a long crackdown on illegal local government borrowing to finance vanity projects."

EM Watch:

August 30 - Bloomberg (Marcus Ashworth): "The difficulties for emerging markets have entered a new phase. What were once clearly country-specific crises, well contained within their borders, are bleeding across the world. To stem the slide in its currency Argentina raised its key rate to a whopping 60% on Thursday, but the peso was still 30% weaker from Monday. Though Turkey is no closer to solving its many problems, it's hard to see why the lira needed to fall 4% on Thursday. Explanations that this is due to the resignation of one of the central bank's four deputy governors don't convince - he's only gone to take another government job."

August 28 - Financial Times (Colby Smith and Charles Newbery): "Argentina may have reluctantly fallen back into the embrace of the International Monetary Fund, but the biggest aid package in history has not managed to inoculate the country from an onslaught of market pain. Many investors felt reassured when Argentina received a $50bn credit line from the IMF in June and President Mauricio Macri followed through on mandated reforms to slash the fiscal deficit and tame inflation. Yet the recent turmoil in emerging markets has since muddied the outlook and called into question how Argentina will meet its $82bn financing needs for this year and next, while navigating a looming recession and rising consumer prices ahead of a presidential election in 2019."

August 30 - Bloomberg (Netty Ismail and Filipe Pacheco): "August has historically been a cruel month for emerging markets. By one measure, this year's has been the worst on record. A Bloomberg currency index that tracks carry-trade returns from eight emerging markets, funded by short positions in the dollar, has slumped about 6% since end-July, set for its biggest August drop since Bloomberg started compiling the data in 1999… Turkey's lira, Argentina's peso, Brazil's real and South Africa's rand were the hardest hit developing-nation units, cutting returns for investors who borrow where interest rates are low to buy higher-yielding assets."

August 25 - Reuters (Tuvan Gumrukcu): "The commitment and determination of Turks is the guarantee needed to combat attacks on Turkey's economy, President Tayyip Erdogan said on Saturday, in his first comments on the currency crisis in days… Erdogan has cast the rapid deterioration of the lira as an 'economic war' and accused Washington of targeting Turkey over the fate of Andrew Brunson, an American pastor being tried in Turkey on terrorism charges that he denies."

August 27 - Bloomberg (Selcan Hacaoglu): "Turkey's President Recep Tayyip Erdogan will meet with Russian and Iranian leaders in Iran next week to discuss developments in Syria and how to deal with radical Islamic groups who control the last major opposition holdout there. Erdogan's Sept. 7 sitdown with Russian President Vladimir Putin and Iranian President Hassan Rouhani in the northwest city of Tabriz comes at a critical juncture in Syria's civil war and at a time when U.S.-Turkish relations are badly strained."

August 29 - Reuters: "Dollar-denominated bonds issued by selected Turkish banks fell on Wednesday after Moody's sounded the alarm about the sector, while Turkey's finance minister was reported as saying he saw no big risk to the economy or financial system. Yapi Kredi's 2024 Eurobond slipped 1.5 cents to 72 cents in the dollar according to Tradeweb, while Garanti's 2027 issue was down 1.9 cents at 68."

Global Bubble Watch:

August 25 - Bloomberg (Satyajit Das): "Over the past decade, a lot of capital has flowed into emerging markets thanks in part to excessive liquidity in advanced economies. This money has often found its way into risky or suspect investment structures. Should a crisis strike… investors in these markets will be exposed to risks that they simply aren't prepared for. One problem is that investors have piled into familiar carry trades, either directly or via funds. They've purchased high-yielding emerging-market securities and then, as returns have fallen, resorted to more adventurous strategies to boost income. Japanese retail investors, for example, are exposed to funds known as double-deckers, which purchase high-yield debt, then swap the income flows from the bond into a currency with high interest rates."

August 29 - Financial Times (Philip Stephens): "The legacy of the global financial crisis might have been a re-imagination of the market economy. Anything goes could have made way for something a little closer to everyone gains. The eloquent speeches and bold pledges that followed the crash - think Barack Obama, Gordon Brown, Angela Merkel and the rest - held out just such a prospect. Instead we have ended up with Donald Trump, Brexit and beggar-thy-neighbour nationalism. The process set in train by the September 2008 collapse of Lehman Brothers has produced two big losers - liberal democracy and open international borders. The culprits, who include bankers, central bankers and regulators, politicians and economists, have shrugged off responsibility. The world has certainly changed, but not in the ordered, structured way that would have been the hallmark of intelligent reform. After a decade of stagnant incomes and fiscal austerity, no one can be surprised that those most hurt by the crash's economic consequences are supporting populist uprisings against elites. Across rich democracies, significant segments of the population have come to reject laissez-faire economics and the open frontiers of globalisation."

Central Bank Watch:

August 28 - Financial Times (Kate Allen and Keith Fray): "Central banks that have engaged in a mass programme of bond-buying in a bid to stimulate the global economy have seen the size of their balance sheets begin to fall for the first time in a decade… The assets on leading central banks' balance sheets now equate to 31% of their governments' debt, marginally down from 32% last year… The Bank of Japan's holdings are proportionately the largest, amounting to 35% of outstanding Japanese government debt; the European Central Bank's assets equate to a quarter of outstanding eurozone government bonds, while the US Federal Reserve holds assets equivalent to 10% of the country's debt. FT research shows that the world's biggest central banks now hold $15.3tn of assets, of which about two-thirds comprises government bonds - one dollar in every five of the $49tn outstanding debt owed by their governments."

Europe Watch:

August 29 - Bloomberg (Kate Allen): "Italian banks' net purchases of their own government's debt have slowed, after hitting record levels earlier this year as foreign investors fled the market and dumped their holdings. Financial institutions in Italy bought a net €4bn of Italian government debt in July…, down from €14bn in June and €28bn in May, when the Italian bond market saw a sharp sell-off amid political turmoil. Overall in the second quarter of 2018, domestic financial institutions increased their net holdings of the government's debt by more than €40bn, the largest amount since the height of the eurozone debt crisis in 2012."

August 29 - Bloomberg (Lorenzo Totaro): "Government representative are said to be calling on the ECB to pass a new program of bond purchases in order to shield Italy's debt from financial speculation and avoid a rating downgrade, La Stampa reports citing an unnamed official. The new QE-styled program could also have a different name if needed…"

August 28 - Bloomberg (James Hirai and Todd White): "Three months after the political imbroglio around forming a populist government roiled Italian assets, bond investors are contemplating a fresh hurdle: its first budget, due next month. The big risk is that the euroskeptic Five Star Movement-League coalition breaks the 3% deficit limit set under European Union rules, putting the country on a collision course with the bloc. That's got traders hunting a variety of strategies, from selling bond futures to buying Euribor options, to guard against the kind of market meltdown seen at the end of May. For hedge funds, 'the big one is futures, and the other one is to repo the bond itself,' according to Jason Guthrie, the… head of capital markets for… WisdomTree Europe. 'That's the primary way people take short positions' on Italy's bonds, said Guthrie…"

Japan Watch:

August 29 - Bloomberg (Chikafumi Hodo): "Japan's benchmark bonds recorded no trades on Wednesday, less than a month after the central bank sought to enliven the world's second-biggest debt market by relaxing yield control. That's the seventh instance this year when the debt didn't change hands, though the first since July 31 when the Bank of Japan said it will allow the 10-year yield to deviate by as much as 0.2 percentage points around zero percent… While Hitoshi Suzuki, a BOJ board member, said Wednesday the central bank still needs more time to decide if the policy tweak… is sufficient, consensus has emerged among regional banks and insurance companies that more needs to be done as trading returns to abysmal levels."

Fixed Income Bubble Watch:

August 29 - CNBC (Robert Ferris): "Moody's downgraded Ford's credit rating to one notch above junk bond status Wednesday and warned that it could be further cut as the Detroit automaker struggles overseas and invests an estimated $11 billion on a turnaround plan. The second-largest U.S. auto manufacturer is facing weakening profit margins in North America, a retrenching business in China, and losses in South America and Europe, at least some of which could continue to worsen, Moody's said… The investments are necessary, but it will take several years before that translates to better performance, Moody's said."

August 29 - Bloomberg (Heather Perlberg and Sally Bakewell): "Fortress Investment Group LLC is boosting its offerings to investors betting on one of the debt market's hottest corners. The investment manager is expanding its private credit effort with a direct-lending fund; another that buys debt linked to real estate, aircraft leases and other assets; and one that invests in intellectual property, according to people… Money managers including Blackstone Group LP's GSO Capital Partners and BlackRock Inc. are also broadening their offerings amid the influx. The rush into these less-regulated corners of the debt market has raised some concern that lenders are taking too much risk…"

August 29 - Bloomberg (Claire Boston): "Investors led by Blackstone Group LP will start marketing $8 billion of risky corporate loans next week to fund their buyout of Thomson Reuters Corp.'s financial-and-risk operations, according to people with knowledge of the matter. It would be the biggest leveraged loan offering of the year."

Leveraged Speculation Watch:

August 26 - Wall Street Journal (Laurence Fletcher): "Following trends in financial markets was once one of the most profitable investment strategies around. Now the approach is being battered as cheap replica funds crowd into the space. Performance among the roughly $300 billion in hedge funds that largely use so-called trend-following strategies has been abysmal. An investor buying into these funds at the start of 2011, for instance, and holding through July this year would have lost 3.4% on average, according to HFR. Over the same period the S&P 500 is up 124%. 'It's like a lot of industries,' said Matthew Beddall, founder of investment firm Havelock London. 'As it's been successful more people have got involved. Now you can buy a book on Amazon on how to code trend-following.'"

August 29 - Bloomberg (Eric Lam and Matt Turner): "Short positions against the so-called FAANG group of the largest U.S. technology stocks have surged by more than 40% in the past year as investors bet against some of the biggest drivers of the global bull market. Bearish investors have shorted about $37 billion worth of stocks in the group, which comprises Facebook Inc., Apple Inc., Amazon.com Inc., Netflix Inc. and Google parent Alphabet Inc., up 42% from a year ago. Amazon leads the way with almost $10 billion in short interest… 'Tech stocks have had a large run-up in price this year,' Ihor Dusaniwsky, head of research at S3 Partners, said… 'The greater the rise, the greater the fall so they are being targeted as the stocks to short. With the bull market possibly entering the backstretch, portfolio managers are bracing for a selloff and increasing their overall market short exposure.'"

Geopolitical Watch:

August 28 - Bloomberg (Henry Meyer and Ilya Arkhipov): "Russia is to hold its biggest military maneuvers since the height of the Cold War next month, mobilizing about 300,000 troops and including the participation of thousands of soldiers from China, Defense Minister Sergei Shoigu said. The Vostok-2018 exercises in Russia's eastern and central military districts… from Sept. 11-15 will involve almost a third of the country's soldiers, making them the largest since 1981... Some 1,000 aircraft and both the Northern and Pacific fleets will be deployed. 'Imagine 36,000 tanks and armored personnel carriers all moving at the same time,' the defense minister said. 'This will all be tested under conditions as close as possible to war.'"

August 26 - Reuters (Hayoung Choi and Josh Smith): "North Korea's state-controlled newspaper… accused the United States of 'double-dealing' and 'hatching a criminal plot' against Pyongyang, after Washington abruptly canceled a visit by Secretary of State Mike Pompeo. Negotiations have been all but deadlocked since U.S. President Donald Trump's summit with North Korean leader Kim Jong Un in Singapore in June."

August 27 - Bloomberg (Tim Kelly): "Japan said… North Korea still posed a dire threat to its security despite a halt to ballistic missile tests and a pledge by leader Kim Jong Un to denuclearize the Korean peninsula. 'North Korea's military activities pose the most serious and pressing threat our nation has faced,' said an annual white paper published by Japan's Ministry of Defence."

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ARRL Letter | killexams.com real questions and Pass4sure dumps

HAARP's WSPR Research Campaign Yields Hundreds of Reports on 40 and 80 Meters

Just-completed research at the High-Frequency Active Auroral Research Program (HAARP) transmitters in Gakona, Alaska, successfully took advantage of the WSPR digital protocol and the Weak Signal Propagation Reporter Network (WSPRnet) on July 30 through August 1. University of Alaska Fairbanks (UAF) Space Physics Group researcher and HAARP Chief Scientist Chris Fallen, KL3WX, told ARRL that the research -- HAARP's fourth research campaign under management of the University of Alaska Fairbanks -- went well.

The HAARP WSPR spots map.

"My 'citizen science' experiments were funded by the National Science Foundation and were conducted for approximately 30 minutes at the end of each campaign day," Fallen said. "They consisted of 2-minute transmissions using the WSPR digital mode in the 40- and 80-meter bands, with a 2-minute off period between transmissions." He said HAARP transmitted in full-carrier, double-sideband AM because it does not have SSB capability. HAARP operated under its Part 5 Experimental license, WI2XFX, with Special Temporary Authority (STA) from the FCC to transmit on amateur bands.

"I systematically varied the HAARP transmission parameters, such as gain, net power, beam direction, and polarization, to see how they affected the reception reports collected in the WSPRnet.org database," Fallen said. "During the 3 days, we gathered more than 300 confirmed reports of signal strength and location from nearly 100 unique participants throughout Canada and the US."

Fallen said the spots, collected along with the corresponding HAARP transmission parameters, are available online, (1) and (2). He said the spreadsheet at the second link is editable by the public, "specifically by citizen scientists who want to manually add their spot or other interesting data analysis," he added. "In this sense, the experiment continues."

He said that HAARP's low-elevation transmissions on 40 meters resulted in the greatest number of spots. "The most distant spot was located at grid EL96xi, near Boca Raton, Florida, reported by W1NEJ, from a distance of 6,154 kilometers," Fallen said. "Interestingly, HAARP was aimed in the magnetic west direction during that spot."

HAARP and the Arecibo Observatory in Puerto Rico are planning to conduct heating campaigns this fall, Fallen noted, although not at the same time, as experimenters are shared. Read more.

Indonesian Hams Take Advantage of Satellite for Post-Earthquake Communication

Amateur Radio volunteers in Indonesia have been taking advantage of the LAPAN-ORARI (IO-86) ham satellite in addition to HF on 7.110 MHz as the Lombok area recovers from two recent earthquakes. The death toll has topped 400. A second powerful earthquake in the area on August 5 killed at least 98 people and seriously injured more than 200 others.

Power in the area has been disrupted, and Kardi Wibisono, YB9KA, and Untung "Adi" Riadi, YB9GV, of the West Nusa Tenggara Region chapter of ORARI, the Indonesian national Amateur Radio organization, have been leading efforts to provide communication to areas lacking cellular coverage. That has included hauling batteries to run repeaters taken down by the power outage. Four repeaters are reported to be operating in the disaster area. ORARI Headquarters has asked for more repeater support from its Bali Island region and issued an official request to help with logistics and additional volunteers in Lombok.

In addition to designating the HF National Emergency Frequency of 7.110 MHz, VHF frequencies have been established and the LAPAN-ORARI (IO-86) satellite has been activated to assist with communication. Launched in 2015, IO-86 carries an FM transponder and an APRS digipeater. The Central Java Region of the Indonesian Search and Rescue Council sent in a team to join the national rescue operation in Lombok and ORARI volunteers.

Indonesian President H. Joko "Jokowi" Widodo is YD2JKW. -- Thanks to Southgate Amateur Radio News via IARU Region 1; Dani, YB2TJV, and AMSAT News Service

NIST FY 2019 Budget Would Eliminate WWV and WWVH

The National Institute of Standards and Technology (NIST) FY 2019 budget request includes shutting down "NIST radio stations in Colorado and Hawaii," an apparent reference to WWV and WWVH. Radio amateurs, HF listeners, and others around the world routinely make use of the time and frequency standard signals, which also include propagation information. NIST said eliminating funding currently "supporting fundamental measurement dissemination" would include putting WWV and WWVH off the air for a savings of $6.3 million. The overall NIST FY 2019 budget request for efforts related to fundamental measurement, quantum science and measurement dissemination is $127 million, which, the agency said, is a net decrease of $49 million from FY 2018 levels.

"The proposed reductions will allow NIST to consolidate and focus on narrower core [fundamental] measurement programs while meeting budget levels," the agency said in its FY 2019 budget summary. "NIST will focus on basic research while reducing funding for efforts applying some of its breakthroughs into new measurement applications.

The FY 2019 proposed budget cuts developed earlier this year came to light via Tom Witherspoon, K4SWL, who maintains The SWLing Post website, after a number of viewers called it to his attention. He posted an article on his blog.

"I've always considered WWV and WWVH to be the heartbeat of the shortwaves here in North America -- a constant, timely companion and brilliant gauge of HF propagation," Witherspoon wrote. "I assumed both stations would be some of the last to go silent on the shortwaves."

"I find this budget request very disappointing," Witherspoon said with respect to the proposed elimination of WWV and WWVH. "Let's hope, somehow, this does not come to fruition." He said The SWLing Post would be tracking and posting any new developments. Read more.

Texas Volunteer Examiner Setting Sights on Next 1,000 Exam Sessions

In July, Franz Laugermann, K3FL, of Houston, achieved a milestone that no other Volunteer Examiner (VE) has before, by taking part in his 1,000th exam session as a VE. But, he told ARRL, he's far from finished.

Harris County Judge Ed Emmett presents Laugermann with a framed proclamation from the County in recognition of Laugermann's accomplishments as a Volunteer Examiner.

"As long as I can be here, I'm going to go on doing this. It's so rewarding," he said, adding that he's set his sights on 2,000 sessions. He estimated that he's helped about 5,000 people get their Amateur Radio licenses. At one recent session, a 10-year-old boy who passed the exam became the fourth generation in his family to get licensed through Laugermann, who also had conducted the testing sessions at which the boy's father, grandfather, and great-grandfather earned their ham licenses.

Laugermann became an ARRL-accredited Volunteer Examiner in 1991. His wife Barbara, KA5QES, has been a VE nearly as long as her husband. Both are ARRL members.

Retired from the US Army in 1975, Laugermann, 78, has been licensed since 1978, has served as an Official Observer for 27 years and is a member of ARES®. He supported the ARES effort for Hurricane Harvey at the Harris County Office of Homeland Security and Emergency Management's Emergency Operation Center at Houston TranStar.

He has been running VE sessions at Houston TranStar for more than 16 years. "I like meeting new people," Laugermann said. Whenever he talks to people, young or old, he always encourages them to give Amateur Radio a try. "I tell them, 'I don't know everything, but I'll tell you everything I do know,'" he said with a laugh.

He's taken to telling his recent exam graduates to text him with their new call signs so he can keep an ear out for them when he's on the air. "I'm retired, so I'm on the radio all day long," he said.

The Doctor Will See You Now!

"Dummy Loads" is the topic of the new (August 16) episode of the "ARRL The Doctor is In" podcast. Listen...and learn!

Sponsored by DX Engineering, "ARRL The Doctor is In" is an informative discussion of all things technical. Listen on your computer, tablet, or smartphone -- whenever and wherever you like!

Every 2 weeks, your host, QST Editor-in-Chief Steve Ford, WB8IMY, and the Doctor himself, Joel Hallas, W1ZR, will discuss a broad range of technical topics. You can also email your questions to doctor@arrl.org, and the Doctor may answer them in a future podcast.

Enjoy "ARRL The Doctor is In" on Apple iTunes, or by using your iPhone or iPad podcast app (just search for "ARRL The Doctor is In"). You can also listen online at Blubrry, or at Stitcher (free registration required, or browse the site as a guest) and through the free Stitcher app for iOS, Kindle, or Android devices. If you've never listened to a podcast before, download our beginner's guide.

ARISS Packet Radio System Expected to be Back Late this Year

The currently silent packet radio system on the International Space Station could be back on the air by year's end. Amateur Radio on the International Space Station (ARISS) hardware team members have located an original duplicate of the packet module that had been in use on the International Space Station (ISS) before failing more than a year ago, after 17 years of service. With a new battery installed, the unit was tested and found to be functioning. The ARISS packet system in the space station's Columbus module, operating on 145.825 MHz, quit last July after first experiencing some problems. All necessary paperwork has been completed to manifest the packet module on the Progress 71P spacecraft launch now set for Halloween, with docking on November 2.

"Installation date will depend on the crew's busy schedule, but ARISS hopes packet can be online again by the end of November 2018," ARISS said this week in a news release. ARISS said it's heard from "many hams" who have been asking when the packet system will be back on the air.

When the ARISS packet module aboard ISS died last year, the ARISS hardware team was already overburdened with the design and safety certification of the new interoperable radio system ARISS has been developing, which is set for launch next year. The team did attempt some basic troubleshooting of the old packet module, but was unable to revive it and decided instead to dedicate all of its time to the new replacement radio system, including packet capability.

Early this year, thermal testing of the first flight-identical power supply for the new comprehensive radio system showed that some changes to air flow were needed. This change would delay launch of the new radio equipment from late 2018 to early 2019.

To contribute to the ARISS radio fund, visit the ARISS website and click on the "Donate" button.

4U1UN UN Amateur Radio Club Operation Could Resume Later this Year

Outside of beacon signals, 4U1UN, the Amateur Radio club station at United Nations Headquarters in New York, has not been heard on the air since 2015, and only then under the commemorative 4U70UN call sign marking the UN's 70th anniversary that fall. Even then, operation took place in a ground-level garden area within the UN Headquarters complex. That could change soon.

The 4U1UN station, once within the iconic UN building, was dismantled in 2010 and antennas removed in advance of extensive building renovations. But room for 4U1UN -- which counts as a separate DXCC entity -- was not allocated in the new building layout. UN staffer James Sarte, K2QI, the president of the United Nations Amateur Radio Club, said in late July that "red tape" has been a roadblock to getting 4U1UN back on the air.

"It's taken us years just to get the administration and security to allow us to resume beacon operations," he told DX-World.net. "Security protocols became much tighter after 9/11. And when renovations [for] the Secretariat were completed, staff were no longer permitted to engage in any activities above the [Secretary-General's] floor. That said, we're slowly working to restore operations."

Negotiations have been continuing off and on for a few years now, but Sarte says that any notion of returning to staffed operations from the station's former 41st floor annex is a thing of the past. "Any such activity from the club will have to be done remotely from a broadcast booth that was loaned to us by the UN's broadcast services section," he explained. "The good news, however, is that new equipment was recently donated to the club that would make that a reality. The transceiver, amplifier, and associated network equipment are now in place. We also had a dedicated closed network line installed primarily for that purpose." Operation would take place from UN Headquarters grounds.

Sarte said the remaining task is to install an antenna and begin testing, which, he estimated, should happen this month. "But I do promise that 4U1UN will be back on the air soon," he concluded.

4U1UN is the 34th most-wanted DXCC entity. Read more.

Storm Takes Down Antennas at Memorial Ham Station on Swedish-Norwegian Border

The SJ9WL-LG5LG Morokulien memorial station on the border of Sweden and Norway is off the air after a large tree, brought down during a severe storm on August 10, caused extensive damage to the station's antennas. According to one report, the station's 100-foot tower was broken into pieces after the tree fell across three tower guy wires. That pulled the support structure toward the station building, but a third set of guys on the other side of the tower held and kept it from damaging the structure. The tower has been up for at least a decade.

"This is a unique place, because the radio shack is exactly on the border, and the users are obliged to use the call signs alternatively -- one day SJ9WL and the next day LG5LG," Henryk Kotowski, SM0JHF, told ARRL. Kotowski has operated from the station in the past, and a photo he shot at Morokulien appeared on the cover of the October 1996 issue of QST.

"This was a memorial station devoted to SM5WL and LA5LG," Kotowski explained. "They both promoted Amateur Radio and supported disabled hams. Swedish and Norwegian hams took over the abandoned border checkpoint house 50 years ago and made a joint club station there." He said the area is now devoted to recreation and includes a peace monument. With funds from station rentals, the association Amateur Radio in Morokulien (ARIM) maintains and manages the station, which may be the only one located on an international border in what ARIM calls a "ham state." The name Morokulien is a combination of the words for fun -- moro in Norwegian, and kul in Swedish -- plus a suffix indicating "in one place."

This fall, clubs on both sides of the international border are planning a joint 50th anniversary celebration. Read more.

Ham-Astronauts among First Nine Astronauts Scheduled to Fly on Commercial Spacecraft

Three radio amateurs are among the initial nine NASA astronauts scheduled to fly on commercial spacecraft to the International Space Station. Others in the group are studying for their ham licensing exams in order to take part in Amateur Radio on the International Space Station (ARISS) school radio contacts, or because they have expressed interest in supporting ARISS events. The women and men chosen will be the first to fly on one of two commercial spacecraft.

SpaceX plans to fly a two-person crew -- Robert Behnken, KE5GGX, and Doug Hurley -- in Crew Dragon atop a Falcon 9 rocket from Kennedy Space Center. A Boeing CST-100 Starliner capsule on an Atlas V vehicle from Cape Canaveral will carry a three-person crew -- Eric Boe, Chris Ferguson, and Nicole Aunapa Mann, who attended an ARISS introductory talk at Johnson Space Center (JSC) and voiced interest in doing ARISS contacts in the future.

Boe and Ferguson, along with Josh Cassada, Victor Glover, Michael Hopkins, KF5LJG, and Sunita Williams, KD5PLB, will also be on the commercial spacecraft on later trips following the first test flights.

Behnken earned his license with help from the ARISS team at JSC in 2005. Hopkins got his license in 2011 and made ARISS school contacts in early 2014. Within the Amateur Radio community, however, he may be best known for installing the ARISS Ham Video system in 2014, shortly before wrapping up his ISS duty tour. Glover has been studying for his ham radio license at Johnson Space Center with a little mentoring from ARISS team member Kenneth Ransom, N5VHO. Cassada spoke in person to students taking part in an ARISS contact at an ISS education conference in 2016, at the time telling the ARISS team that he wanted to get his ham radio license. Williams has supported a large number of ARISS contacts on the ISS throughout her career. Read more.

Dave Popkin, W2CC/AAR2BU, Receives Presidential Lifetime Achievement Award

A New Jersey radio amateur and Military Auxiliary Radio System (MARS) member has received a Lifetime Achievement Award from President Donald Trump. ARRL Charter Life Member Dave Popkin, W2CC/AAR2BU, was recognized for his extraordinary contributions as a MARS volunteer.

"On behalf of a grateful nation, I thank you for your lifetime of service to your fellow Americans and those most in need," President Trump said. "Through at least 4,000 hours of service, you have ensured the continuation of America's unparalleled commitment to improving the lives of others. You have served as a model of the American spirit. Your many hours of service have strengthened the bonds of cooperation and trust that bring people together, while helping to address some of the greatest challenges of our time."

MARS Region 2 Director Carver Washburn, W2TFM/AAA2RD, said Popkin's "long and distinguished" history as a volunteer extends over 56 years with US Army MARS, averaging some 2,000 hours a year.

"Dave is particularly noted for his MARS leadership roles, mentoring, and training initiatives," Washburn noted. "It all started with his inspiration and his motivation to take positive action that, to this day, has fundamentally enhanced the ability of [the Department of Defense] to achieve its goals under the most dire of circumstances, such as occurred in Puerto Rico during Hurricane Maria in September 2017."

Washburn said Popkin served as net control for MARS radio nets in Region 2, and has served as MARS New Jersey State Director.

Dave Popkin, W2CC, with his Presidential Lifetime Achievement Award.

"Also evident were his unique talents to train and mentor these team members, substantially expanding the strength of the organization," Washburn said. "Dave made a difference in innovative ways through this role. He worked on the HQ senior staff for many years as well. Chief Army MARS Paul English and I are most grateful for his long and valued MARS service."

A former FCC field inspector who also served as an ARRL Official Observer, Popkin has made similar contributions to Amateur Radio, Washburn said, citing Popkin's years of leadership with the New Jersey Phone Net and with the Englewood Cliffs (New Jersey) Amateur Radio Club's ARRL Field Day operation. Read more. -- Thanks to Carver Washburn, W2TFM/AAA2RD

In Brief...

For the second year in a row, members of the Clallam County ARES group took part in an "active shooter" training exercise. The Clallam County Sheriff's Department conducts training each year to educate as many first responders as possible in the proper techniques of conducting operations during these incidents, including neutralizing the threat, evacuating victims, reuniting families of victims, and offering counseling. Safety is a major concern during these exercises. The latest exercise on August 10 included participation by corrections officers, tribal police, sheriff deputies, ambulance crews, county fire personnel, and even the US Coast Guard. ARES personnel provided communication between the instructors and locations being used so that all regular communications among the various agencies could proceed without interruption by training-related traffic. ARES establishes communication between the command instructors and all remote locations during the drill, including the hospitals, the reunification center, the emergency operations center, and other sites. During this exercise, the Coast Guard responded to pick up a victim for transport to the hospital 35 miles away. "This is a great opportunity for ARES to get more experience and training and to hopefully be more prepared for the next event, whatever it may be," said ARES Assistant Emergency Coordinator Joe Wright, KG7JWW.

AMSAT has issued the second call for papers for the 2018 AMSAT-NA Annual Meeting and Space Symposium. The event is set for November 2 - 4 at the US Space and Rocket Center in Huntsville, Alabama. Proposals for papers, symposium presentations, and poster presentations are invited on any topic of interest to the Amateur Satellite community. Send a tentative presentation title and abstract as soon as possible, with final copy by October 15 for inclusion in the printed Proceedings. -- Thanks to AMSAT News Service

Reorganized and updated FCC Personal Radio Services (PRS) Part 95 rules have been published in The Federal Register. Among other things, the PRS covers the Family Radio Service (FRS), General Mobile Radio Service (GMRS), and the Citizens Band Radio Service (CBRS). The revised rules allot additional FRS channels and increase the power on certain FRS channels from 0.5 W to 2 W. FRS channels are in the 462.5625 - 462.7250 MHz range. Effective September 30, 2019, it will be illegal to manufacture or import handheld portable radio equipment capable of operating under FRS rules and under other licensed or licensed-by-rule services. The FCC no longer will certify FRS devices that incorporate capabilities of GMRS capabilities or of other services. Existing GMRS/FRS combination radios that operate at power levels of less than 2 W ERP will be reclassified as FRS devices; existing GMRS/FRS radios that operate above that power level will be reclassified as GMRS devices, requiring an individual license. Radios that can transmit on GMRS repeater input channels will continue to be licensed individually and not by rule. Once the new rules are effective, CBers will be allowed to contact stations outside of the FCC-imposed -- but widely disregarded -- 155.3-mile distance limit.

The K7RA Solar Update

Tad Cook, K7RA, Seattle, reports: Solar activity is still very weak -- and should get weaker, at least until 2020, when we will probably reach the bottom of Solar Cycle 24. This week's average sunspot number was 3.4, based on a sunspot number of 12 on August 14 and 15. Average solar flux edged down, from 69.7 to 68.7. Geomagnetic indicators were higher, with average daily planetary A index shifting from 5.7 to 6.9, and mid-latitude A index from 6.9 to 7.3.

Predicted solar flux is 69 on August 16-23; 70 on August 24 - September 5; 68 on September 6-18, and 70 on September 19-29.

Predicted planetary A index is 12, 15, 8, 5, 15, and 12 on August 16-21; 5 on August 22 - September 2; 12, 8, 5, 5, 10, 8, and 8 on September 3-9; 5 on September 10-11; 12, 15, 8, 5, 15, and 12 on September 12-17; 5 on September 18-28, and 8 on September 29.

Sunspot numbers for August 9 were 0, 0, 0, 0, 0, 12, and 12, with a mean of 3.4. The 10.7-centimeter flux was 70.3, 69.5, 67.4, 68.1, 67.8, 68.7, and 68.8, with a mean of 68.7. Estimated planetary A indices were 5, 4, 11, 5, 5, 4, and 14, with a mean of 6.9. Estimated mid-latitude A indices were 6, 4, 11, 6, 6, 6, and 12, with a mean of 7.3.

Send in your reports or propagation observations.

Just Ahead in Radiosport

  • August 18 -- Feld Hell Sprint

  • August 18-19 -- SARTG WW RTTY Contest

  • August 18-19 -- ARRL 10 GHz and Up Contest (CW, phone, digital)

  • August 18-19 -- Russian District Award Contest (CW, phone)

  • August 18-19 -- Keyman's Club of Japan Contest (CW)

  • August 18-19 -- North American QSO Party (SSB)

  • August 18-19 -- CVA DX Contest (CW)

  • August 19 -- SARL HF Digital Contest

  • August 19 -- ARRL Rookie Roundup (RTTY)

  • August 20 -- Run for the Bacon QRP Contest (CW)

  • August 22 -- SKCC Sprint (CW)

  • See the ARRL Contest Calendar for more information. For in-depth reporting on Amateur Radio contesting, subscribe to The ARRL Contest Update via your ARRL member profile email preferences.

    Upcoming ARRL Section, State, and Division Conventions

  • August 18-19 -- Southeastern Division Convention, Huntsville, Alabama

  • August 19 -- Kansas State Convention, Salina, Kansas

  • August 24-26 -- West Virginia State Convention, Weston, West Virginia

  • August 31-September 2 -- Roanoke Division Convention, Shelby, North Carolina

  • September 1 -- Pennsylvania State Convention, Uniontown, Pennsylvania

  • September 7-9 -- New England Division Convention, Boxborough, Massachusetts

  • September 7-9 -- Northwest APRS Convention, North Bend, Washington

  • September 8 -- Kentucky State Convention, Shepherdsville, Kentucky

  • September 8 -- Virginia Section Convention, Virginia Beach, Virginia

  • September 14-16 -- W9DXCC Convention, Schaumburg, Illinois

  • September 15 -- Wyoming State Convention, Rock Springs, Wyoming

  • September 16 -- Southern New Jersey Section Convention, Mullica Hill, New Jersey

  • September 21-22 -- W4DXCC/SEDCO Convention, Pigeon Forge, Tennessee

  • September 21-23 -- Rocky Mountain Division Convention, Albuquerque, New Mexico

  • September 22 -- Washington State Convention, Spokane Valley, Washington

  • September 28-29 -- Wisconsin State Convention, Milwaukee, Wisconsin

  • September 28-30 -- Mid-Atlantic States VHF Conference, Bensalem, Pennsylvania

  • September 29 -- North Dakota State Convention, West Fargo, North Dakota

  • Find conventions and hamfests in your area.

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    CheckPoint 156-205 Exam (Check Point Certified Security Administrator CP 2000) Detailed Information



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