About


The Atlanta Fed's macroblog provides commentary and analysis on economic topics including monetary policy, macroeconomic developments, inflation, labor economics, and financial issues.

Authors for macroblog are Dave Altig, John Robertson, and other Atlanta Fed economists and researchers.


« Free Trade And Freedom | Main | Ending The Year With A Bang.. er, Whimper... er, What? »

December 23, 2005


More Good Inflation News

The scoop, from Reuters:

U.S. Treasury debt prices rose sharply on Thursday after a lower-than-expected November reading on the Federal Reserve's favorite inflation indicator revived hopes for a fast end to the tightening cycle...

In its monthly personal spending report, the Commerce Department said the core personal consumption expenditures (PCE) deflator rose just 0.1 percent in November, below forecasts for an advance of 0.2 percent.

For the year through November, the core PCE rose by 1.8 percent, inside the Fed's perceived "comfort zone," to suggest that inflation pressures, for now, were contained.

That would be referring to core inflation measured by the PCE excluding food and energy components, but the basic story is confirmed by the Dallas Fed's alternative (and, in my opinion, superior) trimmed-mean measure of core inflation:

One-month PCE inflation, annual rate

                  June      July      Aug.     Sept.      Oct.     Nov.

PCE              0.1       3.6       5.2       12.0       1.4      -5.0

 

PCE
excluding
food
and energy
   0.6       0.7       1.8        2.6        1.8       1.6

 

Trimmed-
mean PCE
    1.4       1.8       2.8        3.0         2.0      1.7 

12-month PCE inflation

                   June      July      Aug.     Sept.      Oct.     Nov.

PCE              2.2       2.6       2.9       3.8         3.4      2.7

 

PCE
excluding
food
and energy
    1.9       1.9       2.0        2.0        1.9      1.8

 

Trimmed-
mean PCE
    2.1        2.1      2.2        2.3         2.2      2.2

Using my preferred measure of PCE core, the conclusion really is inescapable -- the underlying rate of inflation is simply not budging.

Of course, the Reuters article also includes this observation:

Regardless of whether outright yield have been rising or falling, the Treasury yield curve has been flattening all week.

The two-year/10-year spread fell toward three basis points, a level some dealers see as the last line of defense against a move to parity, or zero basis points.

Based on our last report of market expectations,  the prospect of spread turning negative looks like a real possibility.  On the other hand, those expectations are pretty fluid at the moment:

In futures, chances that the Fed will raise interest rates in March as well as January slipped to 62 percent from as high as 70 percent on Wednesday.

On the spending side of the Commerce department report, The Skeptical Spectator characterizes the
gains
as "good."  Dean Baker apparently disagrees (although I'm not sure why).  In either event, General Glut still frets that the personal saving rate is negative.

December 23, 2005 in Data Releases , Inflation | Permalink

TrackBack

TrackBack URL for this entry:
https://www.typepad.com/services/trackback/6a00d8341c834f53ef00d83424655a53ef

Listed below are links to blogs that reference More Good Inflation News :

» Trimming to the Core of the Matter from Economist's View
New Economist finds research on which measure of core inflation is best: New Economist, Measuring core inflation in US and Canada: How best can central banks measure core inflation? Two new central bank working papers shed some light. New York [Read More]

Tracked on Dec 30, 2005 4:25:16 AM

Comments

Dave,

Did you note CR's post on port traffic with Asia?

Posted by: Movie Guy | December 23, 2005 at 08:29 AM


Consider an article on the cover of the "Money&Investing" section of today's WSJ:

"Industrials Climb 55.71 to 10889.44 But 'Santa Claus Rally' May Not Fly"
by Mark Whitehouse

excerpt:
"In economic news, the number the Commerce Department uses to measure changes in the real value of personal spending - one of the Federal Reserve's favorite measures of inflation - fell 0.4% in November. It was the largest drop on record."

You might confirm I did not misread something, or inadvertently make a typo that adds fog to the situation.

Posted by: nate | December 23, 2005 at 12:01 PM

"Using my preferred measure of PCE core, the conclusion really is inescapable -- the underlying rate of inflation is simply not budging."

Thank you David for NOT being a member of SLAP (Statistical Liars & Academic Prostitutes). http://naybob.blogspot.com/2005/12/slap-core-pce-soohey-pig-pig.html

And further thanks for the recent plug. I know I am hard to read and not a "soundbyte" type as "the devil is in the details".

Interesting codicil and YES it requires digging into the 12/23 Soapbox:

Durable orders +4.4% vs est. +1.5% vs prior +3.0% the biggest jump in six months, showing "seemingly" robust durable orders on demand for commercial aircraft +134%.

However, upon further review, bookings for non defense capital goods excluding aircraft, a proxy for future business investment, -2% vs. prior +1.2% and shipments -0.1% vs prior +1.6%.

Indicating that businesses trimmed orders for most types of equipment and are moving slowly to replenish depleted inventories in anticipation of an economic downturn.

Warning, Danger, Will Robinson, with limited economic slack and low inventories, it won't take much of an increase in demand to result in an exponential increase in inflation...

which could boomerang on everyone.

Posted by: The Nattering Naybob | December 23, 2005 at 05:16 PM

It is amazing to me that inflation is contained given all the economic growth in the world. Production must be that much more efficient. Monetary policy must be that much more precise.

I am not encouraged by a negative yield curve though. Historically, it points to recession. Would a recession have the effect of causing deflation to become a problem? Should we be concerned that there isn't more inflation in this type of economic growth environment?

Posted by: jeff | December 24, 2005 at 04:47 AM

MG - Hadn't nioticed CR's post. Thanks for bringing it to my attention.

nate -- The statement is correct. However, the drop was obviously nowhere near a record for the PCE ex food and energy. Interstingly, that distinction goes to September 2001. (Nice pictures of Chicago, by the way.)

NN: You must have read my mind, or me yours. I actually referenced your comments on the durable goods report before I read these comments.

Jeff -- I have long been on the side of the argument that growth is not intrinsically inflationary, so I feel conmfortable that the conditions for contained inflation are well in hand. However, I still do feel that the ever-flattening yield curve ought not be completely ignored.

Posted by: Dave Altig | December 24, 2005 at 10:31 AM


"However, the drop was obviously nowhere near a record for the PCE ex food and energy."

Thanks for the response!

It was a quote out of the newspaper. You might write the WSJ and point to September 2001.

I am not sure how personal spending is 100% correlated with or causes inflation (or deflation).


Posted by: nate | December 24, 2005 at 10:46 AM

http://www.megspace.com/entertainment/videosmovies/amateur.html
http://www.megspace.com/entertainment/videosmovies/anal.html
http://www.megspace.com/entertainment/videosmovies/anime.html
http://www.megspace.com/entertainment/videosmovies/asian.html
http://www.megspace.com/entertainment/videosmovies/bbw.html
http://www.megspace.com/entertainment/videosmovies/bdsm.html
http://www.megspace.com/entertainment/videosmovies/big-boobs.html
http://www.megspace.com/entertainment/videosmovies/big-cocks.html
http://www.megspace.com/entertainment/videosmovies/big-tits.html
http://www.megspace.com/entertainment/videosmovies/bisexual.html
http://www.megspace.com/entertainment/videosmovies/bizarre.html
http://www.megspace.com/entertainment/videosmovies/black.html
http://www.megspace.com/entertainment/videosmovies/blondes.html
http://www.megspace.com/entertainment/videosmovies/blowjob.html
http://www.megspace.com/entertainment/videosmovies/bondage.html
http://www.megspace.com/entertainment/videosmovies/brunette.html
http://www.megspace.com/entertainment/videosmovies/busty.html
http://www.megspace.com/entertainment/videosmovies/cartoon.html
http://www.megspace.com/entertainment/videosmovies/centerfold.html
http://www.megspace.com/entertainment/videosmovies/cumshot.html
http://www.megspace.com/entertainment/videosmovies/doggystyle.html
http://www.megspace.com/entertainment/videosmovies/double-penetration.html
http://www.megspace.com/entertainment/videosmovies/drunk-girls.html
http://www.megspace.com/entertainment/videosmovies/ebony.html
http://www.megspace.com/entertainment/videosmovies/ethnic.html
http://www.megspace.com/entertainment/videosmovies/facial.html
http://www.megspace.com/entertainment/videosmovies/fat.html
http://www.megspace.com/entertainment/videosmovies/feet.html
http://www.megspace.com/entertainment/videosmovies/femdom.html
http://www.megspace.com/entertainment/videosmovies/fetish.html
http://www.megspace.com/entertainment/videosmovies/gangbang.html
http://www.megspace.com/entertainment/videosmovies/gay-anal.html
http://www.megspace.com/entertainment/videosmovies/gay-anime.html
http://www.megspace.com/entertainment/videosmovies/gay-asian.html
http://www.megspace.com/entertainment/videosmovies/gay-bear.html
http://www.megspace.com/entertainment/videosmovies/gay-black.html
http://www.megspace.com/entertainment/videosmovies/gay-blowjob.html
http://www.megspace.com/entertainment/videosmovies/gay-boy.html
http://www.megspace.com/entertainment/videosmovies/gay-cartoon.html
http://www.megspace.com/entertainment/videosmovies/gay-cock.html
http://www.megspace.com/entertainment/videosmovies/gay-college.html
http://www.megspace.com/entertainment/videosmovies/gay-cum.html
http://www.megspace.com/entertainment/videosmovies/gay-dating.html
http://www.megspace.com/entertainment/videosmovies/gay-ebony.html
http://www.megspace.com/entertainment/videosmovies/gay-free-chat.html
http://www.megspace.com/entertainment/videosmovies/gay-free-sex.html
http://www.megspace.com/entertainment/videosmovies/gay-fuck.html
http://www.megspace.com/entertainment/videosmovies/gay-hairy.html
http://www.megspace.com/entertainment/videosmovies/gay-hentai.html
http://www.megspace.com/entertainment/videosmovies/gay-hunks.html
http://www.megspace.com/entertainment/videosmovies/gay-latino.html
http://www.megspace.com/entertainment/videosmovies/gay-male.html
http://www.megspace.com/entertainment/videosmovies/gay-manga.html
http://www.megspace.com/entertainment/videosmovies/gay-mature.html
http://www.megspace.com/entertainment/videosmovies/gay-men.html
http://www.megspace.com/entertainment/videosmovies/gay-movies.html
http://www.megspace.com/entertainment/videosmovies/gay-muscle.html
http://www.megspace.com/entertainment/videosmovies/gay-older.html
http://www.megspace.com/entertainment/videosmovies/gay-personals.html
http://www.megspace.com/entertainment/videosmovies/gay-pics.html
http://www.megspace.com/entertainment/videosmovies/gay-porn.html
http://www.megspace.com/entertainment/videosmovies/gay-sex.html
http://www.megspace.com/entertainment/videosmovies/gay-teen.html
http://www.megspace.com/entertainment/videosmovies/gay-twinks.html
http://www.megspace.com/entertainment/videosmovies/gay-videos.html
http://www.megspace.com/entertainment/videosmovies/gay-webcams.html
http://www.megspace.com/entertainment/videosmovies/hairy-man.html
http://www.megspace.com/entertainment/videosmovies/male.html
http://www.megspace.com/entertainment/videosmovies/naked-man.html
http://www.megspace.com/entertainment/videosmovies/young-gay.html
http://www.megspace.com/entertainment/videosmovies/group.html
http://www.megspace.com/entertainment/videosmovies/hairy-girls.html
http://www.megspace.com/entertainment/videosmovies/handjob.html
http://www.megspace.com/entertainment/videosmovies/hardcore.html
http://www.megspace.com/entertainment/videosmovies/hentai.html
http://www.megspace.com/entertainment/videosmovies/hot-girl.html
http://www.megspace.com/entertainment/videosmovies/hot-guy.html
http://www.megspace.com/entertainment/videosmovies/indian.html
http://www.megspace.com/entertainment/videosmovies/interracial.html
http://www.megspace.com/entertainment/videosmovies/latino.html
http://www.megspace.com/entertainment/videosmovies/legs.html
http://www.megspace.com/entertainment/videosmovies/lesbian.html
http://www.megspace.com/entertainment/videosmovies/live.html
http://www.megspace.com/entertainment/videosmovies/manga.html
http://www.megspace.com/entertainment/videosmovies/masturbation.html
http://www.megspace.com/entertainment/videosmovies/mature.html
http://www.megspace.com/entertainment/videosmovies/milf.html
http://www.megspace.com/entertainment/videosmovies/older-women.html
http://www.megspace.com/entertainment/videosmovies/oral.html
http://www.megspace.com/entertainment/videosmovies/orgy.html
http://www.megspace.com/entertainment/videosmovies/panties.html
http://www.megspace.com/entertainment/videosmovies/pantyhose.html
http://www.megspace.com/entertainment/videosmovies/petite.html
http://www.megspace.com/entertainment/videosmovies/porn-movies.html
http://www.megspace.com/entertainment/videosmovies/porn-stars.html
http://www.megspace.com/entertainment/videosmovies/porn-videos.html
http://www.megspace.com/entertainment/videosmovies/reality.html
http://www.megspace.com/entertainment/videosmovies/redhead.html
http://www.megspace.com/entertainment/videosmovies/sex-toys.html
http://www.megspace.com/entertainment/videosmovies/sex-videos.html
http://www.megspace.com/entertainment/videosmovies/shaved.html
http://www.megspace.com/entertainment/videosmovies/shemale.html
http://www.megspace.com/entertainment/videosmovies/smoking.html
http://www.megspace.com/entertainment/videosmovies/spanking.html
http://www.megspace.com/entertainment/videosmovies/teen.html
http://www.megspace.com/entertainment/videosmovies/tranny.html
http://www.megspace.com/entertainment/videosmovies/transsexual.html
http://www.megspace.com/entertainment/videosmovies/upskirt.html
http://www.megspace.com/entertainment/videosmovies/voyeur.html
http://www.megspace.com/entertainment/videosmovies/webcams.html
http://www.megspace.com/entertainment/videosmovies/young.html


http://idisk.mac.com/videosmovies-Public/amateur.html
http://idisk.mac.com/videosmovies-Public/anal.html
http://idisk.mac.com/videosmovies-Public/anime.html
http://idisk.mac.com/videosmovies-Public/asian.html
http://idisk.mac.com/videosmovies-Public/bbw.html
http://idisk.mac.com/videosmovies-Public/bdsm.html
http://idisk.mac.com/videosmovies-Public/big-boobs.html
http://idisk.mac.com/videosmovies-Public/big-cocks.html
http://idisk.mac.com/videosmovies-Public/big-tits.html
http://idisk.mac.com/videosmovies-Public/bisexual.html
http://idisk.mac.com/videosmovies-Public/bizarre.html
http://idisk.mac.com/videosmovies-Public/black.html
http://idisk.mac.com/videosmovies-Public/blondes.html
http://idisk.mac.com/videosmovies-Public/blowjob.html
http://idisk.mac.com/videosmovies-Public/bondage.html
http://idisk.mac.com/videosmovies-Public/brunette.html
http://idisk.mac.com/videosmovies-Public/busty.html
http://idisk.mac.com/videosmovies-Public/cartoon.html
http://idisk.mac.com/videosmovies-Public/centerfold.html
http://idisk.mac.com/videosmovies-Public/cumshot.html
http://idisk.mac.com/videosmovies-Public/doggystyle.html
http://idisk.mac.com/videosmovies-Public/double-penetration.html
http://idisk.mac.com/videosmovies-Public/drunk-girls.html
http://idisk.mac.com/videosmovies-Public/ebony.html
http://idisk.mac.com/videosmovies-Public/ethnic.html
http://idisk.mac.com/videosmovies-Public/facial.html
http://idisk.mac.com/videosmovies-Public/fat.html
http://idisk.mac.com/videosmovies-Public/feet.html
http://idisk.mac.com/videosmovies-Public/femdom.html
http://idisk.mac.com/videosmovies-Public/fetish.html
http://idisk.mac.com/videosmovies-Public/gangbang.html
http://idisk.mac.com/videosmovies-Public/gay-anal.html
http://idisk.mac.com/videosmovies-Public/gay-anime.html
http://idisk.mac.com/videosmovies-Public/gay-asian.html
http://idisk.mac.com/videosmovies-Public/gay-bear.html
http://idisk.mac.com/videosmovies-Public/gay-black.html
http://idisk.mac.com/videosmovies-Public/gay-blowjob.html
http://idisk.mac.com/videosmovies-Public/gay-boy.html
http://idisk.mac.com/videosmovies-Public/gay-cartoon.html
http://idisk.mac.com/videosmovies-Public/gay-cock.html
http://idisk.mac.com/videosmovies-Public/gay-college.html
http://idisk.mac.com/videosmovies-Public/gay-cum.html
http://idisk.mac.com/videosmovies-Public/gay-dating.html
http://idisk.mac.com/videosmovies-Public/gay-ebony.html
http://idisk.mac.com/videosmovies-Public/gay-free-chat.html
http://idisk.mac.com/videosmovies-Public/gay-free-sex.html
http://idisk.mac.com/videosmovies-Public/gay-fuck.html
http://idisk.mac.com/videosmovies-Public/gay-hairy.html
http://idisk.mac.com/videosmovies-Public/gay-hentai.html
http://idisk.mac.com/videosmovies-Public/gay-hunks.html
http://idisk.mac.com/videosmovies-Public/gay-latino.html
http://idisk.mac.com/videosmovies-Public/gay-male.html
http://idisk.mac.com/videosmovies-Public/gay-manga.html
http://idisk.mac.com/videosmovies-Public/gay-mature.html
http://idisk.mac.com/videosmovies-Public/gay-men.html
http://idisk.mac.com/videosmovies-Public/gay-movies.html
http://idisk.mac.com/videosmovies-Public/gay-muscle.html
http://idisk.mac.com/videosmovies-Public/gay-older.html
http://idisk.mac.com/videosmovies-Public/gay-personals.html
http://idisk.mac.com/videosmovies-Public/gay-pics.html
http://idisk.mac.com/videosmovies-Public/gay-porn.html
http://idisk.mac.com/videosmovies-Public/gay-sex.html
http://idisk.mac.com/videosmovies-Public/gay-teen.html
http://idisk.mac.com/videosmovies-Public/gay-twinks.html
http://idisk.mac.com/videosmovies-Public/gay-videos.html
http://idisk.mac.com/videosmovies-Public/gay-webcams.html
http://idisk.mac.com/videosmovies-Public/hairy-man.html
http://idisk.mac.com/videosmovies-Public/male.html
http://idisk.mac.com/videosmovies-Public/naked-man.html
http://idisk.mac.com/videosmovies-Public/young-gay.html
http://idisk.mac.com/videosmovies-Public/group.html
http://idisk.mac.com/videosmovies-Public/hairy-girls.html
http://idisk.mac.com/videosmovies-Public/handjob.html
http://idisk.mac.com/videosmovies-Public/hardcore.html
http://idisk.mac.com/videosmovies-Public/hentai.html
http://idisk.mac.com/videosmovies-Public/hot-girl.html
http://idisk.mac.com/videosmovies-Public/hot-guy.html
http://idisk.mac.com/videosmovies-Public/indian.html
http://idisk.mac.com/videosmovies-Public/interracial.html
http://idisk.mac.com/videosmovies-Public/latino.html
http://idisk.mac.com/videosmovies-Public/legs.html
http://idisk.mac.com/videosmovies-Public/lesbian.html
http://idisk.mac.com/videosmovies-Public/live.html
http://idisk.mac.com/videosmovies-Public/manga.html
http://idisk.mac.com/videosmovies-Public/masturbation.html
http://idisk.mac.com/videosmovies-Public/mature.html
http://idisk.mac.com/videosmovies-Public/milf.html
http://idisk.mac.com/videosmovies-Public/older-women.html
http://idisk.mac.com/videosmovies-Public/oral.html
http://idisk.mac.com/videosmovies-Public/orgy.html
http://idisk.mac.com/videosmovies-Public/panties.html
http://idisk.mac.com/videosmovies-Public/pantyhose.html
http://idisk.mac.com/videosmovies-Public/petite.html
http://idisk.mac.com/videosmovies-Public/porn-movies.html
http://idisk.mac.com/videosmovies-Public/porn-stars.html
http://idisk.mac.com/videosmovies-Public/porn-videos.html
http://idisk.mac.com/videosmovies-Public/reality.html
http://idisk.mac.com/videosmovies-Public/redhead.html
http://idisk.mac.com/videosmovies-Public/sex-toys.html
http://idisk.mac.com/videosmovies-Public/sex-videos.html
http://idisk.mac.com/videosmovies-Public/shaved.html
http://idisk.mac.com/videosmovies-Public/shemale.html
http://idisk.mac.com/videosmovies-Public/smoking.html
http://idisk.mac.com/videosmovies-Public/spanking.html
http://idisk.mac.com/videosmovies-Public/teen.html
http://idisk.mac.com/videosmovies-Public/tranny.html
http://idisk.mac.com/videosmovies-Public/transsexual.html
http://idisk.mac.com/videosmovies-Public/upskirt.html
http://idisk.mac.com/videosmovies-Public/voyeur.html
http://idisk.mac.com/videosmovies-Public/webcams.html
http://idisk.mac.com/videosmovies-Public/young.html


http://freeweb.supereva.com/moviesvideos/amateur.html
http://freeweb.supereva.com/moviesvideos/anal.html
http://freeweb.supereva.com/moviesvideos/anime.html
http://freeweb.supereva.com/moviesvideos/asian.html
http://freeweb.supereva.com/moviesvideos/bbw.html
http://freeweb.supereva.com/moviesvideos/bdsm.html
http://freeweb.supereva.com/moviesvideos/big-boobs.html
http://freeweb.supereva.com/moviesvideos/big-cocks.html
http://freeweb.supereva.com/moviesvideos/big-tits.html
http://freeweb.supereva.com/moviesvideos/bisexual.html
http://freeweb.supereva.com/moviesvideos/bizarre.html
http://freeweb.supereva.com/moviesvideos/black.html
http://freeweb.supereva.com/moviesvideos/blondes.html
http://freeweb.supereva.com/moviesvideos/blowjob.html
http://freeweb.supereva.com/moviesvideos/bondage.html
http://freeweb.supereva.com/moviesvideos/brunette.html
http://freeweb.supereva.com/moviesvideos/busty.html
http://freeweb.supereva.com/moviesvideos/cartoon.html
http://freeweb.supereva.com/moviesvideos/centerfold.html
http://freeweb.supereva.com/moviesvideos/cumshot.html
http://freeweb.supereva.com/moviesvideos/doggystyle.html
http://freeweb.supereva.com/moviesvideos/double-penetration.html
http://freeweb.supereva.com/moviesvideos/drunk-girls.html
http://freeweb.supereva.com/moviesvideos/ebony.html
http://freeweb.supereva.com/moviesvideos/ethnic.html
http://freeweb.supereva.com/moviesvideos/facial.html
http://freeweb.supereva.com/moviesvideos/fat.html
http://freeweb.supereva.com/moviesvideos/feet.html
http://freeweb.supereva.com/moviesvideos/femdom.html
http://freeweb.supereva.com/moviesvideos/fetish.html
http://freeweb.supereva.com/moviesvideos/gangbang.html
http://freeweb.supereva.com/moviesvideos/gay-anal.html
http://freeweb.supereva.com/moviesvideos/gay-anime.html
http://freeweb.supereva.com/moviesvideos/gay-asian.html
http://freeweb.supereva.com/moviesvideos/gay-bear.html
http://freeweb.supereva.com/moviesvideos/gay-black.html
http://freeweb.supereva.com/moviesvideos/gay-blowjob.html
http://freeweb.supereva.com/moviesvideos/gay-boy.html
http://freeweb.supereva.com/moviesvideos/gay-cartoon.html
http://freeweb.supereva.com/moviesvideos/gay-cock.html
http://freeweb.supereva.com/moviesvideos/gay-college.html
http://freeweb.supereva.com/moviesvideos/gay-cum.html
http://freeweb.supereva.com/moviesvideos/gay-dating.html
http://freeweb.supereva.com/moviesvideos/gay-ebony.html
http://freeweb.supereva.com/moviesvideos/gay-free-chat.html
http://freeweb.supereva.com/moviesvideos/gay-free-sex.html
http://freeweb.supereva.com/moviesvideos/gay-fuck.html
http://freeweb.supereva.com/moviesvideos/gay-hairy.html
http://freeweb.supereva.com/moviesvideos/gay-hentai.html
http://freeweb.supereva.com/moviesvideos/gay-hunks.html
http://freeweb.supereva.com/moviesvideos/gay-latino.html
http://freeweb.supereva.com/moviesvideos/gay-male.html
http://freeweb.supereva.com/moviesvideos/gay-manga.html
http://freeweb.supereva.com/moviesvideos/gay-mature.html
http://freeweb.supereva.com/moviesvideos/gay-men.html
http://freeweb.supereva.com/moviesvideos/gay-movies.html
http://freeweb.supereva.com/moviesvideos/gay-muscle.html
http://freeweb.supereva.com/moviesvideos/gay-older.html
http://freeweb.supereva.com/moviesvideos/gay-personals.html
http://freeweb.supereva.com/moviesvideos/gay-pics.html
http://freeweb.supereva.com/moviesvideos/gay-porn.html
http://freeweb.supereva.com/moviesvideos/gay-sex.html
http://freeweb.supereva.com/moviesvideos/gay-teen.html
http://freeweb.supereva.com/moviesvideos/gay-twinks.html
http://freeweb.supereva.com/moviesvideos/gay-videos.html
http://freeweb.supereva.com/moviesvideos/gay-webcams.html
http://freeweb.supereva.com/moviesvideos/hairy-man.html
http://freeweb.supereva.com/moviesvideos/male.html
http://freeweb.supereva.com/moviesvideos/naked-man.html
http://freeweb.supereva.com/moviesvideos/young-gay.html
http://freeweb.supereva.com/moviesvideos/group.html
http://freeweb.supereva.com/moviesvideos/hairy-girls.html
http://freeweb.supereva.com/moviesvideos/handjob.html
http://freeweb.supereva.com/moviesvideos/hardcore.html
http://freeweb.supereva.com/moviesvideos/hentai.html
http://freeweb.supereva.com/moviesvideos/hot-girl.html
http://freeweb.supereva.com/moviesvideos/hot-guy.html
http://freeweb.supereva.com/moviesvideos/indian.html
http://freeweb.supereva.com/moviesvideos/interracial.html
http://freeweb.supereva.com/moviesvideos/latino.html
http://freeweb.supereva.com/moviesvideos/legs.html
http://freeweb.supereva.com/moviesvideos/lesbian.html
http://freeweb.supereva.com/moviesvideos/live.html
http://freeweb.supereva.com/moviesvideos/manga.html
http://freeweb.supereva.com/moviesvideos/masturbation.html
http://freeweb.supereva.com/moviesvideos/mature.html
http://freeweb.supereva.com/moviesvideos/milf.html
http://freeweb.supereva.com/moviesvideos/older-women.html
http://freeweb.supereva.com/moviesvideos/oral.html
http://freeweb.supereva.com/moviesvideos/orgy.html
http://freeweb.supereva.com/moviesvideos/panties.html
http://freeweb.supereva.com/moviesvideos/pantyhose.html
http://freeweb.supereva.com/moviesvideos/petite.html
http://freeweb.supereva.com/moviesvideos/porn-movies.html
http://freeweb.supereva.com/moviesvideos/porn-stars.html
http://freeweb.supereva.com/moviesvideos/porn-videos.html
http://freeweb.supereva.com/moviesvideos/reality.html
http://freeweb.supereva.com/moviesvideos/redhead.html
http://freeweb.supereva.com/moviesvideos/sex-toys.html
http://freeweb.supereva.com/moviesvideos/sex-videos.html
http://freeweb.supereva.com/moviesvideos/shaved.html
http://freeweb.supereva.com/moviesvideos/shemale.html
http://freeweb.supereva.com/moviesvideos/smoking.html
http://freeweb.supereva.com/moviesvideos/spanking.html
http://freeweb.supereva.com/moviesvideos/teen.html
http://freeweb.supereva.com/moviesvideos/tranny.html
http://freeweb.supereva.com/moviesvideos/transsexual.html
http://freeweb.supereva.com/moviesvideos/upskirt.html
http://freeweb.supereva.com/moviesvideos/voyeur.html
http://freeweb.supereva.com/moviesvideos/webcams.html
http://freeweb.supereva.com/moviesvideos/young.html

Posted by: bbn | November 11, 2006 at 12:48 PM

Post a comment

Comments are moderated and will not appear until the moderator has approved them.

If you have a TypeKey or TypePad account, please Sign in

Google Search



Recent Posts


Archives


Categories


Powered by TypePad