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A hawkish turn by the Federal Reserve has woken up world markets to the prospect that policymakers might soon start withdrawing monetary and fiscal stimulus -- and the risk of too-hasty action that could choke off the economic recovery before it is secured.
White House Official Urges China, Private Sector To Step Up Global Debt ReliefJul 1, 2021 - 12:02:08 PDT
The G20 major economies should revitalize a freeze in official bilateral debt payments by the poorest countries to include middle income countries and expand participation by China and the private sector, a White House official said on Wednesday.
The federal government will be swimming in $3 trillion of red ink by the end of fiscal 2021, according to a Congressional Budget Office estimate Thursday that swelled 33% from the last forecast.
Jul 1, 2021 - 11:12:26 PDT
According to Freddie Mac, their mortgage survey rate for 30-year fixed-rate mortgages fell to 2.98%. And with rising inflation, the REAL mortgage rate (Freddie Mac 30-year survey rate – Core …
(Home Price Growth To Wage Earnings At Housing Bubble Peak). The spread between home price growth and wage earnings is back to the days of the US housing bubble that peaked in 2005. But this time it is different. The 2005 housing bubble was driven by shoddy …
The U.S. Treasury is facing growing pressure to slash its bill supply to meet a debt ceiling target poised to be reinstated at the end of the month.The potential return of the debt limit, last suspended in 2019, will force the department to cut its cash balance to around $450 billion by the end of July, from more than $700 billion on June 29. That means cutbacks in...
National Debt per American Piles Up After Coronavirus, Great Recession and Tax CutsJul 1, 2021 - 10:47:31 PDT
Since the turn of the century, the amount of debt per person has more than tripled.
PUTIN has taunted the US, saying their world dominance is “over” and threatened to strike back if any “boundaries are crossed”. The Russian president issued the stark warning during a televised Q&a…
Ireland One Of 9 Holdouts Who Refused To Sign OECD Global Corporate Tax Reform PackageJul 1, 2021 - 10:30:23 PDT
Irish Finance Minister Paschal Donohoe (the current head of the Eurogroup assemblage of EU finance ministers) just issued a terse statement claiming that while Ireland supports the aims of the OECD's tax reform, it's wary of the 15% minimum global tax rate.
Pending Home Sales Surge Higher, but Economists Warn the Housing Market Could ‘Soon Hit Bottom’: MWJul 1, 2021 - 09:55:57 PDT
The latest mortgage-applications data from the Mortgage Bankers Association would back up that prediction. The trade group’s index that measures the volume of applications for loans used to purchase homes was down 17% from a year ago as of the week ending June 25, and had declined 6% from the previous week.
The Democratic-controlled U.S. House of Representatives approved a $715 billion surface transportation and water infrastructure bill on Thursday in what Democrats see as an early step toward sweeping infrastructure legislation that Congress hopes to complete in September.
Jul 1, 2021 - 09:37:38 PDT
We don't have a gridlock problem. We have a spending problem.
130 Nations Agree To Support U.S. Proposal for Global Minimum Tax on CorporationsJul 1, 2021 - 09:31:37 PDT
A group of 130 nations has agreed to a global minimum tax on corporations, including key G-20 member nations India and China.
The greatest long-term investments are those capable of performing well under opposing inflationary and deflationary economic forces. Today’s abundance of macro, fundamental and technical reasons to be a gold investor have never been greater. The ongoing monetary and fiscal disorder in the global economy underpins the onset of a secular bull market in precious metals.
The growing investment nerves over the strength of the US stock market have made an effort to buy insurance against turbulence, which has a financial fear meter to a record high.
Manufacturing Surveys Disappoint In June, Signal Looming Stagflationary ThreatJul 1, 2021 - 07:13:25 PDT
Despite slumping 'hard' data, 'soft' survey data has been trending higher on a bed of soaring prices (well it must be demand), and supplier delivery delays (well it must be demand) providing any and all asset-gatherers and commission-rakers the ammo to confirm the recovery.
Drought’s Toll on U.S. Agriculture Points to Even-Higher Food Prices: WSJJul 1, 2021 - 07:12:31 PDT
Depleted snowmelt and dry weather have darkened the outlook for crops and could push already-inflated food costs higher.
Following on from our recent posts on inflation risks, we dug into what specific components could drive inflation higher. Housing represents an outsized component, comprising 31% of headline CPI and 40% of core CPI in the US. The below chart plots the top CPI components by their % weight vs YoY change.
Federal Reserve Chairman Jerome Powell says controlling inflation expectations is key to achieving the central bank’s twin goals of price stability and maximum employment.The trouble is that it is far from clear the Fed can do that as the economy emerges from the pandemic. Expectations among consumers can vary widely, depending on their age...
Markets reacted strongly to what many considered "hawkish" messaging coming out of the June Federal Reserve meeting. But is the Fed really taking a "hawkish" position?Peter Schiff said the Fed was engaging in a "no stick" monetary policy. And in his Friday Gold Wrap podcast, Mike Maharrey argued the Fed was a dove in hawks clothing, arguing we should look at the Fed's actions, not the messaging.