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Following yesterday’s slightly better than expected existing home sales (which was still a 4th straight monthly decline), analysts expected May new home sales to rebound very modestly from the 5.9% plunge in April... they were wildly wrong! New home sales plunged 5.9% MoM in May and April's crash was revised even lower (-7.8% MoM)...
US Services Sector Unexpectedly Plunges In June As Manufacturing Survey Hits Record HighJun 23, 2021 - 07:11:01 PDT
Despite the serial disappointment in hard economic data, 'soft' survey data has continued to soar in 2021 but analysts expected today's Markit PMIs to retrace some of those gains. However, reality was notably different with Manufacturing jumping more than expected as Services plunged...
Federal Reserve Chairman Jerome Powell testified before Congress on Tuesday and continued to peddle the "transitory" inflation narrative.Keeping with the dovish tone set after last week's FOMC meeting, Powell reiterated that the central bank is not going to rush to raise interest rates, and he said the Fed would not hike rates merely in response to inflation worries.
The precious metal is seeing some bargain hunting given the recent big correction, and a move above $1,800 and back towards the mid-$1,800s could draw back the institutional investors, Norman added.
Even though Fed Chair Powell was quick to disabuse the Congressional kangaroo court today that the current bout of runaway inflation is anything but permanent, at least three FOMC members disagree, as Curvature's repo guru Scott Skyrm observes today.
The Bank for International Settlements has given its full backing to the development of central bank digital currencies (CBDCs), saying they are needed to modernise finance and ensure 'Big Tech' does not take control of money.
China’s government is facing more calls to reduce its concerns about debt, with several influential economists arguing that authorities should follow the U.S. playbook and borrow more to spur the economy.Unlike in the U.S., where President Joe Biden is ramping up stimulus to avoid the mistakes of a too-slow recovery in the aftermath of the global financial...
Look, for example, at what has happened to trading in futures contracts on the S&P 500 index — typically the world’s most liquid equity index futures. Over the past decade their liquidity, as measured by market depth, has collapsed by around 90 per cent. This pattern is repeated across asset classes and regions.
Federal Reserve Chair Jerome Powell on Tuesday reaffirmed the U.S. central bank's intent to encourage a "broad and inclusive" recovery of the job market, and not to raise interest rates too quickly based only on the fear of coming inflation.
Central bankers at the Federal Reserve are talking a lot about what's going to happen in the future. But what do they really know about what lies ahead?The fact is, they don't know a whole lot. But we do know one thing for sure - the debt in the US isn't going away. It's only going to increase.Peter Schiff talked about it in his podcast.
Fed Chair Powell Says It’s ‘Very, Very Unlikely’ the U.S. Will See 1970s-Style InflationJun 23, 2021 - 05:19:37 PDT
Fed Chair Jerome Powell continued to attribute most of the recent inflation surge to factors closely tied to the economic reopening.
The Bank of England is expected to hold interest rates at record lows and maintain its massive asset purchase program on Thursday, but inflation poses questions.
Weekly Mortgage Refinance Demand Jumps As Some Fear End of Super-Low Rates Is NearJun 23, 2021 - 05:13:13 PDT
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances rose to the highest level in a month.
Currently, one-year CD rates are averaging just 0.17% and even top-yielding CDs are under 1%, according to Bankrate, which means savers are locking in funds below the rate of inflation.
10-Year Treasury Yield Flat Following Powell’s Reassurances on InflationJun 23, 2021 - 05:09:24 PDT
Treasury yields saw little movement on Wednesday morning, after Fed Chair Jerome Powell reiterated to Congress that inflation pressures would be temporary.
Morgan Stanley To Bar Workers Without COVID Vaccinations From NY OfficesJun 23, 2021 - 05:06:12 PDT
Morgan Stanley joins Blackstone and Goldman Sachs in setting conditions related to coronavirus vaccinations for workers returning to the office.
We continue to advocate holding roughly 40% exposures to hard currency (Gold, silver, platinum, and short US dollar) and uncorrelated assets. Of course, the Fed could have it just right, but we will follow another famous hashtag: #TrustButVerify.
Growing Demand for Silver in Industrial Sector Creates New Opportunities for InvestorsJun 22, 2021 - 13:11:31 PDT
While silver prices are currently lagging behind other metals, like copper, which are rallying in a post-COVID economic recovery boom, the precious metal has been enjoying a remarkable uptick since April 2020 and is still hovering near its 52-week high. The rapid price increase over the last year likely is tied to the volatility of the market as silver, like gold, is often used...
Gold Is Ready To Rally and the Fed and Interest Rates Have Nothing To Do With It: MWJun 22, 2021 - 13:06:52 PDT
Gold market-timers are bearish and that's a contrarian sign.
Join Mike Maloney and Jeff Clark as they dive deep into the relative valuations of gold and stocks, along with a Tweet of the Day, Chart of the Day, some Viewer Feedback…and a fantastic meme of the Day. Enjoy.