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Investors are bracing for a flood of more than $1 trillion of Treasury bills in the wake of the debt-ceiling fight, potentially sparking a new bout of volatility in financial markets. Many remember how money-market rates skyrocketed in 2019 during a period of low liquidity, necessitating intervention by the Federal Reserve. “When you dump a tremendous amount of debt into the market, it causes dislocation,” said Jon Maier, chief investment officer of Global X, an exchange-traded fund provider.
US mortgage applications for home purchases fell for a fourth week as 30-year fixed rates held close to an almost seven-month high.
Jun 7, 2023 - 07:00:18 PDT
Welcome to the Bidenville Mortgage Depot! Where Bidenflation (caused by idiotic energy policies, crazy Fed money printing and insane Federal spending) has caused The Fed to raise rates crushing the US mortgage market.
This is leading some, including Renaissance Macro’s Neil Dutta, to game out a higher chance of even 6% benchmark rates, with central bankers forced to do more to achieve price stability.
US National Debt Spikes by $359 billion on 1st Day after Debt Ceiling Suspended...Draining LiquidityJun 7, 2023 - 06:13:38 PDT
The Fed’s QT is happening for the first time simultaneously with the refilling of the TGA. Both draw liquidity from markets.
Jun 7, 2023 - 06:00:14 PDT
First came the debt specialists and the private equity firms. Then, hedge funds and wealth managers saw an opening. Now everyone from sovereign wealth funds to venture capitalists are spouting Wall Street’s favorite buzzword: private credit.
China’s economic recovery showed further signs of weakening in May, clouding the outlook for the rest of the year and fueling calls for more central bank stimulus.
Speculation is growing that Beijing may have to deliver more stimulus to bolster growth. Some economists expect the central bank to cut the reserve requirement ratio for banks in coming months, while others argue an interest-rate cut may be necessary, possibly as early as next week.
Two years after inflation surged, the Federal Reserve has made limited progress tamping it down. A coterie of investors in the bond market is betting not only that policymakers will win, but that they’re right in anticipating the era of low long-term interest rates will return.
The global economy is set for a weak recovery from the shocks of Covid and Russia’s war in Ukraine, dogged by persistent inflation and the restrictive policies of major central banks seeking to contain price pressures, the OECD said.
Former International Monetary Fund chief economist Kenneth Rogoff sees interest rates heading higher in coming years, with the yield on the 10-year Treasury note averaging above 4% for the rest of the decade.
European Central Bank officials called for interest rates to be lifted further — seeking additional reassurance on the inflation front as they look past more signs of weakness in the euro-zone economy.
Banks play a crucial role in the U.S. economy, and understanding their balance sheets can offer insight into why they sometimes fail.
Another year has brought another record United States trade deficit, along with the usual dismissal of it as anything but a symbol of American excellence and a booming economy.
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $74.6 billion in April, up $14.0 billion from $60.6 billion in March, revised.
The U.S. trade deficit widened by the most in eight years in April as imports of goods rebounded while exports of energy products declined, a trend that if sustained, could result in trade being a drag on economic growth in the second quarter.
Global stock markets were steady on Wednesday and the U.S. dollar drifted lower as attention turned towards next week's pivotal inflation data and Federal Reserve meeting, where chances of a rate hike continued to ebb. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.7%, led by gains in Hong Kong and Taiwan, while Japan's Nikkei 225 fell 1.8%, its sharpest fall in 12 weeks to snap a four-day winning streak. That left the MSCI's broadest index of world shares up just under 0.1% but close to its highest level in 13 months reached on Monday.
Gold-backed funds reported an inflow of gold for the third straight month in May, flipping global ETF demand positive on the year.
I warned you.I said when the fake debt ceiling fight ended, the real problems would begin.Well, the debt ceiling fight is over, and here we are.On the first working day after the so-called Fiscal Responsibility Act went into effect, the national debt surged by $359 billion.
The April trade deficit came in at -$74.5B which was the largest trade deficit since October 2022.