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As demographics continue to shift in the 21st century, the world’s aging population will continue to be a focal point for many global decision makers.
The Great Student Loan Nonpayment Boondoggle Is Over And Household Spending Is About To CollapseMay 31, 2023 - 08:47:35 PDT
In the small print detailing the end of the debt ceiling melodrama which, as we explained, is a farce as it boosts inflation-adjusted spending contrary to Republican promises, there was some actual news: the great student loan boondoggle is about to come to a screeching halt, after a three year "emergency pause" which redirected tens of billions in dollars away from mandatory student loan repayment to other forms of discretionary spending.
US Job Openings Unexpectedly Soar Above Highest Estimate Even As Number Of Quits TumbleMay 31, 2023 - 07:42:31 PDT
For those following the recent sharp drop in job openings, or perhaps merely fascinated by the narrative that AI will cause a margin-busting corporate revolution as millions of mid-level employees are replaced by a cheap "bullshitting" AI algorithm, then today's latest bizarro JOLTS report will come as a shock. That's because after three months of sharp declines, the BLS reported that in April the number of job openings soared by 358K from an upward revised 9.7 million to 10.1 million, the biggest increase since Dec 2022...
The net result of these dynamics is official unemployment can soar but employers will still be scrambling to find qualified, willing employees.
Chicago PMI Unexpectedly Plummets, Longest 'Contraction' Streak Since LehmanMay 31, 2023 - 07:14:06 PDT
After the unexpected resurgence in April, Chicago PMI plunged in May from 48.6 to 40.4 (against expectations of 47.3). That is the ninth straight month below 50 (in contraction)...
Global Central Banks Now Expect Gold to Grow as a Reserve Asset While the US Dollar Turns DimmerMay 31, 2023 - 06:34:25 PDT
A clear majority of central banks around the world now see gold becoming a more prominent reserve asset, suggesting the de-dollarization trend will continue in the coming years.
Federal obligations will be "paid" with ever more rapidly devaluing dollars. The nation is on a one-way road to ongoing currency debasement.
The Republicans have capitulated on the US debt ceiling. This averts the risk of abrupt fiscal tightening in a slowing economy that has yet to digest the most aggressive monetary squeeze in over 40 years....
May 31, 2023 - 06:26:25 PDT
Former Treasury Secretary Lawrence Summers sees US interest rates headed higher in the short-run and US taxes rising significantly in the longer run as the world’s biggest economy comes to grips with a persistent inflation problem and burgeoning government debt.
Risks Lie Ahead for US Credit Standing After Tentative Debt Ceiling DealMay 31, 2023 - 06:16:03 PDT
News of a debt ceiling agreement still leaves uncertainties on the U.S. credit outlook, analysts said, in addition to the immediate risk that Congress may not pass the proposed deal before the country runs out of cash.
After a 31% surge in the US technology-heavy Nasdaq 100 Index this year, market strategists are at odds about whether investor positioning is getting crowded and if that could put the rally under pressure.
Short Seller Jim Chanos Rolls His Eyes at AI Hype Over Market ValuationsMay 31, 2023 - 06:11:11 PDT
"Wall Street is quite good at creating supply to meet demand," the famed short seller said in a dig at the ChatGPT-fueled mania around AI stocks.
Just 5 Stocks Including Nvidia Account For 96% Of the S&P 500’s Gains This YearMay 31, 2023 - 06:06:47 PDT
Most likely, their valuations are already stretched beyond the max, and bound to snap back. And the ultimate example of the froth that's overtaken the Trillion-Dollar Club is the rise of Nvidia.
Higher interest rates are “testing the resilience” of eurozone households and companies and raising the risk of “disorder” across markets, the European Central Bank has warned.
Former Bank of England policymaker Michael Saunders said the UK economy is headed for a more painful period after the quickest succession of interest rate rises in four decades takes hold.
Bank of Japan (BOJ) Governor Kazuo Ueda has said the central bank is unwavering in its stance of patiently maintaining ultra-loose monetary policy, reassuring markets Japan will be a dovish outlier as its global peers combat stubbornly high inflation. But with inflation exceeding its 2% target, markets are rife with speculation the BOJ will soon phase out its massive stimulus...
Central banks risk being late in arresting inflation if they rely too much on forward guidance - a tool used to communicate the future path of monetary policy, a widely respected economist told policymakers at a Bank of Japan-hosted event on Wednesday. Forward guidance is an effective tool when central banks, faced with zero short-term interest rates, want to push down long-term...
US mortgage rates surged to the highest level since early November last week when debt-ceiling talks were still at an impasse, stifling demand for home purchases and refinancings.
Treasury Still Needs to Navigate Around Debt-Ceiling Risks Even as Investor Concerns EbbMay 31, 2023 - 05:39:41 PDT
Investor concerns about the debt ceiling have ebbed now that lawmakers in Washington are pushing toward the finish line an in-principle deal struck by President Joe Biden and House Speaker Kevin McCarthy, but until everything is fully implemented the Treasury Department is maneuvering on the assumption that the government could still exhaust its borrowing authority.
Former Treasury Secretary Summers Sees Higher Fed Interest Rates, Increased US TaxesMay 31, 2023 - 05:33:54 PDT
Former Treasury Secretary Lawrence Summers sees US interest rates headed higher in the short-run and US taxes rising significantly in the longer run as the world’s biggest economy comes to grips with a persistent inflation problem and burgeoning government debt.