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Households Far from “Tapped Out”: Credit Card Balances, Burden, Available Credit, Delinquencies & CollectionsMay 16, 2023 - 07:59:12 PDT
Credit cards are a huge payment method but not a big borrowing method.
Trucking Skids Down Other Side of Pandemic Boom. Freight Rates, Per-Mile Rates, Diesel Partially Unwind their SpikesMay 16, 2023 - 07:57:51 PDT
But freight rates only unwound one-third of Pandemic Spike.
May 16, 2023 - 07:56:09 PDT
Massive subsidies and other goodies in the Inflation Reduction Act are not enough to satisfy the United Auto Workers union.
May 16, 2023 - 07:53:40 PDT
I used to think that The Kabuki Theater surrounding the raising of the US debt limit and passing a Federal budget would be over by now. But since Biden is being controlled by the hard left “Progressives” in Washington DC, he may be reckless enough to let the US default just so he can blame Republicans. And with our useless and deeply-biased main street media (MSM) just repeating Democrat talking points blaming Republicans, we may actually see a US debt default.
May 16, 2023 - 06:10:17 PDT
“Our gold turnover in April increased by 40 per cent since March and 110 per cent since January,” said Padraig Seif, founding partner of Hong Kong-based Precious Metals Asia, adding that the buying momentum had carried over to this month.
Tectonic shifts lie ahead. These will involve a US and European debt crisis ending in a debt collapse, a precipitous fall of the dollar and the Euro with Gold emerging as a reserve asset but at multiples of the current price.
A recent Gallup poll shows that the percentage of Americans who name gold as the best long-term investment option has nearly doubled since last year, from 15% to 26%. It's also second-most commonly named the best investment, trailing only real estate, according to the poll.
Headline US Retail Sales Disappoints In April, Slowest Annual Growth Since May 2020May 16, 2023 - 05:53:30 PDT
Weak tax refunds were expected to weigh on retail spending going forward, but perhaps not quite yet as expectations were for a MoM rebound from March's unexpected decline with omnciscient BofA forecasting around consensus:
Debt-Limit Talks Are Far From Over, McCarthy Says Ahead of Biden MeetingMay 16, 2023 - 05:51:39 PDT
House Speaker Kevin McCarthy said ongoing talks to avert a historic US default were yielding little progress, even as President Joe Biden announced plans to meet with congressional leaders on Tuesday.
Two Federal Reserve officials signaled they favored pausing interest-rate increases, while a third policymaker said the central bank’s task in subduing inflation was not complete.
Richmond Federal Reserve President Thomas Barkin on Monday said he is not convinced inflation is on a steady decline back to the U.S. central bank's 2% target or that overall demand in the economy has been curbed enough to ensure it gets there.
A default on U.S. Treasury debt would be a leap into the unknown for the Federal Reserve's ability to conduct monetary policy to achieve its job and inflation goals. Anything that gums up the Treasuries market could scramble those mechanics. Setting a baseline for short-term interest rates via its reverse repo facility in effect borrows cash from money market funds in transactions...
Global central banks tapped a record amount of the Chinese currency in foreign-exchange swap lines in the first quarter, in another indication of the yuan’s growing international status.
JPMorgan Chase & Co.’s Marko Kolanovic joined a chorus of Wall Street strategists Monday in warning that the US debt-ceiling impasse is yet another headwind threatening the outlook for equity markets.
US regulators are ratcheting up oversight efforts across the banking system as they lack the ability to quickly overhaul rules to blunt turmoil that’s already collapsed four mid-sized lenders.
The mood among global fund managers soured further in May, with investors flocking to cash amid concerns that a recession and credit crunch are looming, according to Bank of America Corp.’s latest survey.
China’s economic recovery is losing momentum after an initial burst in consumer and business activity early in the year, prompting calls for more policy stimulus to bolster growth.
Traders accustomed to aggressive interest-rate hikes across Asia are now seeking to gauge when the region’s central banks will begin cutting, a pivot that would potentially support a nascent rally in bonds.
The delinquency transition rate for credit cards—the share of credit card debt that is 30 days or more past due—is approaching pre-pandemic levels. That's not great news.
Home Depot Plunges After Worst Revenue Miss In 20 Years, Slashes Guidance; Blames Weather, Lumber And Faltering Consumer May 16, 2023 - 05:21:27 PDT
Ahead of this week's earnings-season ending barrage of retail data, analysts and traders were asking if the strong consumer spending momentum from early in the season would carry through or if we would see an uglier side to the US consumer. The answer was delivered moments ago from Home Depot, is decisively the latter.