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Dow Drops 300 Points, Turns Negative for the Year as Bank Fears Grow: Live UpdatesMay 4, 2023 - 12:15:29 PDT
Regional banks led the broader market lower as contagion fears resurfaced.
I can easily see Blackrock sacrificed on the alter of the Great Reset once it’s control over corporate interests has been turned over to the Treasury and the ECB.
Investors would be wise to stay extremely defensive with their asset allocations until the Fed and Treasury are able to adequately re-liquify the financial system. But let’s see them try doing that without causing inflation to run intractable.
Not everyone was happy with the fact that it was JPMorgan who won the bid, however, as it means that the country’s largest, most powerful bank would become even bigger. Moreover, every failed bank that falls into the hands of the industry’s giants contributes to the decades-long consolidation trend in the banking sector, a trend that saw the number of U.S. banks States shrink drastically from its peak in the early 1980s
Join Mike Maloney in today’s banking crisis update - more banks are failing, and gold is reacting…hitting a new all time record high overnight.
"Whatever you think of the wisdom of Hamilton’s moves, our point is simple and stark: The US government has defaulted in the past." ~ David R. Henderson and Jeffrey R. Hummel
Regional Bank Crisis Spreads To BIg Banks As USB Tumbles, Stocks Dump Amid Widespread LiquidationsMay 4, 2023 - 07:47:42 PDT
After an FT report said that it too, like PacWest, is exploring strategic options including a potential sale of all or part of its business. Citing two sources, the FT notes that the bank has hired advisers to explore its options and adds that deliberations are at an early stage, although at this rate, there won't be much to deliberate in a few short hours when the bank is out of all deposits.
May 4, 2023 - 07:46:47 PDT
At the post FOMC press conference, Michael McKee of Bloomberg asked Fed Chair Jerome Powell "Are you ruling out the rate cuts that the market has prices in?"
Scrambling to Avoid Default, White House Weighs Debt-Limit Fallback Options: WSJMay 4, 2023 - 07:36:56 PDT
The Biden administration and Capitol Hill leaders are scrambling to avoid a first-ever government default that could arrive as soon as June 1, taking potential alternative strategies more seriously after months of deadlock over raising the country’s borrowing limit.
European savers are looking for a better deal as lenders resist paying up.
The issuance of global mortgage-backed securities (MBS) slumped to a 23-year low in the first four months of this year, highlighting the turmoil in the real estate sector as higher mortgage rates hit property sales and refinancing. The property sector, often a leading indicator for other economic activity, has seen a slump this year due to a spike in mortgage rates as global central...
May 4, 2023 - 07:33:18 PDT
Shipping group signals industry’s pandemic-driven boom is over as demand and freight rates fall.
May 4, 2023 - 07:24:35 PDT
The last vestiges of the Biden administration's pandemic mandates are disappearing on May 11.
The median new home sold in the U.S. has fully qualified as unaffordable for the typical American household in each month since March 2022.
But unlike homeowners, homebuilders know how to sell into a down-market: by cutting prices. So a shift to new home sales.
May 4, 2023 - 07:05:35 PDT
Biden loves to brag about the greatest economy in history! Sure Joe. Life during Biden. Challenger jobs cuts in April were 176% year-over-year. Non farm productivity in Q1 fell -2.7% QoQ. And unit labor costs in Q1 almost doubled to 6.3% QoQ, almost doubled from the Q4 2022 figure of 3.2%.
May 4, 2023 - 07:01:55 PDT
After several high-profile bank failures, about half of Americans are concerned about the safety of the money they have in banks or other financial institutions.
Gold prices steadied on Thursday after accelerating to a near-record high as the U.S. Federal Reserve signalled its rate hiking run might finally have hit a pause, with elevated economic risks seen fuelling robust demand for safe-haven bullion.
The dollar remained pressured against most majors on Thursday, helping Sterling to its strongest in 11 months, after the Federal Reserve hinted at pausing its aggressive tightening cycle...
The US economy and its financial system operate under the implicit belief that the Federal Reserve controls the direction of the economy and finance. This belief isn't in Fed influence, it's in Fed control: the Fed can reverse a stock market decline on a dime, it can reverse a recession, it can do "whatever it takes" to keep markets stable and expansive.