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"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.
The worst banking crisis since 2008.
The International Monetary Fund on Thursday warned of "uncertainty" around the direction of Japan's monetary policy, saying a possible shift from ultra-low interest rates could have a significant impact on global financial markets. Krishna Srinivasan, director of the IMF's Asia and Pacific Department, also pointed to risks surrounding Asia's economic outlook including from...
The official response to the financial distress precipitated by Silicon Valley Bank’s failure in the US has also indirectly highlighted concern that retail CBDCs could deplete bank deposits. A simple safeguard against disintermediation of banks is to limit the amounts that can be held in CBDC digital wallets. But as evident from the lifting of deposit insurance caps when depositors lost confidence in some banks, a limit on CBDC digital wallets might prove difficult to sustain at a time of crisis and could precipitate a banking meltdown.
Brazil Central Bank Keeps Interest Rate at 13.75%, Resisting Lula’s PressureMay 4, 2023 - 05:31:02 PDT
Brazil’s central bank held its interest rate steady for the sixth straight meeting, sticking with its tough inflation warnings and tweaking its language only slightly even as President Luiz Inacio Lula da Silva calls for looser monetary policy
May 4, 2023 - 05:26:42 PDT
"Deposits are going to keep drifting out, I don't think that this is the last chapter in this regional banking problem… I don't really see what's gonna make it stop unless the Fed cuts interest rates," Gundlach told CNBC's "Closing Bell".