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US Leading Economic Indicators Tumble For 12th Straight Month, Signal Recession ImminentApr 20, 2023 - 08:33:31 PDT
This is the 12th straight monthly decline in the LEI (and 13th month of 15) - the longest streak of declines since 'Lehman' (22 straight months of declines from June 2007 to April 2008)
Mr. Xi has offered a glad hand to those and other world leaders in recent weeks, it has been only the cold shoulder for the United States. China has rebuffed attempts by the Biden administration to restart high-level talks and lower tensions over Taiwan. And Mr. Xi’s government has intensified a campaign of ridicule and criticism of the United States and Western democracy.
Apr 20, 2023 - 08:13:08 PDT
The trend of cutting dependence on the US dollar and switching to national means of payment in international settlements is gaining steam across the globe. US sanctions against Russia and other countries have put the dollar’s dominance at risk, as targeted nations are seeking out alternatives, Treasury Secretary Janet Yellen told an American news outlet on Sunday. “There is a...
The digital euro is based on technology that could give the ECB and states extraordinary powers over our lives...
Apr 20, 2023 - 08:01:05 PDT
The stock market may be closely watching the chance of an official economic recession, but many Americans across the country are already feeling the squeeze as they contend with higher prices and borrowing costs than they saw a year ago.
The Western Housing Market Recession Hit So Hard & Fast That a Fortune 500 Firm Has Crashed to $1Apr 20, 2023 - 07:56:14 PDT
We’ve seen this movie before. Back in 2008, leveraged amateur home flippers across the country had no choice but to sell—or foreclose—at big losses as home prices began to slide. Only this time around, the correction is regional, and it’s a corporate titan that got stuck holding the bag.
But What If We Don’t Get a Recession in 2023? That Would Be a Bummer for Wall StreetApr 20, 2023 - 07:29:28 PDT
Just a slower-growth muddle-through economy that adjusts to higher rates and sticky inflation.
Apr 20, 2023 - 07:27:51 PDT
President Biden and House Speaker Kevin McCarthy are locked in opposite views. Will the resolution come before or after an economic crisis?
New mortgage rules are so absurd that only President Biden or other Progressive-minded economic illiterates could possibly have come up with them.
US Existing Home Sales Resume Slide In March; Home Prices Drop Most In A DecadeApr 20, 2023 - 07:12:06 PDT
After February's massive surge in existing home sales, expectations were for a modest pullback in March. The 14.,5% jump in Feb was revised down to 13.8% surge (still huge), but March printed a 2.4% MoM decline (worse than the expected 1.8% drop).
Gold prices climbed on Thursday as the dollar dipped, lifting bullion from previous session's sharp retreat on uncertainty over the U.S. Federal Reserve's rate-hike path fuelled by hawkish commentary from some policymakers.
Investors are turning to precious metals as a recession safe haven, with gold prices showing upside strength and momentum.
Shortly after The Empire Fed Manufacturing survey unexpectedly surged back into expansion, The Philly Fed Business survey unexpectedly puked to its lowest (ex-COVID lockdowns) since March 2009.
Apr 20, 2023 - 06:00:50 PDT
The Philadelphia Fed Business Survey just crashed and burned to the worst reading since The Great Recession of 2008/2009.
Initial jobless claims were expected to tick higher last week and it did, up to 245k (from 239k prior and higher than the 240k expectation). That is basically in line with the highest level since Jan '22.
A US debt default would threaten “a basic anchor” of the global financial system and “must not happen,” BlackRock Inc. Vice Chairman Philipp Hildebrand warned Thursday at the Bloomberg New Economy Gateway Europe event near Dublin.
Market jitters over the United States debt ceiling lifted the cost of insuring exposure to its debt to the highest level in over a decade on Thursday, while JPMorgan warned of a "non-trivial risk" of a technical default on U.S. Treasuries.
The US is now in “stagflation-lite” as faltering growth has joined heightened and persistent inflation, leaving many assets materially mispriced and liable to sizable corrections.
Yet more evidence that the credit crunch is underway.
A recovery in Chinese consumer demand needs time to pick up due to the "scarring effect" of COVID-19, but there is no basis for any long-term deflation, an official from the People's Bank of China (PBOC) said on Thursday. Despite record first-quarter bank lending, consumer price inflation is slowing sharply and factory gate prices are in freefall...