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Biden To Propose 5.2% Raise For Federal Employees; Republicans, Unions SlamMar 8, 2023 - 11:52:36 PST
One day after President Biden proposed raising taxes on high-earning Americans to keep Medicare afloat, the Washington Post reports that Biden is now expected to float a 5.2 percent pay raise for federal employees, the largest salary boost since Jimmy Carter was president.
The plan would increase the net investment income tax to 5%, from 3.8%, for earnings of more than $400,000, including regular income, capital gains and so-called pass-through business income.
Mar 8, 2023 - 11:44:56 PST
"The divergence btw real resi investment $ and units under construct is likely a signal of the turning point being close and then sharp."
On Friday, residential real estate brokerage firm Redfin released new data on home prices, showing that prices fell 0.6 percent in February, year over year. According to Redfin's numbers, this was the first time that home prices actually fell since 2012.
When The Yield Curve Inverts Over 100bps "A Recession Is Already Underway Or Begins Within 8 Months"Mar 8, 2023 - 11:42:02 PST
Yesterday, the spread between 2- and 10-year yields rose above 1% (and in the past 24 hours yield curve has blown out another 10bps to 110bps) for the first time since 1981, when Paul Volcker was engineering hikes that broke the back of double-digit inflation at the cost of a lengthy recession and millions of unemployed workers.
The unencumbered realist concludes that there are no solutions within a status quo structure that is itself the problem.
Step 1 of QT is operating at full speed. Step 2 of QT is just starting.
Mar 8, 2023 - 07:59:13 PST
Agree or not with either stance, Senator Warren just turned Fed policy into a huge political issue.
Powell was a bit flustered by Warren's questioning, stuttering a bit to find answers. He also totally blew one response. Did you catch it?
In his testimony to Congress today, Fed Chair Jerome Powell said "And while housing services inflation remains too high, the flattening out in rents evident in recently signed leases points to a deceleration in this component of inflation over the year ahead."
Mar 8, 2023 - 07:55:35 PST
According to Attom Data, New York City leads the nation in zombie forceclosures. A zombie foreclosure refers to a situation where a homeowner vacates their property after receiving a notice of defa…
Mar 8, 2023 - 07:54:04 PST
Mortgage applications increased 6.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 3, 2…
Mar 8, 2023 - 07:49:46 PST
Slippin’ into darkness! The US Treasury 10Y-2Y yield curve, that is. At the same time that the 10Y-2Y yield curve inverts to -108 basis points, Bankrate’s 30-year mortgage rate has rise…
The big question facing the Fed is whether they should increase the Fed Funds rate by 25bps or 50bps on March 22, 2023. If Jerome Powell cared for our advice, we would tell him to take the opposite approach of President Theodore Roosevelt. Speak loudly because your stick isn’t that big anymore.
Choose one, and only one: a stock market that inflates and pops in an endless series of ever-more destructive bubbles, or a real economy that is no longer in thrall to the engines of wealth inequality and speculative frenzy.
Mar 8, 2023 - 06:14:32 PST
Federal Reserve Chairman Jerome Powell speaks Wednesday morning to the House Financial Services Committee on the semiannual monetary policy report.
Mar 8, 2023 - 06:13:43 PST
Billionaire investor Jeffrey Gundlach said the Federal Reserve is "very likely" to hike interest rates by 50 basis points at its next meeting.
After tumbling last month to its lowest in two years (blamed on weather), ADP's employment report was expected to show a rebound in Feb, adding 200k jobs. The actual print was even higher at +242k (with January's revised up to +119k).
Prabhudas Lilladher Group Chairperson and MD Amisha Vora believes the best way to navigate the markets is with asset allocation across debt, gold and equities. She speaks with Haslinda Amin and Rishaad Salamat on "Bloomberg Markets: Asia".
Total to exceed $835 billion, up from the current $816 billion Officials call it one of the largest peacetime defense budgets
Just a few weeks ago, China and the U.S. were tiptoeing toward a rapprochement. Now, any fence-mending has been postponed.