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The Central Bank of Iran is discussing with Russia the possibility of creating a token that could replace the US Dollar, Russian Ruble, and Iranian Rial in foreign trade payments. The token would be backed by gold, meaning it would work as a stablecoin, a cryptocurrency tied to the exchange rate of fiat monies.
Investors who are sitting in U.S. dollars now risk missing out on the possible next leg of a precious metals bull market.
Intellectuals and politicians often try to verbally summarize or justify conventional thinking in pithy ways. Milton Friedman (in 1965) and Richard Nixon (in 1971) both said different versions of the phrase “we are all Keynesians now.” . . .
Mar 7, 2023 - 12:17:46 PST
Effectively, Congress is covering financial losses for huge companies — including corporations like Lockheed Martin, which is worth over $122 billion. More than 70 percent of Lockheed’s net sales were from the U.S. government in 2021, meaning taxpayers largely underwrote the $11 billion it handed back to its shareholders in 2022.
The United States should change its "distorted" attitude towards China or "conflict and confrontation" will follow, China's foreign minister said on Tuesday, while defending its stance on the war in Ukraine and defending its close ties with Russia.
A new nationwide study from the Trafalgar Group and Convention of States Action (COSA) reveals that 43.4 percent of US voters believe the country is on the brink of World War III, considering the war in Ukraine, perceived threats against other European nations, and China's aggressive posture against the US.
The United States risks long-term damage if Congress does not raise the national debt ceiling, Federal Reserve Chair Jerome Powell said on Tuesday.
Sales of shares in publicly listed U.S. companies had their strongest showing last week in more than a year, as companies and some of their shareholders, such as private equity firms, capitalized on the risk appetite of stock market investors.
Morgan Stanley’s Michael Wilson says he still sees some 20% downside on some of the big technology and meme stocks, without specifying which ones.
Used-Vehicle Auction Prices Jump for Third Month, after Last Year’s Plunge. More Trouble Brewing for “Core” CPIMar 7, 2023 - 11:43:30 PST
Retail supply of used cars and trucks dropped for second month in a row. Dealers bid up prices to replenish their inventories.
Mar 7, 2023 - 11:42:03 PST
A month ago, the market viewed the odds of a hike to 5.00 to 5.25 percent as 9.2 percent. Today, the rate hike odds jumped from 39.8 percent to 60.2 percent.
I think that avalanche is now so loud it could be heard from space. Poor pebbles.
Gradually then suddenly (2024?)...
Mark talks about the recent price inflation reports, as well as reports of job openings from private sector job placement companies. Inflation was higher than expected and job openings declined. What will the Fed do?
"Increased Financial Fragility": Fed Paper Has Word Of Warning For Central Banks Indulging MarketsMar 7, 2023 - 08:14:02 PST
How much of policy tightening is too much? With the major central banks around the world already having raised their benchmark rates by the most in decades, it’s natural that the question is being asked.
But escalation on the financial and economic fronts is equally dangerous and could contribute to a global recession. U.S. policymakers seem to be too dumb and too shortsighted to consider either prospect. Where are the adults?
Fed Chair Powell Today Says Interest Rates Are ‘Likely to Be Higher’ Than Previously AnticipatedMar 7, 2023 - 07:41:51 PST
Citing earlier data showing that inflation has reversed the deceleration in late 2022, Powell warned of tighter monetary policy ahead.
The following chart, from Goldman via Game of Trades, highlights the fact that housing affordability has reached the worst levels since at least 1997.
Mar 7, 2023 - 07:35:45 PST
Food stamp benefits had been enhanced for many Americans during the pandemic, but now that emergency program is coming to an end.
Mar 7, 2023 - 07:20:08 PST
As inflation remains persist (thanks to endless Fed stimulus and endless Federal spending splurges), we are seeing The Federal Reserve finally withdrawing the monetary stimulus (tightening the monetary noose). And with it, the US Treasury yield curve (10Y-2Y) goes down with it.