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Bullion proved to be one of the most resilient assets to own last year: it exited 2022 virtually unchanged even as the Fed raised rates by a phenomenal 425 basis points, sending real yields soaring as a consequence.
"The media’s incentive is to tell us the portion of the truth that is entertaining. And what we have demonstrated by our behavior is that bad news entertains us." ~ Antony Davies
New Gallup Poll Shows Half of Americans Believe News Organizations Deceive the PublicFeb 16, 2023 - 12:05:15 PST
According to the poll, half of Americans believe the mass media intends to misinform with its reporting. The Gallup/Knight survey found that only 26% of Americans hold a favorable view of the news media, the lowest figure recorded in the survey's five-year history. 53% have an expressly unfavorable view.
Consumer Debt Soars By $394BN, Most In 20 Years, To Record $16.9 Trillion As Young Borrowers Struggle To RepayFeb 16, 2023 - 12:00:39 PST
While it won't tell us anything we don't know - since it is two months delayed and we already get monthly updates from the Fed via the G.19 statement - this morning the NY Fed published its quarterly Household Debt and Credit report, which showed that total household debt in the fourth quarter of 2022 rose by 2.4% or $394 billion, the largest nominal quarterly increase in twenty years, to a record $16.90 trillion. Balances now stand $2.75 trillion higher than at the end of 2019, before the pandemic recession.
In a speech distributed ahead of the Munich Security Conference, Soros backed the idea of using experimental geosolar technologies to shield the Arctic from melting, as well as an overhaul of international finance to address the challenge ahead.
Debt is vital to the functioning of the world economy. But, after soaring in the aftermath of the 2008 global financial crisis and the COVID-19 pandemic of recent years, it has reached unprecedented levels: as of last June, total debt amounted to $300 trillion, or 349% of world GDP. With negative supply shocks persisting, and the world’s major central banks scrambling to rein in inflation, debt risks are becoming increasingly alarming.
The world's two largest foreign holders of US treasuries, Japan and China, continued to pare down their holdings of US debt in December, data from the US Treasury Department showed on Wednesday.
Feb 16, 2023 - 08:29:35 PST
Here is the sickening forecast of Federal budget deficits. Budget deficits are forecast to keep rising and are project to hit -$20 TRILLION over the next 10 years.
DHS Warns Millions Of iPhone Users To Change Settings Over "Zero-Day Spyware"Feb 16, 2023 - 08:27:05 PST
An agency within the Department of Homeland Security has warned owners of Apple products of a security vulnerability which affects iPhones, iPads and MacOS devices.
The Kremlin’s top diplomat has warned that Western involvement in Ukraine is nearing "the point of no return," accusing the United States and the NATO bloc of attempting to transform the country into a "Russophobic military stronghold." Meanwhile, Moscow’s UN envoy declared that all of Russia’s "red lines" have already been crossed.
Consider all of this, then, a signature of America in our time. Under the guise of turning the century around, we underwrite violence in faraway lands and thereby dodge the actual challenges of changing our own culture. Unfortunately, when it comes to rehabilitating our own democracy, all the Abrams tanks in the world won’t save us.
Elon Musk Insists He’s Restricting Ukraine’s Access to Starlink Because Zelensky Could Start WWI IIIFeb 16, 2023 - 07:31:39 PST
The billionaire says he won’t allow Ukraine to launch long-range drones using SpaceX to hit targets in Russia.
A 2022 survey of risk experts at the insurance company AXA and other larger firms paints a pessimistic picture of the where the current geopolitical situation could be leading us.
Global liquidity conditions remain the tightest they have been for several decades, continuing to pose a formidable headwind for risk assets.
Feb 16, 2023 - 07:02:29 PST
The Wall Street Journal reports Lael Brainard’s Fed Departure Could Leave Immediate Imprint on Inflation Fight...
Total Number Of Americans Claiming Jobless Benefits Hovers Near One-Year HighsFeb 16, 2023 - 07:01:24 PST
While initial jobless claims continues to ignore the mass layoff announcements (due to severance etc for example), continuing claims ticked up modestly last week to 1.696mm Americans...
That said, considering how erratic all the various regional Feds have been in recent months, it’s becoming next to impossible hard to put any faith in any of these surveys.
Gold prices edged higher due to a slight pullback in the dollar and bond yields, although gains were kept in check by evidence of a resilient U.S. economy.
Barrick Gold Corp.’s top executive says inflation is going to be sticking around to hobble the mining industry for a while longer.
Producer Prices Surge More Than Expected In January As Gas Prices ReboundFeb 16, 2023 - 05:50:40 PST
After hotter than expected consumer price inflation, consensus estimates are for a notable rebound in producer prices in January after a big surprise 0.4% decline MoM in December. In fact, like CPI, PPI came in hotter than expected, up 0.7% MoM, which pushed the YoY rise to +6.0% (down from +6.5% in December)... This is not good news for Mr.Powell at all.