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If approved, this could be a tipping point in the conflict leading to direct confrontation between nuclear-armed powers given transfer of Patriots would mark the longest-range missiles sent to Ukraine thus far.
Dec 13, 2022 - 11:27:14 PST
As Russian missile strikes have decimated Ukraine’s energy infrastructure, Ukrainian Prime Minister Denys Shmyhal said Monday that Kyiv needs $1 billion to restore its power grid and heating systems. “The approximate cost of urgent help for the power sector stands at $500 million,” Shmyahl told the Organisation for Economic Cooperation and Development, according to Reuters. … Continue reading "Ukraine Says It Needs $1 Billion to Quickly Repair Energy Infrastructure"
Gold prices climbed over 2% on Tuesday to their highest levels in more than five months after data showing a smaller-than-expected rise in U.S. consumer prices cemented bets for a slowdown in rate hikes from the Federal Reserve.
Dec 13, 2022 - 10:48:24 PST
Mickey Levy of Berenberg Capital and Charles Plosser wrote a great op-ed in the Wall Street Journal entitled “The Federal Reserve Needs a Hard Look in the Mirror.” Here is a Fed Reserve St Louis paper by Levy and Plosser entitled “The Murky Future of Monetary Policy.”
Nouriel Roubini, a former advisor to the International Monetary Fund and member of President Clinton’s Council of Economic Advisors, was one of the few “mainstream” economists to predict the collapse of the housing bubble. Now Roubini is warning that the staggering amounts of debt held by individuals, businesses, and the government will soon lead to the “mother of all economic crises.”
British diplomat T.E. Lawrence once quipped: “The printing press is the greatest weapon in the armory of the modern commander.” But its value extends far beyond conflict. Central banks’ monetary printing presses allowed a decisive set of stimulus packages to be funded during the pandemic. Now, the printers are helping central banks sustain their operations.
The U.S. Superbubble, as Jeremy Grantham has termed it, featured the most dangerous mix of factors in modern times at the end of last year: all three major asset classes – housing, stocks, and bonds – were critically historically overvalued. And all have retracted in 2022. Perhaps the most pertinent question we sought to answer for our clients at GMO’s Fall Conference was: what actions should investors take during the deflating superbubble?
The nonpartisan Congressional Budget Office on Nov. 29 released an analysis describing its “current view of the economy in 2023 and 2024 and the budgetary implications.” In short, everything looks bleaker than it did a little more than six months ago, when the CBO published its Budget and Economic Outlook report in May.
Fed Funds Futures Traders See More-Than-50% Chance of 25-Basis-Point Rate Hike in February After CPIDec 13, 2022 - 09:00:12 PST
The chances of a quarter-of-a-percentage point rate hike by the Federal Reserve next February jumped to 58.1% after November's consumer-price index report,...
As the Fed eventually pivots in 2023, such suggest that bonds may be a much better investment than stocks in the first half of next year.
Production of staples such as rice and wheat is unlikely to replenish depleted inventories, at least in the first half of 2023, while crops producing edible oils are suffering from adverse weather in Latin America and Southeast Asia. Wheat, corn and palm oil futures have from dropped from record or multi-year highs but prices in the retail market remain elevated...
Still eager to hire, America’s employers are posting more job openings than they did before the pandemic struck 2½ years ago.
More debt financing was canceled or postponed globally in 2022 than even during the tumultuous pandemic period.
Inflation Forecasts Were Wrong Last Year. Should We Believe Them Now?: NYTDec 13, 2022 - 07:21:56 PST
Economists misjudged how much staying power inflation would have. Next year could be better — but there’s ample room for humility.
Headline CPI Cools More Than Expected But Real Wages Continued To TumbleDec 13, 2022 - 05:39:41 PST
The first of this week's big event risks has arrived and while the world and his pet rabbit is focused on the number's potential for 'dovishness', bear in mind that expectations are for a 0.3% MoM rise and 7.3% YoY rise (which while 'slowing' remains extremely high by any standards).
Gold rose on Tuesday as the dollar eased, although trading was confined to a narrow range as investors held back from making large bets ahead of U.S. inflation data and the Federal Reserve's rate-hike decision.
Bitcoin adoption will need to be driven by the development of real uses rather than speculative interest, the report said.
Bitcoin's dominance rate rose above 41% alongside the price rally, signaling de-risking in the crypto market.
Sam Bankman-Fried has been arrested by The Royal Bahamas Police Force following reports that the United States filed criminal charges against the founder and former CEO of cryptocurrency exchange FTX, and is likely to request his extradition. The Office of the Attorney General of the Bahamas issued a statement today, which was reported by BNO...
USD/JPY fell 0.1% to 137.48, the risk-sensitive AUD/USD rose 0.5% to 0.6776, while USD/CNY traded largely flat at 6.9777, ahead of the release later this week of retail sales and industrial production data which are expected to further outline the economic impact of COVID-19 lockdowns, even as the country begins scaling back several restrictions.