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Americans' Consumer Sentiment Slumps As 'Current Conditions' Crash To 18-Month LowsOct 25, 2022 - 07:44:47 PDT
After an unexpected rebound in the last two months, analysts expected The Conference Board's headline sentiment index to weaken in October and it did... considerably.
After a record surge in housing costs and ballooning expenses for everything from food to energy, America’s renters have had enough.
Home Prices Plunge Most Since 2009, Pulte CEO Fears "Financial & Psychological Hurdles" Ahead For HomebuyersOct 25, 2022 - 07:04:32 PDT
After tumbling for the first time since 2012 in July, Case-Shiller's 20-City Composite Home Price index was expected to drop even faster in August (the latest data available) as mortgage rates soared, crushing affordability. Analysts were right as the 20-City Composite index plunged 1.32% MoM (far larger than the 0.8% drop expected), diving the YoY growth in the 20-City Composite to 13.08% (well down from the 14.0% exp)
The Eurozone economy slipped into a steeper downturn at the start of the fourth quarter, the rate of decline hitting the fastest since April 2013 barring pandemic lockdowns
Top Wall Street bankers warned a recession in the US and Europe is increasingly likely.
David Rosenberg Skewers Fed As He Sees a 30% Hit to Home Prices & the S&P 500 Returning to 2020 LowOct 25, 2022 - 05:57:18 PDT
“I feel like I am reliving the summer of 2008,” Rosenberg wrote then. He speculated that the S&P 500 SPX, +1.19% — then trading above 3,900 points — would ultimately flirt with 3,300.
David Rosenberg Skewers Fed As He Sees a 30% Hit to Home Prices & the S&P 500 to 2020 Lows: MWOct 25, 2022 - 05:57:18 PDT
“I feel like I am reliving the summer of 2008,” Rosenberg wrote then. He speculated that the S&P 500 SPX, +1.19% — then trading above 3,900 points — would ultimately flirt with 3,300.
Treasury yields pulled back early Tuesday, with the 10-year rate edging down from a more than 14-year high as investors assessed the outlook for Federal Reserve rate moves. The yield on the 30-year Treasury bond (BX:TMUBMUSD30Y) was at 4.324%, down from 4.36% late Monday, which was its highest since July 7, 2011. Treasury yields have risen sharply in 2022 as the...
The U.S. Treasury is taking steps to strengthen the resilience of the Treasury debt market and private money market and bond funds, but the U.S. financial system is functioning well despite elevated global volatility, Treasury Secretary Janet Yellen said on Monday. Yellen, speaking to the Securities Industry and Financial Markets Association's (SIFMA) annual meeting in New York...
Treasury Secretary Janet Yellen flagged the potential for buybacks of certain US government securities, after her department quizzed market participants on the potential for the maneuver to improve liquidity in the market.
Profits and losses aren’t usually thought of as a consideration for central banks, but rapidly mounting red ink at the Federal Reserve and many peers risks becoming more than just an accounting oddity.
The U.S. dollar is currently perched precariously high versus the Japanese yen, the Chinese yuan, and the British pound, with far-reaching implications for global risk markets.
U.S. stock futures slipped on Tuesday morning ahead of corporate earnings from some of the market’s biggest players.
Air continues to seep out of the housing bubble blown up with the Fed's artificially low interest rates in the wake of the pandemic.Sales of previously owned homes fell by 1.5% in September, according to a National Association of Realtors report. It was the eighth straight month of declining home sales.
PALISADES GOLD RADIO INTERVIEW: The Energy Cliff & The Financial World Is One Giant Ponzi SchemeOctober 25, 2022
Last week I chatted with Tom at Palisades Radio about why the Financial World is one Giant Ponzi Scheme. The world is now nothing more than a typical Ponzi scheme because we used the energy profits to pay positive returns, which will no longer be possible when we head over the Energy Cliff...
Inflation To Remain High Through 2024, Recession on Its Way: MBA ForecastOct 24, 2022 - 12:56:48 PDT
Despite the Federal Reserve's efforts to bring down inflation, it may not dip until mid-2024, according to the latest forecast from the Mortgage Bankers Association (MBA).
US Already in Recession, or Will Likely Be Next Year, Most NABE Economists SayOct 24, 2022 - 12:46:02 PDT
Economic growth already contracted in the first two quarters of the year, with gross domestic product – the broadest measure of goods and services produced in a nation – contracting by 1.6% in the winter and 0.6% in the spring.
Biden Warns of ‘Chaos’ for U.S. Economy if Default Follows Debt-Ceiling FightOct 24, 2022 - 12:28:28 PDT
President Joe Biden on Monday warned again of dire consequences for the U.S. economy if there’s a default on the federal debt, saying “there’s nothing that would create more chaos, more inflation and more damage to the American economy.” Speaking at Democratic National Committee headquarters, Biden said he would not cut Social Security or Medicare...
Mortgage Bankers Predict Mortgage Rates to Drop to 5.4% by End of 2023. A Year Ago?Oct 24, 2022 - 12:03:30 PDT
This raging inflation will keep dishing up a lot more surprises.
Oct 24, 2022 - 11:58:55 PDT
Private sector firms in the US recorded a further downturn in output at the start of the fourth quarter, according to latest ‘flash’ PMI™ data from S&P Global. The fall in business activity was solid and stronger than that seen in September, as service providers signalled a quicker decline. Manufacturers, on the other hand, saw output rise for the second month running, albeit only marginally.