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Two key European Central Bank policymakers made the case on Saturday for a cut in the bank's oversized balance sheet, indicating that the next key policy debate will be on how to run down the ECB's more than 5 trillion euros worth of bonds.
Social Security recipients will be getting a big raise in 2023. That's good news if you're receiving benefits from the program, but not so great if you're hoping inflation will abate any time soon.The Social Security Administration recently announced an 8.7% cost of living adjustment (COLA) for next year. That goes on top of a substantial 5.9% COLA for 2022. The 2023 increase is the largest in 40 years.
Gold is migrating from the West to the East.As Bloomberg described it, many western investors - particularly at the institutional level - are dumping bullion. Meanwhile, Asian buyers are taking advantage of lower prices to snap up less expensive jewelry, coins, and bars.
As Peter Schiff put it in a recent podcast, the inflation insanity continues.We got the September Consumer Price Index (CPI) data and it once again came in hotter than expected. Month-on-month, CPI was up 0.4%. That was double the 0.2% expectation. On an annual basis, the CPI was 8.2%.
Weekly Market Recap: If Earnings Disappoint, Watch Out Below! Markets Are On A Knife's EdgeOct 16, 2022 - 10:58:14 PDT
In this week's recap, Lance Roberts and Adam discuss everything that mattered to markets this week.
METALS & ENERGY MARKET UPDATE OCT 14th: Strong Dollar & High Energy Prices Continue To Gut Global Economy, Brace ...October 16, 2022
Not only is there a global food shortage, even when there is food available, many countries are struggling to afford it because of the collapse of their currencies versus the U.S. Dollar. And, on top of that, the extremely high energy prices continue to gut the global economy...
Archaeologists found the 44 Byzantine-era coins during excavations in the Golan Heights...
Deflation Will Become The Problem When "Something Breaks”: Lance RobertsOct 14, 2022 - 12:42:03 PDT
As the Fed hikes rates to combat inflation, history shows that deflation will be the more significant threat when something "breaks."
Multimillionaires pack the halls of congress. That’s because the only people who can afford congressional campaigns are rich. But what you might not know is that once these very wealthy individuals arrive in Washington, they use their committee assignments, and often the insider info those assignments provide, to make even more money – trading stocks.
Oct 14, 2022 - 12:24:40 PDT
We’re talking about the fact that in the second quarter of this year, trading revenues at federally-insured commercial banks eclipsed the trading revenues at bank holding companies – which typically include subsidiaries where traders actually have licenses to trade.
"I recognize it is my responsibility to understand and abide by every obligation of this office,” Bostic said in a statement. “I want to be clear: At no time did I knowingly authorize or complete a financial transaction based on nonpublic information or with any intent to conceal or sidestep my obligations of transparent and accountable reporting.”
With inflation at 8.2%, we could actually use a little deflation right about now. If there is any justice in the world, it will come when an Austrian authors a paper titled: “Inflation - Making Sure It Doesn’t Happen Ever Again,” wins a Nobel prize for their work in stopping monetary destruction once and for all.
We're Getting Poorer: Price Inflation Grew Faster than Wages Again in SeptemberOct 14, 2022 - 12:02:24 PDT
The federal government’s Bureau of Labor Statistics released new price inflation data today, and according to the report, September was yet another month of soaring inflation.
Cue Dollar Squeeze Panic: Fed Sends A Record $6.3 Billion To Switzerland Via Swap LineOct 14, 2022 - 11:56:06 PDT
ofA Chief Investment Strategist Michael Hartnett (whose latest weekly note we will dissect shortly) has a favorite saying for when critical phase (to avoid the most hated word in the world "paradigm") shifts take place in the market, one which may be the only word a trader in this day and age needs (or rather hopes for): "Markets stop panicking when central banks start panicking."
Oct 14, 2022 - 11:47:29 PDT
This follows a spike in Swiss banks' credit default swaps — the cost of insuring the company’s bonds against defaults — in early October, reminding investors of the Lehman Brothers collapse in 2008.
Oct 14, 2022 - 11:00:04 PDT
There is a growing feeling in markets that a financial crisis of some sort is now on the cards. Credit Suisse’s very public struggles to refinance itself is proving to be a wake-up call for markets, alerting investors to the parlous state of global banking.
The global fractional-reserve banking system is teetering on the brink of failure. Financial strains are exposing major banks as under-capitalized and ill prepared to weather additional strains from high inflation, rising interest rates, and a weakening economy.
(Bloomberg) -- The International Monetary Fund is urging Argentina against unconventional currency measures such as creating multiple exchange rates at a time when inflation is expected to reach 100% by the end of this year.
Oct 14, 2022 - 08:12:39 PDT
The University of Michigan’s consumer sentiment index for housing for October just fell to its lowest level since 1992 as The Fed counterattacks against Bidenflation, causing mortgage interest rates to rise.
Stocks fell as a consumer survey from the University of Michigan showed inflation expectations increasing, another indicator closely watched by the Federal Reserve.