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Big Bank Earnings ‘Are Not Good Numbers’ for the Economy, Chief Strategist WarnsOct 14, 2022 - 07:39:02 PDT
DICK BOVE: It doesn't [get better] from the perspective of the banks. And again, the loan loss provision is an estimate that the bank makes of what it expects to see in the economy over the next few quarters, possibly even the next year or so.
Global equity and bond funds faced outflows for the eighth time in a row in the week ended Oct. 12, Refinitiv Lipper data showed, undermined by worries over a recession as global interest rates surged further.
. This is likely just the first of many such violent daily gyrations.
Federal Reserve officials are likely to once again raise their outlook for how high they’ll have to lift interest rates following the latest bout of bad inflation news.
UMich headline sentiment was expected to rise very modestly in preliminary October data and did - beating expectations with a 59.8 print against 58.8 expectations. However, this was driven by a jump in current conditions offsetting a drop in future expectations...
Consumers are spending more on food and rent. As a result, they are cutting back everywhere else.
US retail sales were expected to rise 0.2% MoM in September but instead were disappointedly unchanged. On a year-over-year basis, retail sales (nominal) rose 8.2%, the weakest since April
Investors with classic "60/40" portfolios are facing the worst returns this year for a century, BofA Global Research said in a note on Friday, noting that bond markets continue to see huge outflows.
Emerging market governments that borrowed heavily in dollars when interest rates were low are now facing a surge in refinancing costs, evoking flashbacks to Asia’s 1990s debt crisis and stoking fears of a default wave.Sovereign dollar bonds from a third of the countries in Bloomberg’s EM Sovereign Dollar Debt Index are trading with a spread of 1000 basis points...
U.S. Treasury Secretary Janet Yellen on Thursday stressed that the World Bank, whose president, David Malpass, has been on the defensive about his views on climate change, must play a leadership role in the global transition to clean energy. The White House condemned Malpass's comments last month after he declined to say he supported the scientific consensus on climate...
Oct 14, 2022 - 05:40:31 PDT
The U.S. government’s interest payments on its debt could near $570 billion this year, a 45% jump.
Oct 14, 2022 - 05:38:32 PDT
U.S. retail sales for September and consumer confidence are the next data to watch and could push the dollar higher.
Stock markets and the US economy will have to experience more pain before the Federal Reserve pivots away from its aggressive policy tightening, according to Bank of America Corp. strategists.
This Is How High Interest Rates Might Rise, and What Could Scare the Fed Into a Policy PivotOct 14, 2022 - 05:36:47 PDT
Economist and investing veteran Nick Sargen on official interest rates, bonds, the dollar and financial stability.
The European Central Bank must power ahead with interest rate hikes to tame inflation and should even push borrowing costs to levels that restrict economic activity, despite rising recession risks, policymakers said on Friday.
The Historic Deterioration in the U.S. Housing Market, As Told by 3 ChartsOct 14, 2022 - 05:25:47 PDT
How did they get it so wrong? It boils down to housing affordability. Spiked mortgage rates coupled with frothy home prices makes this a historically unaffordable housing market. It's actually more expensive, relative to income, to buy now than it was at the height of the '00s housing bubble.
The average rate on the 30-year fixed mortgage jumped to 6.92% from 6.66% last week, according to Freddie Mac.
Profit at the nation’s biggest bank dropped 17% as it built up its defenses for a potential recession and took a nearly $1 billion loss on securities it held.
The outlook for deals has steadily worsened this year as the U.S. Federal Reserve raised interest rates to tame inflation, clouding the economic growth outlook, while the highs of a record last year drew tough comparisons.
The September Consumer Price Index (CPI) data came out on Thursday. Once again, it was "hotter than expected," despite the Federal Reserve hiking rates by over 3% since March. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey breaks down the CPI data in the context of the Fed's inflation fight and concludes "this is what losing looks like."