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Is This The Real Driver Behind The BoE's High Risk 'Game Of Chicken' With Markets?Oct 12, 2022 - 08:12:58 PDT
So the point here is again just how critical this “left tail threat >> right tail outcome” scenario could help break the cycle of some of this global “forced selling” feedback loop via stabilizing Fixed-Income, and allow markets to get back to the actual forward inflation data. So who will blink first - Bailey or Truss... or the market?
What We Are Seeing In The UK Is Decades-Long Hyper-Financialisation Being Unwound On Fast-Forward At GunpointOct 12, 2022 - 08:11:17 PDT
But I digress. Let’s not let the rapid implosion in EU norms eclipse the three-day window that the BOE has just unleashed with its “Whatever it takes… until Friday.”
Chicago Fed President Says Rate Hikes Will Continue Even If They Lead To Job LossesOct 12, 2022 - 07:53:16 PDT
“If unemployment goes up, that’s unfortunate. If it goes up a lot, that’s really very difficult,” Evans said. “But price stability makes the future better.”
Oct 12, 2022 - 07:45:37 PDT
I feel sorry (sort of) for people like White House Press Secretary Karine Jean-Pierre who has to read ridiculous scripts in defense of awful Federal policies. For example, yesterday she touted Biden’s “accomplishments” of rising real disposable US income and declining gasoline prices. What? Doesn’t she read Confounded Interest?? /sarc
Oct 12, 2022 - 07:42:02 PDT
Mortgage applications decreased 2.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 7, 2022. As mortgage rates soar with Federal Reserve tightening.
The fastest rent growth since March 2020 has been occurring in the suburbs that sit furthest from the urban core.
Oct 12, 2022 - 07:36:37 PDT
The Labor Department said it would revisit rules that designate whether workers are classified as employees or independent contractors, a move that could affect millions of gig and contract workers in healthcare, restaurants, ride-share transportation, and many other industries.
The Fed will tighten “Until Something Breaks?” Wait a minute…
The market turmoil sparked by the UK’s fiscal and monetary missteps is not over yet and offers lessons to other countries trying to navigate surging inflation, Bank of France Governor Francois Villeroy de Galhau said. “Avoiding any specific comments on fiscal policy or monetary action there are probably some useful landmarks to be taken from what happened and it is not yet over,”...
The yen fell back into prime intervention territory Wednesday, as analysts debated whether its decline was extreme enough for Japanese authorities to prop up the currency as they did last month.
PPI is the under-card ahead of tomorrow's main event CPI print, but nevertheless will offer some insights into how the inflation picture is evolving in the US and is expected to slow at the headline level but flat at the core level. The headline PPI printed +8.5% YoY (which was hotter than the expected +8.4% YoY) but down from August's 8.7% (jumping 0.4% MoM after 2 straight months lower)...
Mortgage rates have more than doubled since the beginning of the year as the Federal Reserve pursues an aggressive path of interest rate hikes to bring down stubbornly high inflation. Those actions, designed to cool the economy sufficiently to curb price pressures, have weighed heavily on the interest-rate-sensitive housing sector as expectations for Fed tightening have led to a...
Mortgage rates have more than doubled since the beginning of the year as the Federal Reserve pursues an aggressive path of interest rate hikes to bring down stubbornly high inflation. Those actions, designed to cool the economy sufficiently to curb price pressures, have weighed heavily on the interest-rate-sensitive housing sector as expectations for Fed tightening have led to a...
Solvency of Financial Institutions Could Be Bigger Threat Than Liquidity in Next Crisis: MWOct 12, 2022 - 05:40:08 PDT
Neil Shearing, group chief economist at Capital Economics, says solvency crises pose a bigger threat than liquidity crises.
More than a third of the global economy is expected to contract this year or next, while the three largest economies — the United States, the European Union, and China — will continue to stall.
Why Questions Are Swirling About Who Will Buy More Than $31 Trillion of U.S. Debt and at What PriceOct 12, 2022 - 05:34:25 PDT
U.S. national debt is above $31 trillion for the first time as the Federal Reserve is in retreat from buying it and foreign investors' interest is waning.
Since last spring, Inflation/Hawkish Central Banks has topped the chart as the biggest tail risk troubling fund managers.
Ray Dalio, the billionaire investor who built Bridgewater Associates into one of the world's biggest hedge funds, said a "perfect storm" is forming that will spread economic pain as the U.S. Federal Reserve raises interest rates. "I don't know whether that's 4.5% or the economy could not take an interest rate much higher than that before it's going to be negative."
JPMorgan’s Jamie Dimon: S&P 500 Bear Market: Brutal, Far From UnimaginableOct 12, 2022 - 05:26:22 PDT
Jamie Dimon says don’t be surprised if the S&P 500 loses another one-fifth of its value. While such a plunge would fray trader nerves and stress retirement accounts, history shows it wouldn’t require any major departures from past precedents to occur.
Funding Panic Imminent? Fed Quietly Sends $3.1 Billion To Switzerland Via Swap LineOct 12, 2022 - 05:24:14 PDT
Fast forward two weeks when there still hasn't been any formal announcement from the Fed, but every so quietly - and just as we expected - the Fed shuttled $3.1 billion to the Swiss National Bank to cover an emergency dollar shortfall.