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The dollar and Treasury yields remained elevated after multiple Federal Reserve officials continued to talk up additional rate hikes ahead of a crucial U.S. jobs report later in the day, while rising crude oil prices compounded concerns about prolonged inflation. Japan's Nikkei dropped 0.72% as of 0530 GMT, pulling back from a two-week high reached on Thursday, with losses...
September Jobs Report Preview: Labor Market Likely Softened As Fed Hikes Take EffectOct 7, 2022 - 05:18:13 PDT
The Labor Department is set to release its latest monthly jobs report at 8:30 a.m. ET on Friday. Here are Wall Street's expectations for the report.
Over the last 18 months, the Treasury has aggressively converted short-term debt to longer-term debt. This can be seen in the chart below with the turquoise bars being negative.
Last week, the Bank of England threw in the towel on its inflation fight and launched a quantitative easing program. Why? Because something broke in the UK financial system. That led to a rally in stocks and precious metals this week as many in the US realized the Fed might be closer to a pivot than previously thought. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about why he thinks something is going to eventually break in the US economy.
The OPEC announcement of a 2 million barrel cut in oil production has caused HAVOC for President Biden and U.S. Government. Thus, the notion put forth by the Mainstream Media is that we should drill and produce more oil to show OPEC we mean business. But, can we...
Join Mike Maloney as he gives his latest update on gold, silver and the US dollar.
Gold prices surged more than 7% off the yearly lows with XAU/USD now threatening a breakout of the yearly trend. Levels that matter on the short-term technical charts.
In August, demand for bullion had slacked a bit from the frenetic pace set over the past two years. But buyers came back with a vengeance during September, and inventories of the most popular products are showing the strain. Premiums are back on the rise and delivery delays have returned for many items, with silver inventories being hardest hit.
The First Global Deflation Has Begun, and It’s Unclear Just How Painful It Will Be: NYTOct 6, 2022 - 12:47:37 PDT
We now find ourselves in the midst of the most comprehensive tightening of monetary policy the world has seen.
Dallas is sort of 5,000 miles from London. But when the UK gilt markets imploded final week — forcing the Bank of England to make a £65bn intervention to assist pension funds — the drama left Richard Fisher, former chair of the Dallas Federal Reserve, wincing.
The head of the International Monetary Fund, Kristalina Georgieva, painted a dark picture of the global economy.
Bank of England Says Pension Funds Were Hours From Disaster Before It IntervenedOct 6, 2022 - 12:25:24 PDT
The Bank of England told lawmakers on Wednesday that a number of pension funds were hours from collapse when it decided to intervene in the U.K. long-dated bond market last week.
Hopes for a Fed Pivot Are Being Dashed—And Morphing Into a Sense of Dread in Financial Markets: MWOct 6, 2022 - 12:16:10 PDT
Optimism that the Federal Reserve might back off of aggressive rate hikes is giving way to a feeling that things won't get much better for investors from here.
This view isn’t without controversy: Economists Olivier Blanchard, Alex Domash and Lawrence Summers wrote that they found Messrs. Waller’s and Figura’s argument “entirely unconvincing as support for ‘the soft landing’ idea.” Rather, they concluded that a sharp drop in vacancies to historically normal levels is unlikely to occur without a corresponding major increase in unemployment.
Oct 6, 2022 - 12:05:02 PDT
According to CME Fedwatch the odds of sharper increases in Fed rate hikes has dramatically accelerated in the last month. The above chart is for the November 2 meeting.
Oct 6, 2022 - 11:55:58 PDT
The Bloomberg market pulse index quantifies sentiment using 6 factors — price breadth, pairwise correlation, low vol performance, defensive vs. cyclical sector performance, high vs. low leverage performance and high yield spreads. It’s currently as panicked as in 2008!
“Jerome Powell just warned that the US housing market needs a ‘difficult correction’ so that folks can afford homes again: “Higher interest rates translate to bigger mortgage payments – not good news for the housing market. But cooling down housing prices is part of what needs to be done to bring inflation under control.”
Oct 6, 2022 - 08:34:31 PDT
What do we have? Regular gasoline prices are UP 61.4% under Biden, the strategic petroleum reserve is DOWN -35% before Biden’s latest release of another 10 million barrels. Foodstuffs are UP 50% under Clueless Joe, and heating oil futures are UP 130% under dementia Joe.
Statistics Netherlands (CBS) reports that the consumer price index (CPI) was 14.5 percent higher in September than in the same month last year. In August, the inflation rate stood at 12.0 percent. The rise in inflation was mainly due to the price development of energy.
Steve Hanke on Twitter: "In #Cuba, disastrous economic policies have left the country in shambles. Today, I measure inflation in the Communist paradise at a punishing 208%/yr.