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Switzerland’s imports of Russian gold surged to the highest in more than two years, a sign that more old bullion from the country may be being remelted to make it easier to sell.
This, of course, came at the expense of American savers and consumers. The inflationists won, and a new generation learned that talk of a “strong dollar” is often quickly followed by calls for devaluation. It is unlikely to be any different this time.
The Inflation Reduction Act: Another Unfair and Unjustified State InterventionSep 21, 2022 - 12:48:53 PDT
Taking advantage of their current majorities in Congress, which might not last beyond the midterms, and after eighteen months of marathon negotiations, the Democrats finally passed yet another plan to artificially and unfairly dope the US economy.
Inflation Is a Global Problem. Here’s How Central Banks Are Addressing ItSep 21, 2022 - 12:34:45 PDT
A perfect storm of stimulus cash during the pandemic, a strong demand for goods, geopolitical chaos and supply chain kinks have led to a surge in prices globally.
"Powell Would Throw Millions Of Americans Out Of Work": Liz Warren Slams PowellSep 21, 2022 - 12:30:22 PDT
...moments ago the most outspoken Indian among the Democrats proved us right, when Lizzie Warren threw the first tomahawk at the Marriner Eccles building: "Chair Powell just announced another extreme interest rate hike while forecasting higher unemployment. I’ve been warning that Chair Powell’s Fed would throw millions of Americans out of work — and I fear he’s already on the path to doing so."
Fed Efforts Are Not Working at All. Inflation may be headed lower, but how it is lower is the problem and betrays the Fed’s lack of effectiveness in handling this emerging crisis.
Sep 21, 2022 - 11:30:59 PDT
Harriet Hageman has spent a lifetime upholding the values of the Constitution in the legal and political arenas. To celebrate Constitution Day, she joins Heritage's Tommy Binion to think through the gravest threats to the Constitution and help prepare the conservative movement for the fight to protect it.
Sep 21, 2022 - 11:26:44 PDT
Russian president Vladimir Putin announced this morning that Russia would partially mobilize its military forces in the ongoing Ukraine conflict, stating that it is NATO that is pulling the strings and sending the weapons to Kiev. The Russia/NATO proxy war has been long ongoing...but will the conflict take a turn to a direct clash?
The Federal Reserve System is the central bank of the United States. It performs five general functions to promote the effective operation of the U.S. economy and, more generally, the public interest.
Real-rate differentials are a headwind for the dollar, with the DXY continuing to look like it is in the process of topping.
Fed Hikes Rates Another 75bps, Sends Hawkish 'Higher For Longer' Signal With DotPlotSep 21, 2022 - 11:10:01 PDT
After today’s hike, The Fed Funds rate will have increased by the most amount since the six months ending March 1981.
Less than a year ago, Goldman (or at least its client-facing sellside research team) was one the most bullish banks on Wall Street, with chief US equity strategist putting a 5,100 S&P price target for his 2023 year end forecast last November. That, to put it mildly, has been a complete disaster of a forecast, and in subsequent months, Kostin has repeatedly slashed his S&P target...
Equity tail risk may result if prices remain high and the Fed cannot combat already high levels of inflation.
For the first time since October 2007, the yield on 2Y US Treasury bonds has topped 4.00%...
So much for the idea that low interest rates meant the government could borrow endlessly with no consequences.
The inflationary problems of Volcker’s days and ours are fundamentally linked to the demise of the Bretton Woods system in 1971, when the United States reneged on its international commitment to redeem dollars in gold. This put the whole world on pure fiat money instead, with fateful results. According to Brendan Brown, “Volcker considered the suspension of gold convertibility…’the single most important event of his career.’”
Today we get our first glimpse of the carnage in the housing market from August. With mortgage rates having soared and homebuilder sentiment tumbling (and permits plunging), it should be no surprise that existing home sales were expected to fall for the 7th straight month (-2.3% MoM vs -5.9% MoM in July).
Sep 21, 2022 - 07:16:29 PDT
Mortgage applications increased 3.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 16, 2022. Last week’s results include an adjustment for the Labor Day holiday.
Sep 21, 2022 - 05:55:01 PDT
This is a big worry for investors as political instability can lead to a further decline in the market’s risk profile. As a result of the speech, there was a spike in the US Dollar and gold, both of which are considered to be safe haven assets. This is also a rare occasion where gold and the USD simultaneously increase in value.
‘Disinflationary Wave Is Building’ Even As Investors Anticipate Aggressive Fed Rate Increase: MWSep 21, 2022 - 05:51:26 PDT
Signs of disinflation have emerged even as investors fear Federal Reserve Chair Powell and his colleagues will keep battling inflation through aggressive rate hikes that have hurt both stocks and bonds, according to a Capital Economics note.