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"The Market Is Convinced That Powell Will Cut Rates At The First Sign Of Trouble... And It's Correct"Aug 24, 2022 - 11:35:06 PDT
In fact, the soft-landing story lacks any economic logic. The claim that wage pressures can be reduced by decreasing the ratio of job openings per unemployed, without substantially increasing unemployment, is wishful thinking on the Fed’s part. This ratio is a reflection of job matching efficiency, which can only be decreased through active labor market policies, such as training, as we explained repeatedly in our FOMC specials.
If "markets" controlled by the rich are allowed to distribute essentials, the result will be civil disorder and the overthrow of regimes.
The number of people facing acute food insecurity worldwide has more than doubled to 345 million since 2019 due to the COVID-19 pandemic, conflict and climate change, the World Food Programme (WFP) said on Wednesday.
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2022 is 1.4 percent on August 24, down from 1.6 percent on August 17. After recent releases from the US Census Bureau and the National Association of Realtors, the nowcast of third-quarter real gross private domestic investment growth decreased from -3.5 percent to -4.7 percent.
Biden To Announce Student Loan Relief Which Mostly Benefit Top Earners at a Cost of $980 BillionAug 24, 2022 - 11:17:52 PDT
The plan will cost between $300 billion and $980 billion over 10 years, while the majority of relief will go to borrowers in the top 60% of earners according to an analysis by Penn Wharton.
Announced on Ukraine's independence day no doubt for symbolic reasons, the Biden Administration is sending the largest weapons package to date: $3 billion! The money will first go to the US military-industrial-complex to purchase the weapons, of course, and then the weapons will be sent to Ukraine. It's a win-win for the elites and a lose-lose for the rest of us.
Between the pandemic and the Russian invasion of Ukraine, it's becoming clearer that deglobalization may change central banking.
Aug 24, 2022 - 09:06:18 PDT
The Taliban was instantly made one of the best equipped militaries in the world due to this windfall gift by the Biden Administration.
A new report revealed that U.S. households are increasingly struggling to save money as the cost of living continues to impact Americans. According to Morning Consult‘s Household Finances & Spending survey in July, the share of adults who had money left over after paying monthly expenses declined for all income categories.
Lawmakers believe the US' dependency on China for rare earth and critical elements is a security risk that is being exacerbated by the transition to green technologies.
Why should we believe that this boondoggle will produce better results than hundreds of other corporate welfare programs?
"The NBC News poll asked what impact voters believed the new law, whatever it is called, will have on them personally. Just 26 percent said it would make things better; 35 percent said it would make things worse." ~ Michael Graham
U.S. Treasury Yields Tick Higher As Investors Await Economic Data, Look Ahead to Fed ConferenceAug 24, 2022 - 07:47:15 PDT
U.S. Treasury yields were slightly higher on Wednesday, as investors awaited a fresh batch of economic data and Treasury auctions.
Sales of New Houses Collapse (in the West by 50%!), Worst since Peak of Housing Bust 1Aug 24, 2022 - 07:41:30 PDT
Forget “housing shortage.” It’s about crazy prices: For sales to revive at these mortgage rates, prices have to come down a lot, and they’re starting to.
Aug 24, 2022 - 07:34:09 PDT
Me and the (housing) blues. At The Fed continues to tighten to fight inflation, pending home sales in July crashed and burned. That is, pending home sales fell -22.5% in July as M2 Money growth slo…
Business activity in the U.S., Europe and Japan fell in August, according to new surveys, pointing to slowing global economic growth as higher prices weaken consumer demand and the war in Ukraine scrambles supply chains.
US Durable Goods Orders Disappointedly Flat In July As Defense Spending SlumpsAug 24, 2022 - 05:54:06 PDT
After surging in June, US durable goods order growth was expected to slow in July (preliminary data) but it notably disappointed with no change from June (vs +0.8% MoM expected), which was revised up from +2.0% MoM to +2.2% MoM. That is the weakest print for durable goods orders since February and YoY growth slowed to just 9.4%
Aug 24, 2022 - 05:44:17 PDT
US mortgage applications just hit the lowest levels in 22 years, January 2000 as The Federal Reserve continues monetary tightening to combat Bidenflation.
At least 20 million households -- or about 1 in 6 American homes -- are behind on their power bills as soaring electricity prices spark what is said to be the worst-ever crisis in late utility payments, according to Bloomberg, citing data from the National Energy Assistance Directors Association (Neada).
Power prices for Wednesday soared to records around Europe, heaping further pressure on governments to accelerate plans for how to shield households from devastating bills and rising inflation.