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The Bureau of Labor Statistics (BLS) and the media reported the inflation rate—that is, the Consumer Price Index's rate of increase—to be 1.3 percent for June 2022 and 9.1 percent year over year (for the last twelve months).
For the first time in more than a decade, the European Central Bank (ECB) raised its key interest rate this past Thursday. The deposit facility rate went from –0.5 to 0.0 percent. The change comes after fourteen months of price inflation in the European Union above the ECB's 2 percent target.
Jul 22, 2022 - 09:01:37 PDT
More than 80% of consumer debt is linked to necessities like health or medical issues or other emergencies, the survey found.
Jul 22, 2022 - 08:45:45 PDT
Production and nonsupervisory wages, nominal and deflated by the CPI index. Chart by Mish.
The World Bank recently warned that, “the danger of stagflation is considerable today…” But unfortunately, most people have no idea it’s coming… and wouldn’t even know what to do even if they did… In this week’s video, best-selling author, Mike Maloney of GoldSilver.com, invites Ronnie Stoeferle to discuss the number one move you can take today to protect yourself from stagflation.
Jul 22, 2022 - 08:35:34 PDT
The Fed never really unwound their balance sheet following the 2008 financial crisis, although they raised their target rate mostly under President Trump. But Covid-related monetary stimulus has not been removed yet, although they have raised the target rate to a lowly 1.75%. Home prices are still soaring (>20% YoY as of April). Housing prices are still soaring (>20% YoY as of April) because The Fed hasn’t reigned in their stimulypto yet.
MMT Policy (Modern Monetary Theory), the grand experiment, was tried following the pandemic-driven shutdown of the economy. It failed.
Jul 22, 2022 - 07:59:11 PDT
BlackRock, the world’s largest investment management firm with about $8.49 trillion in assets, recorded a $1.7 trillion loss in the first half of 2022, according to the company.
Jul 22, 2022 - 07:56:52 PDT
The rich are now paying attention to prices and their income, lament high-end agents in hotspots like Miami and San Francisco. "It's pretty sudden," one said.
US PMI Crashes Into Contraction In July: "A Worrying Deterioration In The Economy"Jul 22, 2022 - 07:55:01 PDT
While US macro data continues to weaken - and on the heels of the eurozone's unexpected plunge into contraction - analysts still expected flash US Composite PMIs to increase modestly (from 52.3 to 52.4) with manufacturing weaker and services flat. They were very wrong...
Jul 22, 2022 - 07:32:26 PDT
The GMO cofounder suggested the S&P 500 could plunge by another 25% before reaching a fair value. Grantham warned the market downturn could last anywhere between six months and three years.
Europe Is Slowing Down — And It's Already Painted Into a Corner: LacalleJul 22, 2022 - 07:19:34 PDT
Pay attention to these risks. Even if there are seasonal effects, Europe shows some important weaknesses and recognizing it is important. Reforms must be recovered so that the end of the placebo effect of monetary stimuli does not result in a new and greater crisis.
European Central Bank Action Faces Stiff Early Test As the Economy Teeters on the Brink of RecessionJul 22, 2022 - 07:00:46 PDT
The European Central Bank toughened its anti-inflationary stance with a 50 basis point hike to interest rates on Thursday and announced a new anti-fragmentation tool.
The collapse of Italy’s government is awakening a dormant threat in European bond markets.
Gold held onto gains and headed for its first weekly advance since early June as investors weighed renewed concerns over economic growth.
An inversion of the bond market’s yield curve has preceded every U.S. recession for the past half century. It is happening again.
Private-sector activity in the euro area unexpectedly shrank for the first time since the pandemic lockdowns of early 2021, adding to signs that a recession might be on the horizon.
CEOs Say They Are Raising Prices, Cutting Costs As Inflation Dominates Post-Earnings ConversationsJul 22, 2022 - 05:59:39 PDT
Most company leaders say they've managed to navigate difficult times spurred by inflationary pressures at their highest level in more than 40 years.
TThe US Is the World’s Biggest Oil Producer — So Why Do We Still Need To Import CrudeJul 22, 2022 - 05:52:53 PDT
Considering President Biden’s failure to win production increases from Saudi Arabia — along with the criticized decision to send 5 million barrels from reserves to Europe and Asia — attention is again turning to the frustrating paradox of America’s oil export/import status.
Fund flows are starting to add evidence that investors are throwing in the towel on stocks, according to Bank of America Corp strategists.