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Apr 6, 2022 - 12:04:06 PDT
As the chart above indicates, from March 20, 2020 through May 12, 2021 the share prices of the French global bank BNP Paribas, the Canadian global bank, Royal Bank of Canada, and the German global bank, Deutsche Bank, were surging in value.
Apr 6, 2022 - 12:01:23 PDT
Throughout 2020, Fed Chair Jerome Powell repeatedly testified to Congress that the banks in the U.S. had proven to be a “source of strength” during the pandemic. Last Thursday the Fed released the names of the banks and dollar amounts they had needed to borrow under some of the Fed’s emergency loan...
Brian Deese, director of the US National Economic Council, also said Russia’s economy would contract by 10% to 15% by the end of 2022.
Here's the deal in a nutshell: The Fed actively promotes inflation while pretending to be inflation fighters. Yet, people listen to these clueless jackasses as if they know what they are doing.
FOMC Minutes Signal Bigger, Faster-Than-Expected QT, Multiple 50bps HikesApr 6, 2022 - 11:45:45 PDT
In other words - if The Fed follows through on this, recession will swiftly follow (along with market chaos), which will likely force The Fed to fold long before achieving its goal (and escalating its anxieties over losing the public's confidence).
Those trusting the Fed to be visibly weak, corrupt and incompetent forever might be in for an unwelcome surprise.
Apr 6, 2022 - 09:19:43 PDT
At the start of 2022, the MND average survey rate on 30-year fixed-rate mortgages was 2.76%. This week, the MND average survey rate on 30-year fixed-rate mortgages topped the 5% mark for the first time since November 2018.
For all the hardships visited on consumers at home and the financial chokehold put on the government from abroad, Bloomberg Economics expects Russia will earn nearly $321 billion from energy exports this year, an increase of more than a third from 2021.
Russia’s Sberbank, Alfa Bank Say New U.S. Sanctions Won’t Have Significant ImpactApr 6, 2022 - 08:55:06 PDT
Russian largest and state-run lender Sberbank and the country's No. 1 private lender Alfa Bank said on Wednesday new sanctions imposed by the United States would not have a significant impact on the banks' operations.
US Treasury Secretary Yellen: US Open to All Tools if China Invaded TaiwanApr 6, 2022 - 08:45:44 PDT
The United States is open to all tools if China invades Taiwan, US Treasury Secretary Janet Yellen said on Wednesday, reported Bloomberg. The US is monitoring attempts to use crypto to evade sanctions, she added, referring to sanctions on Russia.
Apr 6, 2022 - 08:40:38 PDT
Treasury Secretary Janet L. Yellen plans on Wednesday to warn of major consequences for the global economy as a result of Russia’s invasion of Ukraine, with both the conflict and global sanctions imposed in response to Russia’s aggression disrupting the flow of food and energy around the world.
February did not set a new monthly Trade Deficit record, but it was very close. The Net Deficit came in at -$89.18 compared to the record in January of -$89.23B. It did set a new TTM record deficit and the deficit relative to GDP is surging. More on this below.
Apr 6, 2022 - 08:05:40 PDT
The drumbeats of war are picking up the pace of inflation. Inflation, as I’ve argued here for some time, was certain to rise for months to come; but you’ll see in the various inflation notes below that sanctions made in response to the war are increasing inflation even more, as could be expected, and shortages due to the war are driving up costs as well.
Apr 6, 2022 - 07:59:26 PDT
The weaponisation of finance has profound implications for the way forward for worldwide politics and economics. Lots of the fundamental assumptions concerning the publish chilly struggle period are being turned on their head. Globalisation was as soon as offered as a barrier to battle, an internet of dependencies that might carry former foes ever nearer collectively. As an alternative, it has turn into a brand new battleground.
Apr 6, 2022 - 07:54:36 PDT
The 10-year Treasury term premium, the amount by which the yield on a long-term bond is greater than the yield on shorter-term bonds, remains steeply negative (white line) as The Federal Reserve steps up its attack (aka, monetary tightening). Meanwhile, the 10Y-2Y curve actually rose into positive territory.
Apr 6, 2022 - 07:50:43 PDT
Mortgage apps decreased 6.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Apps Survey for the week ending April 1, 2022. The Refinance Index decreased 10 percent from the previous week and was 62 percent lower than the same week one year ago.
The headlines were big in Q1, and at the end of it all silver and gold were higher. Our quarterly report looks at the performance of gold and silver vs. other major asset classes during the first quarter of 2022, along with a watchlist of catalysts that could push them higher this year.
Yesterday (April 5) was the anniversary of a dark day in US economic history.On April 5, 1933, President Franklin D. Roosevelt issued EO-6102. It was the beginning of the end for the gold standard.
Gold futures were little changed early Wednesday, with upside seen capped as Treasury yields jump ahead of expected details on the Federal Reserve's plans to shrink its balance sheet.
Apr 6, 2022 - 06:16:33 PDT
One way or another, to get inflation under control, the Fed will need to push bond yields higher and stock prices lower.