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Larry Summers, President Emeritus at the Kennedy School of Government and former U.S. Treasury Secretary, continued his criticism of Federal Reserve policy by calling the notion of the country having unemployment at 3.5% and sharply falling inflation for the first time “the triumph of hope over experience and analysis” in a series of tweets.
The Federal Reserve, through a multi-decade series of shady practices, finds itself in a very disagreeable place. Policies of extreme market intervention have positioned the economy and financial markets for an epic bust.
Mar 21, 2022 - 08:00:16 PDT
Oil prices are soaring as US President Biden pleads like a homeless person to foreign countries for oil rather than let the US produce more oil to drive down prices. Meanwhile, the US Treasury yield curve 10Y-3M is at its steepest (rising 10Y yields while The Fed keeps short rates at near zero).
Mar 21, 2022 - 07:51:56 PDT
The US Treasury yield curve (10Y-2Y) is rapidly approaching inversion at 20.5 bps (where the 10-year yield is lower than the 2-year yield). But the 10Y-3M curve is generally steepening at 173.33 bps.
Mar 21, 2022 - 07:48:37 PDT
Since Biden was sworn-in as President, WTI Crude Oil futures are up 125%, regular gasoline prices are up 89%, and diesel fuel prices are up 155%. Diesel is important since America uses diesel-powered trucks to transport goods to market.
AMC Theaters bought a gold mine last week.A literal gold mine.
The 'Rules-Based International Order' Is Unraveling Much Faster Than Expected: EscobarMar 21, 2022 - 06:24:50 PDT
The Eurasia Economic Union (EAEU) and China are starting to design a new monetary and financial system bypassing the U.S. dollar, supervised by Sergei Glazyev and intended to compete with the Bretton Woods system.
The first short squeeze to plunge the London Metal Exchange into an existential crisis came over a century ago. In 1887, French industrialist Pierre Secretan set out to corner the copper market, sending prices more than doubling before he lost his grip and they collapsed.
Shortages of fuel, fertilizer and workers caused by the Russian invasion will shrink an annual bounty that countries rely on around the world. “We want to plant, but the situation is totally unpredictable.”
China and Russia’s trade relationship has become more complicated since the war started more than three weeks ago, raising questions about the future flow of energy, metals and crops between the two powerhouses.
A senior Chinese government official said on Saturday that sanctions imposed by Western nations on Russia over Ukraine are increasingly "outrageous".
The price of everything that goes into producing crops is surging, threatening to further fan global food inflation.
Nations Should Conserve Fuel as Global Energy Crisis Looms, Agency Warns: NYTMar 21, 2022 - 05:51:41 PDT
The International Energy Agency said countries should encourage use of mass transit and car pooling, among other things. That could also help the climate crisis.
Nations Should Conserve Fuel as Global Energy Crisis Looms, Agency Warns: NYTMar 21, 2022 - 05:51:41 PDT
The International Energy Agency said countries should encourage use of mass transit and car pooling, among other things. That could also help the climate crisis.
The European Central Bank will take action if it sees second-round inflation effects and a de-anchoring of medium-term inflation expectations, European Central Bank Vice President Luis de Guindos told a German newspaper. Earlier this month, the ECB accelerated its exit from unconventional stimulus, and investors have been ramping up their bets on higher ECB rates. De Guindos told Handelsblatt in an interview published on Sunday that second-round effects and de-anchoring of price expectations would be "deciding factors" for the central bank.
India’s central bank will ensure ample liquidity to support the recovery of its economy, Governor Shaktikanta Das said, signaling above-target inflation is not as much of a threat to Asia’s third-largest economy at the moment.
After going from not even thinking about thinking about raising interest rates, to thinking about it, to talking about it, the Fed finally got around to raising rates last week. Peter Schiff called it the most anticipated and probably the least significant rate hike ever. So, what's next? In his podcast, Peter said the Fed will keep raising rates ... until it can't.
Fed Chair Jerome Powell is set to speak later Monday about the economic outlook at the annual conference of the National Association for Business Economics, ahead of a raft of speeches from other Fed officials during the week, including Powell himself making another appearance on Wednesday.
At the start of 2022, bond investors were already facing the highest inflation rates in decades across most large western economies. Now, following Russia’s invasion of Ukraine last month, which drove commodity prices to their highest level since 2008, inflation well in excess of central bank targets is expected to stick around for even longer. For central bankers, this economic...
The recent rebound in U.S. stocks is a good opportunity to sell and position more defensively, according to one of Wall Street’s most vocal bears. “Last week was nothing more than a vicious bear market rally,” Morgan Stanley’s chief U.S. equity strategist Michael Wilson wrote in a note. “While it may not be completely finished, it is a rally to sell.”