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Since the 2008 bank bailout, pundits have warned us of pending doom. Since the COVID-19 crisis, the drumbeats are getting louder.
In January, money supply growth hit a new all-time high, rising slightly above September 2020's previous high, and remaining well above growth levels that one year ago would have been considered unthinkable.
Our friend Adam Taggart interviews highly-respected market researcher Luke Gromen about the three massive threats facing the global economy at this unique period in history:1. The first bursting global sovereign debt bubble in over 100 years…2. The first time in 50+ years that foreign central banks are no longer financing the US economy (i.e., they have stopped growing their holdings of US Treasurys)...3. The US’ long-standing “petrodollar” advantage is eroding as other countries increasingly strike deals to trade key commodities in non-USD currencies...
Employees food service and drinking places, i.e. waiter and bartenders, accounted for a massive 286K jobs, or 75% of the total job gains in February. Call it payback for the December collapse in restaurant workers when nearly 400K jobs were lost amid the latest round of restaurant shutdowns.
BofA: "The Fed Will Inevitably Move To YCC" As "Rates Are No Longer Anchored"Mar 5, 2021 - 11:13:59 PST
As a result, BofA predicts that the bond bear is likely not over and that markets will now likely push the Fed via higher yields (i.e. 10Y rising above 2%) into Yield Curve Control policy announcement, something we have been pounding the table on for months...
Did Minneapolis Fed President Neel Kashkari just provide the market with its clearest bogey to push at to ensure 'moar' from The Fed?
Not that it's surprising after a year of lockdowns, travel restrictions, and emergency powers, but the world is becoming less free. A new report says that pandemic-era authoritarianism is an acceleration of a pre-existing trend rather than a new phenomenon.
Mar 5, 2021 - 11:01:21 PST
The Senate is preparing to pass a $1.9 trillion COVID-19 relief bill that has very little to do with the pandemic, and we all know it. Congress should admit as much.
"Politicians make grandiose claims about their various and sundry programs because those claims resonate with the people who receive government largesse. In the end, people receive pennies on the dollar compared to what they could have received had we decided just to write a check. Our...
“Payrolls posted a big gain in February, but breadth was modest across the economy and many labor measures are still well below pre-pandemic levels.”
1 in 10 Americans Say They'll Never Financially Recover From the COVID Crisis: SurveyMar 5, 2021 - 10:36:42 PST
The so-called K-shaped recovery has split the nation nearly in half, with the wealthiest Americans faring better than before as millions more face setbacks.
More than 4 million Americans are long-term unemployed, according to the February jobs report. Their jobless benefits are set to end after March 14.
Dem's: Americans May Get a Tax Waiver on a Portion of 2020 Unemployment BenefitsMar 5, 2021 - 10:30:49 PST
As part of a compromise reached Friday by Senate Democrats, Americans who received unemployment benefits last year could get a portion of their taxes waived.
More debt won’t delay the Big D forever of course, but it might move it beyond the retirement date of most of the current political class, and for them, that seems to be enough.
The Federal Reserve has, in a very persistent way, managed to morph the deflation tail risk into an inflation one - a risk they prefer to deal with. Moreover, aiming in that direction ticks other important boxes, such as growth and implied employment objectives. For bonds, though, this is a dangerous game, as inflation is a bond investor's worst enemy.
hina’s credit growth is slowing. Can commodities continue to rise?
Fed Hubris: Housing Prices Show the Fed is Making the Same Inflation MistakeMar 5, 2021 - 08:17:59 PST
The Fed is repeating mistakes it made in the dotcom and housing bubble decades. A series of housing-related charts will explain.
The rate on the 30-year fixed mortgage increased to 3.02% this week, up from 2.97% the previous week, according to Freddie Mac.
The U.S. Federal Reserve won't step in to temper rising inflation any time soon, market watchers have said, despite surging yields that have roiled global stock markets.
Years of profligate monetary policy has created a feedback loop between the Fed and the elite. While the rich own assets, the bottom 90% own the debt.