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The End of Easy Money: Bankruptcy Filings Pile Up at Fastest Rate since 2010Jun 8, 2023 - 05:43:24 PDT
A cleansing process, long overdue, to whittle down the corporate debt overhang and clear out deadwood, at the expense of investors.
U.S. investor Stanley Druckenmiller, chairman and chief executive officer at Duquesne Family Office, said he still expected a hard landing for the U.S. economy - a scenario where the Federal Reserve's rate-hiking pushes the economy into a recession.
Jun 8, 2023 - 05:31:43 PDT
The fixed-income investor pointed to delivery delays dropping to a 30-year low as a sign of weakening demand in the US economy, per CNBC.
The euro zone entered a recession in the first quarter of this year and economists are not optimistic for the coming months.
Borrowing costs in government bond markets rose and share markets stalled on Thursday after a surprise interest rate hike in Canada gave investors their second reminder of the week that the surge in global interest rates isn’t done yet.
Fed Easing Cycle to Kick off a Multi-Year Dollar Bear Trend Later This Year: IngJun 7, 2023 - 13:10:24 PDT
Our baseline view in FX markets is that the Dollar over the coming months will be entering a cyclical bear trend. This is premised on tighter US credit conditions adding to tighter monetary conditions and delivering the long-awaited US disinflation story.
Yesterday we read AOTH's Gold revaluation & the hidden motive behind central banks’ gold buying by Richard Mills. It also was good. It is quite detailed in that the author fleshes out the European logistics involving a potential Gold revaluation. Several have noted G7 Central Banker unity has frayed this past year and therefore we cannot help but think the GRA discussion will become a monetary game of chicken between the ECB and the US Fed.
Central banks across the world have been purchasing gold at record -high volumes, according to data sourced by the World Gold Council. Many of these banks have traditionally held large amounts of U.S. dollars in their reserves.
Gold prices fell 1% on Wednesday, weighed by an uptick in U.S. bond yields, while investors looked forward to inflation data and the Federal Reserve policy meeting next week for more clarity on the U.S. interest rate path.
The Treasury market restored the full pricing of Federal Reserve tightening by July, which would be the last interest-rate hike in 2023.
A $1tn US government borrowing spree is set to increase the strain on the country’s banking system, as the Treasury department seeks to rebuild its cash balance in the aftermath of the debt ceiling fight.
In the month of April, total consumer credit rose by $23.1 billion to a new record high $4.860 trillion, up 6.8% Y/Y.
Jun 7, 2023 - 12:32:41 PDT
One has to wonder about The Feral Reserve. Since The Great Recession of 2008, The Federal Reserve has printed a staggering amount of money (know as QE). There is still about $8.3 TRILLION in monetary stimulus sloshing around the economy.
Zhao, the CEO of Binance does not have to appear in person, but he does have to answer withing 21 days. The SEC informs Zhao "If you fail to respond, judgment by default will be entered against you for the relief demanded in the complaint."
With main markets no longer an option for first-time buyers, Point2 looked at the country’s 100 largest secondary cities for the median price of a starter home and renter households’ median income. Defined as large non-core cities within a metro, these cities used to be fruitful house-hunting grounds for first-time buyers exploring less-expensive options away from main cities. But as it turns out, unaffordability can put a dent in homeownership plans regardless of city type or size.
Jun 7, 2023 - 12:25:17 PDT
Interest-only loans as a share of new commercial mortgage-backed securities issuance increased to 88% in 2021, up from 51% in 2013, according to Trepp.
JPMorgan Chase CEO Jamie Dimon told a group of center-left House Democrats he believes the debt ceiling should be abolished, while praising the bill that was just signed, according to two sources familiar with his comments.
One argument from the left - including figures like Josh Bivens of the Economic Policy Institute - is that the effects were profound, with the Budget Control Act of 2011 “largely responsible for the sluggish recovery" from a recession triggered by the 2008-2009 financial crisis.
Jun 7, 2023 - 12:11:49 PDT
For a second straight day, they blocked several bills backed by GOP leadership from moving forward Wednesday in protest of Speaker Kevin McCarthy’s handling of the debt deal he struck with President Joe Biden.
Social Security Isn’t Safe Anymore — McCarthy Claims Debt Ceiling Raise ‘Isn’t the End’Jun 7, 2023 - 12:03:03 PDT
Last week’s resolution of the debt ceiling crisis brought relief to millions of seniors who worried how a potential government default might impact their Social Security benefits. That problem was averted on Saturday, when President Joe Biden signed a bill to suspend the debt limit through Jan. 1, 2025.