Precious metals are apparently waking up. And here is where you can find the best deals.
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On Friday, June 2, millions of Americans are due a total of $25 billion worth of Social Security payments. And more than anything else, that may prove a decisive element in forcing an end to the partisan standoff over raising the federal debt limit.
House Republicans say raising the debt ceiling to avoid default is the only concession they will make. In return, they want a laundry list of GOP priorities.
Following the Minutes of the Federal Open Market Committee May 2–3, 2023, the market got some of the Fed's message of higher for longer. Here is the key sentence from the minutes: "Respondents expected the peak rate to be maintained through the January 2024 FOMC meeting."
Existing home sales slumped in April while new home sales soared (thanks to heavy incentives and price cuts) and this morning's pending home sales data was expected to rebound modestly after a sizable decline in March. However, pending home sales in April disappointed, unchanged from March and down 22.6% YoY...
As the US Federal Government and Federal Reserve head ever more into the abyss of destroying the value of the US dollar, continually breaching debt ceilings, creating asset bubbles, and intervening in and manipulating financial markets, there is an accelerating counter force emerging in the US that is the antithesis of this Federal Government and Federal Reserve madness.
Gold prices were little changed on Thursday as the dollar advanced to a more than two-month high and sapped demand for the dollar-priced metal.
In the second estimate of Q1 GDP, the BLS reported a that the US economy grew at an annual rate of 1.3%, up from 1.1% in the advance estimate published a month ago and down from the 2.6% growth rate in Q4 of 2022.
Initial jobless claims 'confused' last week, printing 229k (well below the 245k exp and the 242k prior). BUT, and it's a big but, Massachusetts - after admitting to widespread fraud - has revised its last three months jobless claims data lower by an average of 14k per week.
You can imagine how this ends badly. Inflation stays stubborn but the financial system is so fragile that rates must be cut. Inflation then becomes baked into expectations and the Fed has to raise rates yet again. A deep recession ensues. Powell gets awarded the Arthur Burns Memorial Dunce Cap for Easing Too Early.
Chief Economist Thinks a Recession Is Coming. It Could Be a Long One: Barron'sMay 25, 2023 - 05:50:50 PDT
Torsten Sløk, chief economist at Apollo Global Management, sees a hard economic landing fueled by tighter credit conditions, higher interest rates.
Biden Administration Paying Americans Thousands of Dollars to Upgrade Their HomesMay 25, 2023 - 05:48:34 PDT
On Aug. 16, President Joe Biden signed the Inflation Reduction Act into law, directing billions of dollars to Americans looking to upgrade their homes, businesses and cars.
“The risk of getting [our inflation forecast] wrong is not zero,” Ueda said in his first group interview since he became the first academic to take the helm of the BoJ in April.
The Singaporean dollar surged to the strongest level on record against the Malaysian ringgit, with the latter suffering more from weakening confidence in China’s economic recovery.
Bond traders stepped up wagers on an interest-rate increase by the Federal Reserve by July spurred in part by surging UK policy-rate expectations after an upside surprise by British inflation data.
Chile Central Bank Tightens Credit Conditions, Citing Higher Global RiskMay 25, 2023 - 05:36:39 PDT
Chile’s central bank raised capital requirements on financial institutions, tightening credit conditions amid concern over the risk a global shock could pose to the local economy. Short-term swap rates and bank stocks declined.
The European Central Bank must lift borrowing costs further to return inflation to its target, Governing Council member Bostjan Vasle told Slovenia’s Delo newspaper.
Chinese stocks in Hong Kong plunged as a weakening currency, disappointing earnings and worries over the US debt-ceiling deadlock saw traders trim positions ahead of a long weekend.
Federal Reserve policymakers suggested that they viewed with concern the partisan standoff over the debt limit, with “a number” of them saying earlier this month the central bank should be ready to act to preserve financial stability if needed.
The deadlock in debt-ceiling negotiations is adding to default concern around a number soon-to-mature Treasury bills and also starting to dent investors' appetite for risk more broadly.
House Speaker Kevin McCarthy’s optimism that White House and GOP negotiators would reach a deal in time to avert a potentially catastrophic default didn’t mollify analysts as the US was put on a ratings watch.