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The Western Housing Market Recession Hit So Hard & Fast That a Fortune 500 Firm Has Crashed to $1Apr 20, 2023 - 07:56:14 PDT
We’ve seen this movie before. Back in 2008, leveraged amateur home flippers across the country had no choice but to sell—or foreclose—at big losses as home prices began to slide. Only this time around, the correction is regional, and it’s a corporate titan that got stuck holding the bag.
But What If We Don’t Get a Recession in 2023? That Would Be a Bummer for Wall StreetApr 20, 2023 - 07:29:28 PDT
Just a slower-growth muddle-through economy that adjusts to higher rates and sticky inflation.
Apr 20, 2023 - 07:27:51 PDT
President Biden and House Speaker Kevin McCarthy are locked in opposite views. Will the resolution come before or after an economic crisis?
New mortgage rules are so absurd that only President Biden or other Progressive-minded economic illiterates could possibly have come up with them.
US Existing Home Sales Resume Slide In March; Home Prices Drop Most In A DecadeApr 20, 2023 - 07:12:06 PDT
After February's massive surge in existing home sales, expectations were for a modest pullback in March. The 14.,5% jump in Feb was revised down to 13.8% surge (still huge), but March printed a 2.4% MoM decline (worse than the expected 1.8% drop).
Gold prices climbed on Thursday as the dollar dipped, lifting bullion from previous session's sharp retreat on uncertainty over the U.S. Federal Reserve's rate-hike path fuelled by hawkish commentary from some policymakers.
Investors are turning to precious metals as a recession safe haven, with gold prices showing upside strength and momentum.
Shortly after The Empire Fed Manufacturing survey unexpectedly surged back into expansion, The Philly Fed Business survey unexpectedly puked to its lowest (ex-COVID lockdowns) since March 2009.
Apr 20, 2023 - 06:00:50 PDT
The Philadelphia Fed Business Survey just crashed and burned to the worst reading since The Great Recession of 2008/2009.
Initial jobless claims were expected to tick higher last week and it did, up to 245k (from 239k prior and higher than the 240k expectation). That is basically in line with the highest level since Jan '22.
A US debt default would threaten “a basic anchor” of the global financial system and “must not happen,” BlackRock Inc. Vice Chairman Philipp Hildebrand warned Thursday at the Bloomberg New Economy Gateway Europe event near Dublin.
Market jitters over the United States debt ceiling lifted the cost of insuring exposure to its debt to the highest level in over a decade on Thursday, while JPMorgan warned of a "non-trivial risk" of a technical default on U.S. Treasuries.
The US is now in “stagflation-lite” as faltering growth has joined heightened and persistent inflation, leaving many assets materially mispriced and liable to sizable corrections.
Yet more evidence that the credit crunch is underway.
A recovery in Chinese consumer demand needs time to pick up due to the "scarring effect" of COVID-19, but there is no basis for any long-term deflation, an official from the People's Bank of China (PBOC) said on Thursday. Despite record first-quarter bank lending, consumer price inflation is slowing sharply and factory gate prices are in freefall...
India's current rate tightening cycle may not be over as more hikes could be warranted to align inflation towards the central bank's medium term target of 4%, minutes of this month's Monetary Policy Committee (MPC) meeting showed on Thursday. The MPC, comprising three members from the central bank and three external members, surprised markets by holding the key lending...
Canadian housing starts are running at the weakest pace since the early months of the Covid-19 crisis, further dwindling the potential supply of homes available in the country.
Blackstone Inc, the biggest manager of assets such as private equity and real estate, said on Thursday its first-quarter distributable earnings fell 36% year-on-year, as a weak property market stopped it from cashing out on some holdings. Blackstone has been grappling with redemptions at its flagship real estate income trust (BREIT)...
Federal Reserve Bank of Chicago President Austan Goolsbee said he was still waiting to see if the fallout from the recent failure of two US banks could cause the economy to slow more than expected.
The European Central Bank is closely monitoring the situation in financial markets for signs that the economic outlook has shifted after the recent episode of banking stress, according to Governing Council member Pablo Hernandez de Cos.