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The countries now directly involved in the war in Ukraine with weapons, money, intelligence, mercenaries or financial sanctions include the U.S., the U.K., Germany, France, Poland, Lithuania, Canada, Australia, Ukraine, Russia, China, Syria, Iran, Turkey, Japan, Romania, Belarus and Moldova. These countries span four continents. The economic ramifications are global. If this is not a world war, it’s not clear what is.
"The Bot Is Out There. It Doesn’t Feel Pity, Or Remorse, Or Fear, And It Absolutely Will Not Stop Until Your Job Is Dead"Jan 27, 2023 - 08:18:28 PST
Last night we had a fascinating team discussion about the implications of ChatGPT and AIs. One conclusion reached was that replacing brains with a machine will do to middle-class jobs what replacing muscles with a machine did to working class jobs: lots will be destroyed, and those left will have to be either very skilled or very unskilled.
As the following charts from Bloomberg’s Michael McDonough highlights, S&P 500 call transcripts references to “labor shortages” are moderating and talk of “job cuts” is on the rise.
Jan 27, 2023 - 08:13:45 PST
Those who tick the “Yes” box must also report all income related to their digital asset transactions on relevant forms.
Americans Fall Behind on Car Payments at Higher Rate Than in 2009: BloombergJan 27, 2023 - 07:44:50 PST
Automobile repossessions are climbing as inflation forces struggling consumers to make tough choices.
Pending Home Sales Suffered Worst Annual Decline Ever In 2022, Despite December SurgeJan 27, 2023 - 07:25:17 PST
While existing home sales slipped to cycle lows in December, new home sales bounced and this morning analysts were surprised to see pending home sales rise 2.5% MoM (against expectations of a 1.0% decline), and November's decline was revised higher...
The most important aspect of the University of Michigan sentiment survey continues to be the inflation expectations and it plunged to 3.90% (for the next year) - the lowest since April 2021...
Jan 27, 2023 - 07:20:52 PST
There was a hilarious film with Hillary Swank and Aaron Ekhart called “The Core” where earth’s core stops spinning and the earth gets cooked by the Sun’s rediation. Now we learn that the Earth’s inne core has actually stop spinning. This time, however, all that has happened is that Joe Biden is President which is almost as bad,..
Jan 27, 2023 - 05:49:16 PST
Once gold closes above $2,000 for a few days in a row, algorithmic traders could flood into the sector. Silver is in a trading range, carving out a channel formation...
Robust data on Thursday likely greenlighted the Fed to keep interest rates high for longer. At 13:00 GMT, April Comex Gold is trading $1947.80, up $1.10 or +0.06%. On Thursday, the SPDR Gold Shares ETF (GLD) settled at $179.46, down $1.65 or -0.91%.
Fed's Favorite Inflation Indicator Drifts Lower (Still Above 30 Year Highs)Jan 27, 2023 - 05:40:58 PST
The headline from this morning's income and spending data is The Fed's favorite inflation indicator - Core PCE Deflator - printed pretty much in line with expectations (headline up 0.1% MoM was marginally hotter than expected). The year-over-year prints dropped to 5.0% and 4.4% respectively for headline and core - while both lower and trending down from the highs last year...
Back-to-back interest-rate increases of 50 basis points are approaching from the European Central Bank, whose battle with persistent inflation will see it hike borrowing costs until May,
Rice prices are climbing, a sign that the food inflation shock that threw millions into poverty is still reverberating, even as the cost of wheat and other farm commodities has declined.
Private home prices in Hong Kong, one of the most unaffordable territories in the world, fell 15.6% in 2022 in the first annual drop since 2008, official data showed on Friday.
Japanese Prime Minister Fumio Kishida said on Friday that a return to deflation in the world's third-largest economy cannot be ruled out, because domestic demand remains weak.
Consumer Inflation in Japan’s Capital Hits Near 42-Year High, Keeps Boj Under PressureJan 27, 2023 - 05:30:47 PST
Core consumer prices in Japan's capital, a leading indicator of nationwide trends, rose 4.3% in January from a year earlier, marking the fastest annual gain in nearly 42 years and keeping the central bank under pressure to phase out economic stimulus.
Investor sentiment has been improving, but the contrarians haven’t gone silent. Legendary British investor Jeremy Grantham is predicting hard times ahead, as he lays out his case for doom and gloom to cast a shadow on the markets. In Grantham’s view, the pandemic stock gains were a bubble, and that bubble hasn’t fully popped yet. Putting some numbers to this view, Grantham...
Fed Set to Deliver Quarter-Point Rate Hike Along With ‘One Last Hawkish Sting in the Tail’: MWJan 27, 2023 - 05:23:28 PST
The Federal Reserve on Wednesday will hike rates by a quarter-point, a downshift from December but will make sure to sound hawkish, economists said.
What to know in markets on Friday, January 27, 2023.
Global Markets Take Breather After January Surge, Adani Plunges in IndiaJan 27, 2023 - 05:17:57 PST
World stocks eked out a 5-1/2 month high and the dollar held close to an eight-month low on Friday, as reassuring U.S. economic and inflation data kept the bulls largely in charge ahead of next week's slate of top central bank meetings.