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Pair Of Bush-Era Economists Emerge As Front-Runners For Fed Vice Chair Position

After selecting Fed governor Jerome Powell to replace Janet Yellen as Fed Chair when her term expires in February, the Trump White House has now moved on to interviewing a series of candidates for the Vice Chair position.  As the Wall Street Journal notes this morning, two of the more likely candidates for that role […]

How That $1.4 Trillion In Repatriated Cash Might Result In U.S. Job Losses, Not Gains

Moody’s estimates that there is roughly $1.4 trillion dollars belonging to U.S. corporations that has been building up in foreign bank accounts for years now to avoid the 35% corporate tax that would be levied on them if they were brought back to the U.S.  Of course, getting that $1.4 trillion back to the U.S. […]

Republican Tax Plan Is Headed For Final Round Of Votes

Barring some unforeseen catastrophe (or another floor-vote surprise akin to Sen. John McCain’s last minute decision to strike down the Senate’s plan to repeal and replace Obamacare), Congressional Republicans appear all but certain to pass the reconciled version of President Donald Trump’s tax-cut plan – the first time Congress has successfully passed comprehensive tax reform […]

Here Are The Biggest Winners And Losers From Trump’s Corporate Tax Cuts

Credit Suisse Chief US Equity Strategist, Jonathan Golub, has estimated that corporate tax cuts in the U.S. could boost average earnings of companies in the S&P by about 8-10%.  Now, as those tax cuts get priced into the market for the 10th time today, we decided to take a look at which industries will benefit […]

Wall Street Bonuses Set To Shrink Again This Year

Bankers were thrilled last year when Wall Street bonuses climbed for the first time in years after falling more than 15% in 2015. But unfortunately, even with equity markets around the world at record highs in 2017, volatility across asset class plunged this year – with the Dow seeing its least volatile year on record […]

What’s In The Final Republican Tax Bill: Goldman Explains

While we published both the full text(1,097 pages) and the “explanatory” statement (only 570 pages) released by the House-Senate conference committee on the final Republican Tax Bill, also known as the Tax Cuts and Jobs Act (TCJA), we are confident not many readers – or anyone else for that matter – will read the full […]

UBS Is Using Ethereum Technology To Soften The Impact Of MiFid II

After devising blockchain-based systems to help facilitate equity and bond trading (remember Goldman’s cryptocoin?) as well as derivatives clearing, some of the leading banks in the blockchain space are banding together to build a system that they hope will help banks streamline another essential function: Compliance. According to CoinDesk, UBS is leading an Ethereum-based project […]

Warning From The World’s Biggest Shipping Line On Outlook for World Trade

The optimism on world trade didn’t last very long. It was only late September when the WTO issued a “strong upward revision” to their estimate for 2017 world trade. WTO economists raised their forecast to 3.6% from 2.4%, which was at the top end of the previous 1.8-3.6% range. This marked a sharp acceleration from […]

The “Bombshell” Reason Tech Stocks Just Suffered The Biggest Rout Since Brexit, In Two Charts

“Last week, after making new highs, the NASDAQ “reversed” to the downside. It bounced from there, but yesterday’s action was horrific, for having opened sharply, violently, surprisingly higher, by the day’s end the NASDAQ was sharply, violently, surprisingly weaker and it was so even as the Dow finished higher on the day, albeit materially below […]

“Gnomes Of Zurich” In Panic As Saudi Corruption Crackdown Sparks Flood Of Money Laundering Inquiries

There are two divergent views on the crackdown on corruption by Saudi Arabia’s crown prince, Mohammed bin Salman (MBS), which led to the arrest and detention of 200 princes, ministers and former ministers. On one hand, it was a masterstroke which will earn political capital with the Saudi people and catalyse an Arab Spring in […]

Dialog Semi Crashes On Report Apple Will Use Its Own Power Chips

UK-based Dialog Semiconductor crashed as much as 17% following a Nikkei report that Apple will design its own power chips for use in iPhones as early as 2018, cutting dependence on Dialog “as it seeks to boost its semiconductor capabilities to better compete with rivals.” As the Nikkei adds, The main power management chip controls […]

Did Janet Yellen Just Recommend Buying Bitcoin

Janet Yellen’s last semi-annual testimony before Congress as Fed Chair has just concluded, and as usual it was filled long-winded platitudes, which were enough to make the blood of anyone actually listening to her slow-motion drawl, come to an instant boil. For one, Yellen hypocrisy hit bitcoinian levels when she had the temerity to say […]

Meredith, Koch Brothers Buy Time Inc In $2.8 Billion Deal

Confirming rumors that had swirled over the past 10 days, on Sunday night Meredith Corp., publisher of Better Homes & Gardens, Martha Stewart Living and Family Circle announced it has agreed to acquire all of Time Inc’s outstanding shares for $18.50/share or $1.85BN; including the assumption of Time’s debt, the deal is valued at a […]

Signs Of The Top? Chinese Demand For 10x Levered Structured Products Surges In US… Again

In the run up to the ‘great recession’ of 2008/2009, it was unsuspecting European and Asian buyers that supplied the marginal capital required to turn America’s plain vanilla, fed-induced housing bubble into a turbo-charged, global financial time bomb by indiscriminately scooping up highly-levered structured mortgage products with absolutely no idea what was behind those products. […]

Golden Catalysts

Authored by James Rickards via The Daily Reckoning, The physical fundamentals are stronger than ever for gold. Russia and China continue to be huge buyers. China bans export of its 450 tons per year of physical production. Gold refiners are working around the clock and cannot meet demand. Gold refiners are also having difficulty finding […]