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Squeezing The Consumer From Both Sides

Authored by 720Global's Michael Lebowitz via RealInvestmentAdvice.com, The Federal Reserve raised the Federal Funds rate on December 13, 2017, marking the fifth increase over the last two years.  Even with interest rates remaining at historically low levels, the Fed’s actions are resulting in greater interest expense for short-term and floating rate borrowers. The effect of […]


Final Q3 GDP Revised To 3.2%, Highest Since Q1 2015

In the third and final estimate of Q3 GDP, the US economy eased back fractionally from last month’s “hot” 3.3% print, and as a result of a modest decline in Personal Consumption from 1.60% to 1.49% (in the GDP calculation) as well as net trade, the final GDP print came in at 3.2%, down slightly […]


Global Bond Rout Eases As Nervous Traders Watch For “Selling On The Tax News”, Catalan Vote

U.S. equity futures are little changed with the GOP Tax Plan now a done deal and no more daily “pricing in” of tax reform possible, as traders nerviously look to see if others will now be “selling the news”, a preview of which we got yesterday when US equity indexes closed red across the board […]


And So Begins The Rug-Yank Phase Of Fed Policy

Authored by MN Gordon via EconomicPrism.com, The political differences of today’s leading two parties are not over ultimate questions of principles.  Rather, they’re over opposing answers to the question of how a goal can be achieved with the least sacrifice.  For lawmakers, the goal is to promise the populace something for nothing while pretending to […]


Watch Live: Janet Yellen Makes Final Appearance Before Congress

With only three weeks left until her final meeting as chairwoman of the FOMC, Fed Chairwoman Janet Yellen today will make what's expected to be her final appearance before Congress when she delivers testimony to the Joint Economic Committee. The Fed was already widely expected to raise interest rates next month, but in case there […]


Dollar Jumps As Yellen Goes Full Bernanke: Warns “Asset Valuations Are High” But Risk Is “Contained”

Yes, departing Fed chair Janet Yellen used the 'c' word… Federal Reserve Chair Janet Yellen, in prepared remarks ahead of what may be her last appearance before Congress as head of the central bank, somewhat gloated at the steadily brightening picture for the U.S. economy she has left behind for Jay Powell (while downplaying the risks […]


US Futures, World Stocks, Bitcoin All Hit Record Highs

US equity futures continued their push higher overnight (ES +0.1%), and the VIX is 1.5% lower and back under 10, after yesterday’s blistering surge in US stocks which jumped 1%, the most since Sept. 11, following Powell’s deregulation promise, ahead of today’s 2nd estimate of U.S. Q3 GDP which is expected to be revised up. […]


Key Events In The Coming Week: Senate Tax Vote; Euro Inflation; GDP; OPEC, Fed Speakers

It’s a busy week as traders return from the long Thanksgiving holiday, with inflation releases in the Eurozone and Japan. We’ll also get the second estimate of US GDP, housing data and ISM manufacturing, UK monetary aggregates and PMIs in China. Finally, the Russia-OPEC meeting takes place in Vienna on November 30, while the Senate […]


Europe Rebounds From Chinese Rout After Stellar PMIs; US Closed For Holiday

Nothing can keep the BTFD spirit at bay in Europe this Thanksgiving morning. Having started the session on the back-foot after the biggest Chinese stock market tumble in 17 months (the SHCOMP dropped -2.3%, most since June 2016) amid tighter liquidity conditions as a result of today’s Thanksgiving holiday in the US and attempts by […]


UBS Makes A Striking Discovery: Ex-Energy, US GDP Growth Is The Slowest Since 2010

Last week, UBS released its Global Economic Outlook forecast for 2018-2019, which coming in at over 220 pages and with more than 270 charts, is rather “difficult to summarize” as UBS’ chief economist Arend Kapteyn snarkily notes. Still, as Kapteyn helpfully summarizes, the 3 charts below capture some of the main themes from the report, […]


The Savings Rate Conundrum

Authored by Lance Roberts via RealInvestmentAdvice.com, The economy is booming. Employment is at decade lows. Unemployment claims are at the lowest levels in 40-years. The stock market is at record highs and climbing. Consumers are more confident than they have been in a decade. Wages are finally showing signs of growth. What’s not to love? […]


Why Today’s Big Fed Risk Is A “Dovish Surprise”: One Trader Explains

In our preview of today’s FOMC, we said there is virtually no way the Fed could surprise on the hawkish side, especially with Trump set to unveil Jay Powell as the new head of the Fed: after all, the December rate hike is over 80% priced in at this point. But what about the opposite […]


S&P Futures Slide After Chinese Stock And Bond Rout; Spain Rebounds, Dollar Drops

U.S. futures slid 0.2% as investors await a barrage of announcements including Wednesday’s Fed decision, Friday’s jobs report and, most importantly Trump’s imminent announcement of who the next Fed chairman will be, although after the latest trial balloons, Jay Powell is now largely priced in. Asian equities edged modestly higher despite a tumble in Chinese […]


US Economy Unexpectedly Grew At 3.0% In Q3 As BEA Ignores Impact Of Hurricanes Harvey, Irma

In the immediate aftermath of Hurricanes Harvey and Irma, Wall Street quickly trimmed its Q3 GDP forecasts from 3.0% to the low/mid 1% range, expecting a substantial, if brief, adverse impact on US growth from the storm devastation. However, moments ago the BEA surprised everyone when it reported that in its first estimate of third […]


Global Stocks Jump Among Earnings Bonanza; Nikkei Closes Above 22,000 For First Time In 21 Years

US equity futures are higher, boosted by a bevy of better than expected earnings out of tech giants Amazon, Intel and Microsoft as Asian stocks and European shares climb amid the dovish sentiment unleashed from Thursday’s ECB update. Asian equities rose as investors bid stocks following strong corporate results from India to Japan. The MSCI […]