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Archive Monthly Archives: May 2017

Are Stock Traders Actually More Pessimistic Than Bond Traders?

Authored by Kevin Muir via The Macro Tourist blog, As a former equity guy, it pains me to say that when the bond and equity markets are at odds, it usually pays to go with the bond guys. Let’s face it, the bond guys are better at math, often smarter, and less likely to fall […]

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Fitch Warns Baidu Faces "Default Risk" Due To Growing Shadow Banking Business

Less than a week after Moody’s downgraded China’s sovereign credit rating, prompting an unprecedented currency response by the PBOC which as noted earlier resumed its crusade against Yuan shorts by sending CNH overnight deposit rates as high as 65%, on Wednesday another rating agency, Fitch, took aim at what many consider the weakest link in […]

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How Long Can The Fed Keep The Boom Going?

Authored by Thorstein Polleit via The Mises Institute, The US bond market trades at a quite high valuation. For instance, the 10-year US Treasury bond presents a price earnings (PE) ratio of 43. In other words: It takes 43 years for the investor to recoup the bond’s purchase price through coupon payments; the bond market’s […]

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Washington’s Princes of Paperwork Are Crushing Physicians and Bankrupting, If Not Killing, Their Patients

Authored by Steve H. Hanke of the Johns Hopkins University. Follow him on Twitter @Steve_Hanke. In the rancorous to and fro over the repeal of ObamaCare and its possible replacement with the American Health Care Act, an elephant in the room has remained unnoticed. It’s that giant bundle of burdensome regulations that is crushing physicians, […]

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Banks Tumble After BofA, JPM Warn Revenue Will Be Down As Much As 15%

The collapse in volatility is finally trickling up to the big banks. Moments ago, JPM CFO Marianne Lake speaking at a Deutsche Bank conference in New York, warned that contrary to expectations for an ongoing rebound in revenue and profits, the bank’s second quarter revenue has been 15% lower from a year ago. And while […]

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'Soft' Data Slammed To 6-Month Lows As Chicago PMI Tumbles

Employment, new orders, and production all slowed notably in May according to the MNI Chicago PMI report. Printing at 55.2 – below the lowest expectation – this is the lowest level since January’s collapse. Forecast range 56 – 62 from 34 economists surveyed… oops! Breakdown: Prices paid rose at a slower pace, signaling expansion New […]

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Pending Home Sales Crash Most In 3 Years, Hit By "Double Whammy" Of Price, Inventory

Signed contracts in April tumbled 5.4% YoY (NSA). This is the biggest drop in pending home sales since August 2014 and comes on the back of last week’s disappointing housing ‘recovery’ data as perhaps Fed- and Trump-driven mortgage-rate rises have finally hit the American ‘pocketbook’. This is the second monthly drop in a row (-1.3% […]

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US Home Prices Rise At Fastest Pace In 3 Years To Record Highs

US home prices (in the 20-city Case-Shiller universe) rose at 5.89% YoY – the strongest growth since July 2014. This has pushed the national home price index to new record highs…   Perfect time to hike rates and deflate yet another bubble? The 3-6 month lag effect of rate moves on home prices is looming.

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A Giddy Kim Jong-Un Vows To Send "Bigger Gift Package" To America

After a delighted Kim Jong Un supervised the latest successful test of North Korea’s latest ballistic missile controlled by a precision guidance system, the leader ordered the development of more powerful strategic weapons, the official KCNA news agency reported on Tuesday. According to Bloomberg, the missile launched on Monday – the ninth such test this […]

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