Senate Overwhelmingly Votes For New Russia Sanctions, Now It's Up To Trump

In an overwhelming 98-2 vote, the Senate has sent legislation slapping new sanctions on Moscow to President Trump's desk, setting up a potential showdown with the White House over Russia. Senators voted to pass the bill, which would give Congress the ability to block Trump from lifting the Russia sanctions. It also includes new penalties against Iran and North Korea.

Bezos Back To Second Richest After AMZN Slides On Earnings Miss, Soft Guidance

Jeff Bezos enjoyed the title of world's richest man for several hours, before he had to relinquish it back to Bill Gates after AMZN stock dumped after hours when the company reported Q2 net income of $197 million, or $0.40 per diluted share, down from $857 million, or $1.78 in Q2 2016, while AWS profit posted a rare miss. 

"We May Be Very Close To The Turning Point": Selloff Blamed On This Note From JPM's Marko Kolanovic

"Growth in short volatility strategies in a self-fulfilling manner suppresses both implied and realized volatility. This in turn prompts other investors to increase leverage, and those that hedge with options lose out and eventually throw in the towel. The fact that we had many volatility cycles since 1983, and are now at all-time lows in volatility, indicates that we may be very close to the turning point."

Is This The Bubble?

"Every major market peak, and subsequent devastating mean reverting correction, has ever been the result of the exact ingredients seen previously. Only the ignorance of its existence has been a common theme."

Rents Across The US Hit A New All Time High

For yet another quarter, most Americans opted not to own, but rather rent, and in Q1 the median asking rent jumped by 7.4% Y/Y, from $864 in Q1 to $910, a new all time high.

The Saudi Power Balance Is On A Knife-Edge

The sweltering heat of Saudi Arabian summer will feel like a cool breeze compared to the geopolitical fire that could soon take over the country if ongoing internal power struggles destabilize the Kingdom’s Royal Family and national security in the coming weeks.

BAT Is Dead: Republicans Kill Border Adjustment Tax

The Trump fiscal agenda - which these days really means tax reform - may be dead, but that does not mean it can't reemerge as a zombie every now and then. That's precisely what happened moments ago when Paul Ryan just announced that after months of speculation whether border adjustment tax will or won't be implemented to help offset Trump's proposed tax cuts, it is now officially dead.

The Fed Remains On Course... To Trouble

"If the Fed were to shed just 64 percent of its current bond holdings, the base money supply in the US banking system would be completely wiped out, making the banking sector effectively illiquid. In this process, US interbank interest rates would presumably spike, sending shock waves through the economic and financial system, not only in the US but worldwide."