Janet Yellen Explains "The Goals Of Monetary Policy"... Seriously - Live Feed

Less than two days before Donald Trump is inaugurated as the 45th president of the United States, Fed chair Janet Yellen takes to the stage at the Commonwealth Club of San Francisco to explain (after all these years), what "the goals of monetary policy are... and how we pursue them." We can't wait to hear how increasing asset prices to untenable levels, depriving savers of income, and driving the largest wedge between rich and poor since the great depression have been part of the solution...

China Housing Bubble Finally Pops: First Slowdown After 19 Months Of Acceleration

Today we got the first confirmation that the latest Chinese housing bubble has finally popped, as housing prices across the 70 cities were up 12.7% Y/Y, below the 12.9% annual growth rate in November. This was the first moderation in year-over-year housing price growth after 19 months of continued acceleration.

Mallinckrodt Halted, Limit Down After Shkreli Turns Whistleblower

In the very definition of 'irony', The FTC is preparing to file charges against Irish drug maker Mallinckrodt for allegedly using its monopoly to jack up the price of a drug used to treat lupus and multiple sclerosis by 2165%, after none other than Martin Shkreli filed suit. MNK is halted, limit down at its lowest price since Nov 2013...

Beige Book Notes Minimum Wage Increases, Warns Of Building Margin Pressures

The Fed's latest beige book, perhaps the most boring report released by the Federal Reserve, found 10 of the 12 Fed districts growing at the now ubiquitous "modest or moderate pace" with Cleveland growing only slightly and New York reporting little change for the fourth period in a row.  However, despite stagnant growth, margin pressures are building as input prices are rising faster than final goods prices.

Obama's Chelsea Manning 'Pardon' Proves The "Russian Election Hack" Story Was One Big Lie

How does Obama explain the sudden about face and forgiveness for Manning’s intelligence “betrayal”, that jeopardized the “fabric of US democracy” and “endangered US national security”? Are we to believe that John Podesta’s emails are worthy enough for conflict with Russia, but Manning’s classified document release, that exposed the highest level of US military intelligence information, is now considered forgivable?

Lagarde Urges Wealth Redistribution To Fight Populism

"I want to be loud and clear: populism scares me... policy makers need to 'man-up' and pay for the social cohesion that we need to keep our societies advancing... it probably means more redistribution than we have in place at the moment and accept that this may be a higher tax burden on people..."

Carlos Slim Launching US TV Channel "By Mexicans, For Mexicans"

With just two days left to go until Trump's inauguration, one of the President-elect's biggest opponents during the presidential campaign, Mexican billionaire Carlos Slim, said he is launching a a TV channel in the United State, Nuestra Vision, which "is focused on Mexicans, made by Mexicans and transmitted from Mexico."

Chinese Province Admits It Fabricated Economic Data For Three Years

China's sverely impacted rust-belt province of Liaoning fabricated fiscal numbers from 2011 to 2014, local officials admitted, raising doubts about the accuracy of China’s economic data just days ahead of the release of the nation’s GDP report due on Friday. The data were made up "because officials wanted to advance their careers."

VIX Spikes To 2-Week Highs As Dow Erases 2017 Gains

VIX spiked this morning to near 13 (shock horror) - the highest since January 3rd - as Goldman Sachs was unable to support the Dow, which dropped below 19750 for the first time since 2016...