Bitcoin Soars Above $1100, Near Record Highs As Chinese Bypass Crackdown

Despite concerted efforts by authorities to crackdown on capital outflows - specifically through virtual currencies - prices for Bitcoin are soaring as the Chinese find way around regulatory controls. Bitcoin just topped $1100 - near record highs - as Chinese traders shift their action off regulated-exchanges to local peer-to-peer marketplaces.

Fannie, Freddie Plunge After Court Rules Hedge Funds Can't Sue

Moments ago, the stocks of the nationalized GSEs = Fannies and Freddie - tumbled, after a federal appeals court upheld a ruling that barred hedge funds from suing to overturn the U.S. government’s 2012 decision to capture billions of dollars in the profits generated by the mortgage guarantors Fannie Mae and Freddie Mac after their bailout.

Over-Regulation Has Criminalized The Practice Of Medicine

This criminalization of everyday life is not just insanely costly and insanely counter-productive--it's insanely punitive. It is the output of a sick society, a sick culture and a sickness-unto-death system of governance.

Trump Denounces Anti-Semitic Incidents As "Horrible And Painful"

Having come under pressure to address an uptick in incidents targeting Jewish institutions across the US, President Trump denounced anti-Semitism Tuesday when during a tour of the National Museum of African-American History and Culture he said that “Anti-Semitism is horrible and it’s going to stop and it has to stop.".

Kashkari: "The Fed Really Has A Third Mandate And It Is Financial Stability"

After years of veiled suggestions by market skeptics that the Fed's two core mandates, inflation and employment, are just a cover for its real "third" mandate, namely supporting asset prices, today the president of the Minneapolis Fed came confirmed just that when he said that “really we have a third mandate and the third mandate is financial stability.”

Gartman Goes Long Crude Oil

"We wish to buy one unit each of Brent and WTI crude upon receipt of this commentary. We’ll risk no more than 3% from the current prices level and if nearby Brent were to trade above $57/barrel and if nearby WTI were trade above $55/barrel and were to remain there “For an hour or so to prove the merits of the moves."

New Protest Idiocy Lows: "Resisting" By Not Paying Federal Taxes

If you thought the last round of protest idiocy was counterproductive, you ain’t seen nuthin’ yet. Just when you think they’ve hit rock bottom, the liberal protests hit new lows. The Guardian recently published an article detailing a revival in “tax resistance,” which is a practice of not paying your taxes to “resist” government...

Eurozone PMI Jumps To 56, Highest Since April 2011; Job Creation Best In A Decade As Inflation Surges

Eurozone private sector and manufacturing growth unexpectedly jumped to the highest since 2011 in February and job creation reached its fastest since August 2007, propelled by strong demand and optimism about the future, the latest Markit PMI survey found. The Markit Eurozone PMI registered 56.0 in February, up from 54.4 in January , the highest reading since April 2011.

Greek Bonds Rally On Revived Bailout Hopes

The yield on Greece's bonds have tumbled the most since June after creditors agreed on Monday to resume talks in Athens over steps needed to continue a bailout of the nation, driving expectations that Greece will be able to meet its deadline for debt redemption by July.

Wal-Mart Rises After Earnings, Comps, Guidance Beat Expectations, Sales Miss

With concerns over the state of the US consumer still lingering, analysts were looking forward to today's Q4 results by America's largest retailer for some further clarity, and they were not disappointed with what they saw: WalMart reported non-GAAP Q4 EPS of $1.30, beating expectations of $1.29 by one cent. Total revenue of $130.9 billion, an increase of 1.0% from a year ago, marginally missed estimates of $131.2 billion.

Frontrunning: February 21

  • Global Stocks and Bond Yields Rise (WSJ)
  • Despite Dissents on White House Policy, Mattis Holds Sway (WSJ)
  • Trump’s Travel Ban Won’t Hit the U.S. Economy, At Least This Year (BBG)
  • Pundit Brings ‘Global Jihadist Movement’ Theory to White House (WSJ)
  • HSBC Plunges After Missing Profit Estimates on Revenue Drop (BBG)
  • Euro-Area Economic Recovery Broadens as France Outpaces Germany (BBG)