US PMIs Tumble To 9-Month Lows, Catching Down To Collapse In 'Hard' Data

Following disappointment from China last week, and Europe this morning, US PMIs (both manufacturing and services) dropped and disappointed as it appears the lagged impact of China's slumping credit impulse are finally hitting the world's economies. With 'hard' data collapsing to 13 month lows, it is not surprising that 'soft' survey data is finally catching down with Manufacturing at 8-month lows.

BofA: "Central Banks Are Now In A Desperate Dilemma"..."Start Buying Volatility"

"Central banks, the reason behind high asset prices and low vol, are now in desperate dilemma: politically unacceptable for bubble on Wall St, but central banks will be tightening into deflation; inflection point for volatility is upon us and we recommend investors buy volatility....Fed tightening in 2017 could easily be followed by easing in 2018, in our view."

Frontrunning: June 23

  • One year after Brexit: Forget euro zone breakup, sterling now deemed riskier (Reuters)
  • Senate Holdouts Seek Upper Hand in Perilous Health Bill Talks (BBG)
  • Trump’s Tape Ruse Risks Fresh Legal Jeopardy in Russia Probe (BBG)
  • Arab states demand Qatar closes Jazeera, cuts back ties to Iran (Reuters)
  • Qatar Seen Rejecting List of Severe Demands to End Gulf Crisis (BBG)

Prepare For A Surge In Volume: Russell Rebalance Day Is Here

Welcome to the one year anniversary of the Brexit vote. Welcome also to the annual Russell rebalance, traditionally one of the busiest trading days of the year: last year's rebalance helped propel a near record turnover of over 15 billion shares. In fact, in four of the last five years, reconstitution day ranked in the 10 busiest trading sessions.

Ron Paul On "Enemies, Foreign And Domestic" And Liberty

"You should take this principle of noninterventionism, and I love that term because noninterventionism tells you what liberty is all about and it would go a long way for foreign policy as well... [lawmakers] don’t understand the damage they’ve inflicted."

Stockman Warns "A Great Big Coup Is On The Way"

"Mueller is a card-carrying member of the Deep State who was there at the founding of today’s surveillance monster as FBI Director following 9/11... So he will 'find' extensive Russian interference in the 2016 election and bring the hammer down on the Donald for seeking to prevent it from coming to light. The clock is now ticking..."

Is Bitcoin Money?

Understanding money is the key to understanding the value of decentralized electronic currency...

James Comey Visits The New York Times

Just hours after President Trump admitted he did not record any of his conversations with James Comey, the former FBI Director was spotted entering The New York Times office in Times Square, NYC.