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Chicago PMI Tumbles From March Dead-Cat-Bounce "Plagued By A Lack Of Orders"

March's dead-cat-bounce in Chicago PMI (like January's) has died again as the business barometer drops to just 50.4 (from 53.6) missing expectations of 52.6. This barely-above-contractionary level was driven by an 11-point collapse in Order backlogs to the lowest since Dec 2015, and as MNI reports, "order patterns continued to be plagued by a lack of large orders and absence of international demand, purchasers said."


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Bill Gross: "The World's Central Banker" Has Flatlined U.S. Economic Growth

"...there clearly is a Yellen put, but over the last two meetings it's been extended to include global risk markets... I think they're acknowledging that the Fed is the world's global central banker."


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Rally In Gold Stocks Reaches First Big Challenge

A key index of gold stocks is hitting its first level of major potential resistance since its false breakdown to all-time lows in January.


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Savings Rate Highest Since December 2012 After Personal Spending Disappoints Again

Following the drastically revised-away surge in spending in January, and the savings rate surge to 2012 highs in Feb, March's income and spending data released today showed more problems for The Fed. While income grew 0.4% MoM (more than the 0.3% expectations), spending disappointed with a mere 0.1% rise (against +0.2% MoM expectations). Year-over-year spending growth slowed to 3.5% - the weakest since December and income growth slowed to 4.0% YoY leaving the savings rate at its highest since December 2012.


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Trending On Twitter

One look at Twitter this morning and we are left with the impressions that if it was indeed the intention of Bloomberg's source (and/or Bloomberg), to "shut down" the website, it may have backfired.


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"You've Lost Their Confidence" Tom Coburn Exhorts Congress "America Doesn't Trust You Anymore"

"America doesn’t trust you anymore. That’s the truth... and that’s not one party, that’s both" raged former Senator Tom Coburn during a hearing before the Senate Committee on Homeland Security and Governmental Affairs this week. As FreeBeacon reports, Coburn, making his first appearance before the Senate since his farewell speech when he retired in late 2014, pleaded with Congress to take action to reform government, quoting de Tocqueville, that an ever more centralized control reduces its citizenry "to nothing better than a flock of timid and industrious animals, of which the government is the shepherd."


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Gold & Silver Surge To New Cycle Highs After China Strengthens Yuan By Most In 11 Years

With Japan closed, and unable for now to do more damage (or damage control), China stepped in with some modest turmoil of its own by strengthening the Yuan fix by the most since 2005, pressuring the USD weaker for the 5th day in a row. Commodities have tended to push higher on the back of this with Crude above $46.50 but Gold and Silver have surged to fresh 15 month highs (over $1275 and near $18 respectively).


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USDJPY Plunges As Dollar Drops To 11 Month Lows, Commodities Rise

Following yesterday's Yen surge in the aftermath of the disappointing BOJ announcement, the pain for USDJPY long continued, with the key carry pair tumbling as low as 106, the lowest level since October 2014 before stabilizing around 107, and is now headed for its biggest weekly gain since 2008, which in turn has pushed the US dollar to to its lowest close in almost a year as signs of slowing growth in the U.S. dimmed prospects for a Federal Reserve interest-rate increase. As a result, global stocks fell and commodities extended gains in their best month since 2010.


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ZARpocalypse Now? BofAML Warns "Summer Of Shocks" Looms

The mysterious ZARJPY indicator of global turmoil is flashing red once again as BofAML's Michael Hartnett warns of soaring sentiment into a potential "summer of shocks." Wall Street/Fed continues to play "cat and mouse" and (hedge fund) redemption, (central bank) repression, (market) regulation risks remain very high as the flash crash/pain trade era to continue.


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It's The Debt Stupid: Scotiabank Warns "At Some Point 'The Future' Becomes 'Today'"

Low interest rates attempt to buy time. The idea is to bring consumption forward until the economy heals on its own as capital projects are completed. But those projects never began this time. The end result is ever-higher debt that borrows more and more from the future. Unfortunately, it borrows from the future without making the future any brighter through solutions to root causes of economic ailments. At some point, the “future” becomes “today”.


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Massive Oil Theft By Pirates Costs Nigeria $1.5 Billion Every Month

Depressed oil prices, rampant corruption, and pipeline vandalism are only parts of Nigeria’s oil problem. It’s now losing a massive 400,000 barrels of crude daily to pirates in the Gulf of Guinea, an amount equal to the entire daily export capacity of its Forcados terminal. Overall damage from piracy, theft and fraud for Africa’s largest oil exporter is estimated at some $1.5 billion a month...


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All Depressions Are Not Created Equal

It has been said that history may not repeat but it sometimes rhymes. Just as the generals always seem to fight the last war people seem to prepare for the last depression. Times change and the mechanism that leads to misfortune changes with it. Looking at the past may not give us the clear answer to how to deal with the future but it can help us to determine what might happen and how to deal with it when the time comes.


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"It's Hard To Believe" - Establishment Stunned As Trump Gains 'Wealthy, Well-Educated' Voters

Not only is Donald Trump likely to gather the most votes of any GOP Presidential nominee ever, having swept the East Coast and crushed the anti-Trump alliance between Kasich and Cruz even before it made the news cycle; but now, as Reuters reports, the GOP establishment faces an ever bigger problem. Wealthy, well-educated voters helped carry the Republican front-runner to victory this week - a demographic the famously blunt-spoken billionaire had struggled to attract in the past.


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Russian Fighter Jet Flies Within 50 Feet Of US Spy Plane Over Russian Naval Base

“On April 21, a U.S. Navy P-8 Maritime Patrol reconnaissance aircraft flying a routine mission in international airspace was intercepted by a MiG-31 Russian jet in the vicinity of the Kamchatka Peninsula,” Cmdr. Dave Benham, a spokesman for the Pacific Command, told the Washington Free Beacon. While Benham added that the intercept was “characterized as safe and professional" there was more to the story as another defense official familiar with the MiG-31 intercept said the jet flew within 50 feet of the P-8, a maritime patrol and anti-submarine warfare aircraft.


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Obama Admits Couldn't "Convince Americans Of Recovery", Bashes 'The Big Short'

Despite his proclamation that he "saved the world from a Great Depression," the fact is that Obama will be the first President ever to not see a single year of 3% GDP growth - but only cynical fiction-peddlers would mention facts at a time like this. In yet more legacy-defending narrative, Obama told The NYTimes today that his biggest failure was being unable to sell his success in putting the American economy back on track to the American people (no matter the actual realities) careful to blame Republicans for slowing growth "by a percentage point or two." And then in a final affront to fact, Obama dismisses the conclusion of "The Big Short" proclaiming that he reined in Wall Street, overhauled the banking system, and made water from wine "the financial system substantially more stable."


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