After Wednesday’s policy statements by the Fed and Bank of Japan, a harsh light is being shined on the incredible nature of their communications. It would be wise in the current environment to structure investment portfolios with a pro-volatility bias.
"Our country is in crisis. Hillary Clinton is manifestly unfit to be president, and her policies would harm millions of Americans. And Donald Trump is the only thing standing in her way. A year ago, I pledged to endorse the Republican nominee, and I am honoring that commitment. And if you don’t want to see a Hillary Clinton presidency, I encourage you to vote for him" - Ted Cruz
The FOMC has no idea what it is doing, just like Bank of Japan officials about a decade before them. Rather than learn from all the experimentation, the power and prestige still, somehow, afforded to all of them is just too much to give up. They would clearly rather keep themselves on top of the political power structure as it relates to the economy than to admit what is increasingly obvious (a second time).
Most of Hillary Clinton’s deleted emails, subsequently recovered during an FBI probe into her email server abuse, won’t be made public until after Election Day, according to a new timetable set Friday by a federal judge. "This is an absolutely corrupt process the State Department has come up with," Judicial Watch president Tom Fitton blasted in response.
Is the economy in a Depression? Not if you're a corporate bigwig skimming vast gains from corporate buybacks funded by the Fed's free money for financiers. But if you're a wage earner who's seen your pay, hours and benefits cut while your healthcare costs have skyrocketed - well, if it isn't a Depression, it's a very close relative of a Depression.
Despite exuberance from the wireless service providers, it appears channel checks from Germany's GfK, Germany's largest market research institute, show things for the iPhone7 are not as great as the carriers would like the world to believe.According to a GfK note, AAPL iPhone units shows that launch weekend sales for iPhone 7 and 7 Plus were down by ~25% Y/Y compared to the first weekend of the 6S and 6Plus.
While the police are reluctant to relase the video of the actions leading up to the deadly shooting of Keith Lamont Scott in Charlotte, NC; the family has released their phone-recorded version of events...
While Goldman is best known for creating the revolving door, where it either soaks up SEC "regulators", spawns central bankers and/or Treasury Secretaries like Hank Paulson, a new function was revealed today: providing sabbaticals for the spouses of presidential candidates. Case in point: Heidi Cruz, who left Goldman Sachs last year to help her husband Ted Cruz in his quest for the Republican presidential nomination, is returning to the bank in a newly created role in the Houston office.
...German Economy Minister Sigmar Gabriel declared that [talks] were “de facto dead”. The French minister told the Handeslblatt newspaper that the United States had demanded too much and not compromised enough. "A crazy machine is moving here, the negotiations are a failure, nobody believes that they will come to a successful conclusion..."
With oil prices plunging after Saudis stole the jam out of the oil freeze hopers donut, US oil rig count (at seven month highs) rose 2 to 416 (the 13th week in a row) and the total rig count rose to 511.
Just in case the Fed needed an "out" to its "hawkishly holdish" December rate hike, it got it moments ago when the NY Fed slashed its Q3 and Q4 GDP estimates, and now expects just 2.3% annualized growth in Q3 and 1.2% Q4, down 0.5% each from the previous forecasts of 2.8% and 1.7%.
We hinted earlier and now Saudi Arabia has confirmed that it "doesn't expect any decision" next week when oil producers meet in Algiers. Oil's reaction was swift with WTI tumbling to a $44 handle very quickly. Losses extended when The Fed confirmed its crackdown on bank commodity holdings.
Building work has begun on a wall in the northern French city of Calais, a major transport hub on the edge of the English Channel, to prevent migrants from stowing away on cars, trucks, ferries and trains bound for Britain. Dubbed "The Great Wall of Calais," the concrete barrier — one kilometer (half a mile) long and four meters (13 feet) high on both sides of the two-lane highway approaching the harbor — will pass within a few hundred meters of a sprawling shanty town known as "The Jungle."
"...I believe my party has become the party of the elites and moneyed class and has deserted its historic mission as the party of the working class and disadvantaged.Given my level of discomfort with the current leftist orientation of the Democratic Party, I am now supporting Republican nominee Donald Trump for president. I urge my fellow Democrats to vote for Mr. Trump."