In a headline that spooked headline-scanning algos, moments ago French presidential candidate Marine Le Pen announced that she is stepping down as head of her National Front party. What the headline ignored to add is that her leadership departure is only "temporary", and as AP notes is merely a PR attempt to build her broader base unburdened by the legacy stigma of her party.
It appears the hope that a centrist candidate will win the French election is enough to trump tumbling macro-economic data, disappointing earnings, and flailing inflation in the US economy. June rate hike odds have spiked to 69% overnight (even as debt ceiling risks begin to price in... and the dollar drops)...
The biggest problem for individuals, and the culprit of the great “ETF buying panic,” is the “herding effect” as investors rush to chase market returns. The coming problem will be “loss aversion,”as the herding effect runs in reverse in the rush to get out.
At some point near the end of the last century the leaders of major U.S. manufacturing firms began to ponder the idea they had a social responsibility to the world at least as important as the need to increase value for shareholders. It’s not exactly clear when it started but what began as a way to curry favor with a customer base newly empowered to care about bigger things has today become something of a religion in executive suites from New York to Los Angeles.
"We're no longer fact-based. The founding fathers created a country based on fact. We don't have a fact base. If Breitbart News and the New York Times are regarded with equal credibility, you worry about this democracy."
Asserting that today’s working women make only 78 cents for every dollar earned by a man, high profile personalities have perpetuated this myth and used it to further their own agenda: more government control over wages. Unfortunately for these wage crusaders, when the data is examined more closely what we find is not necessarily a wage gap, but what could more accurately be described as a “preference” gap that exists because of personal choice rather than gender.
Two weeks after launching missile strikes on Syria, the U.S. Treasury announced it has sanctioned 271 employees of Syria's Scientific Studies and Research Center in response to the alleged sarin attack conducted by the Assad regime on Kahn Sheikhoun.
While it remains at best a moderate risk factor - Goldman's latest estimate puts it at about 1-in-3 chance - the question of what happens if the government does shut down at midnight on Saturday is starting to percolate. Here are some thoughts from Citi.
Confirming a Bloomberg report from early March, on Monday the State Derpatment issued a statement that Former Fox News anchor and correspondent Heather Nauert will be the new U.S. State Department spokeswoman.
"...there is no factor more critical to risk-asset upside that 'inflation expectations' - which are of course fueled by the price input that is commodities. Looking at those forward prices above, there is 'real' downside coming..."
Ex-President Obama will speak at the University of Chicago at noon in his first public speech since leaving office in January. Obama will address community organizers, activists and students at the university, which will be the site of his presidential library.
There is much debate about where the U.S. economy is ultimately heading, but what everybody should be able to agree on is that economic conditions are significantly worse this year than they were last year.
Following the worst week for US macro data in six years, The Chicago Fed (National Activity) and now The Dallas Fed (regional) have both disappointed and fallen this morning... "I keep reading and hearing that things are swinging in a favorable direction. I don’t see it yet."
Perhaps the rules of the game have always favored the bankers. Loaning out deposits at a higher interest rate than the yield paid is cornerstone to fractional reserve banking. However, the extreme maltreatment of individual depositors and borrowers that has persisted following the 2008 credit crisis is a downright disgrace.