Existing Home Sales Growth Stalls As Prices Rise For 55th Straight Month

For the 3rd month in a row, sales of previously owned homes are flat year-over-year. Month-over-month saw a better than expected 3.2% rise in September (ahead of the school year) but SAAR sales remain noisily stuck 25% below 2005's highs. Notably, this is the 55th straight month of year-over-year home price gains.

EUR Jumps And Dumps, Stocks Slide As Draghi Suggests Nothing Lasts Forever

The market is not happy. Hit with a double-whammy of "ECB not discussing an extension of QE beyond March" and that "extraordinary policy support won't last forever." EURUSD jumped, stocks dumped, and Bund yields spiked. However, a quick hint that "an abrupt end to QE is unlikely" helped a little...

Initial Jobless Claims Jump Most In Over 5 Months Off 43 Year Lows

By now we have shown every possible divergence between the ongoing collapse in jobless claims (everything is awesome) as practically every manufacturing and service economy hard data print suggests the exact opposite. So this week, we just notice that initial claims jump over 5% this week to 260k - the biggest weekly rise since May... probably nothing.

ECB Keeps Rates Unchanged

The ECB was not expected to change any of its three main refinancing rates in today's announcement and it did not disappoint, keeping the Main Refinancing Rate unchanged at 0.0%, and its marginal lending and deposit facility rates at 0.25% and -.40% respectively.

Frontrunning: October 20

  • Global stocks nudge higher after final U.S. presidential debate (Reuters)
  • Trump, Clinton Double Down: Final Debate By the Numbers (BBG)
  • Will Trump accept election's outcome? 'I will keep you in suspense' (Reuters)
  • After Sedate Start, Trump Takes the Bait (WSJ)
  • ‘Rigged’ Election Charge Takes Spotlight (WSJ)

Will Draghi Avert A Tantrum: The Full ECB Checklist

Draghi will make clear that tapering has not yet even been considered. He will emphasize that the program runs until March, at least, and so they have plenty of time to plan the exit. There’ll be no taper-tantrum today. Far from tapering, it’s likely that the Asset Purchase Program will be prolonged even further beyond March, although perhaps not formally so at this meeting. An extension will require technical adjustments that may need more time to work out.

Global Stocks, US Futures Modestly Higher As Debate Digested, Draghi Eyed

Global stocks were modestly higher, before the European Central Bank gives its policy update, while investors weigh mixed earnings results. Asian stocks rise, U.S. equity-index futures are little changed.  The euro touched its weakest level since July and stocks in the region fell after their first back-to-back gains in two weeks.

Billionaire Clinton "Hillblazer" Pushes New Tax That Funnels Middle Class Money To Wall Street

Wall Street is maneuvering to propose and implement a new retirement tax on Americans under a Hillary Clinton Administration. Leading the charge is billionaire financial oligarch Tony James, who is COO of private equity giant Blackstone. Mr. James is a generous contributor to Hillary Clinton’s Presidential run, and is listed as a “Hillblazer” by her campaign for having raised at least $100,000 toward her candidacy.

Debate Post-Mortem: "Bad Hombres", "Putin Puppets", Chris Wallace Wins "Bigly"

The debate started with 'no handshakes' once again and while there was no 'dancing' around the ring, a quiet, polite start rapidly turned ugly once the two candidates warmed up. Second Amendment supporting Trump slammed babyslaying Clinton; questions over who was the biggest "puppet"; Trump declined to support election result and threw a "such a nasty woman" comment across the stage.  While it was a close-call between Trump and Hillary, for once we suggest Chris Wallace wins tonight.

East Vs. West Division Is About The Dollar - Not Nuclear War

The narrative of a coming conflict between the East and the West has been boiling steadily as the U.S. election nears its end. Even the mainstream media is insinuating the potential for shots fired. Some believe the results of the election will determine the odds of war. There is a different position. It seems the rhetoric of East vs. West and nuclear exchange is being exploited as a distraction away from a different but almost equally catastrophic end game - the death of the U.S. dollar as the world reserve currency.