Fed Chickens Out: 3 Presidents Dissent As Fed "Decides To Wait For Further Evidence" Of Strengthening Before Hiking

With rate hike odds tumbling post-J-Hole thanks to Brainard (but up to 24% today), macro data deteriorating, European banks tumbling, and China money markets turmoiling, expectations were low for a 'surprise' rate hike today. And sure enough, they didn't...

  • *FED: DECIDED TO WAIT ‘FOR THE TIME BEING’ FOR MORE EVIDENCE
  • *FED SAYS GEORGE, MESTER, ROSENGREN DISSENTED IN FAVOR OF HIKE (most dissents sine Sept 2014)

No addition of "Risks are balanced" language and cuts the long-run growth rate for the US economy below 2% for the first time ever.

Mylan CEO Explains To Congress Why EpiPen Prices Rose 550% in 9 Years - Live Feed

Mylan chief executive Heather Bresch, the daughter of Sen. Joe Manchin (D-W.Va.), has been called by The House Oversight Committee to explain why she has significantly increased the price of the EpiPen, an auto-injector used to treat severe allergic reactions, by over 550% in the last few years, due to "justified outrage from families and schools across the country struggling to afford." The committee claims it will " encourage greater competition in the EpiPen market by speeding FDA’s approval of generics." Grab your popcorn.

The Three Stages Of Empire

"I consider it self-evident that we are in the third and final stage of self-serving Imperial decay."

The Economy, The Stock Market, & The Fed

Currently no-one expects the Fed to hike today and it probably won’t. It is definitely possible though that the FOMC statement will contain a strong hint regarding a likely rate hike in November or December, since the Fed for some reason no longer wants to surprise markets. Such an announcement could well have the same effect on the markets as an actual hike though.

Is Trump Wrong On Trade?

The real culprit or cause of the loss of purchasing power is the American Central Bank. It is directly responsible for the growth in income inequality and the slow decline in living standard of the American middle class. Monetary policy is “econspeak” for legal counterfeiting! If Trump really wants to make America great again, he should seriously consider returning the U.S. to sound mone.

SEC Charges Hedge Fund Icon Leon Cooperman With Insider Trading

When it rains - for hedge fund managers, it pours - If it's not lack of alpha, it's insider trading. Moments ago, the SEC charged iconic hedge fund manager, Omega Advisors' Leon Cooperman with insider trading, accusing him of generating substantial illicit profits by purchasing securities in Atlas Pipeline Partners (APL) in advance of the sale of its natural gas processing facility in Elk City, Oklahoma.

Apple In Talks To Buy Supercar Maker McLaren

Apple's ambitions to take on Tesla in the electric car space, Uber in the self-driving space, and in general, to pivot into the auto industry have not been exactly a secret over the past year, but few had any idea how Tim Cook would go about doing this. Today, the FT reveals that the world's most valuable company plans to transform the auto industry by purchasing British supercar maker and Formula One team owner, McLaren technology.

Crude Extends Gains After Bigger Than Expected Inventory Draw (Despite Production Rise)

Following last night's surprisingly large API-reported crude draw, DOE confirmed the drop with a 6.2mm draw (less than API's 7.5mm though) with some wondering if the Colonial Pipeline closure affected inventories. Cushing saw a notable build and Distillates inventories rose for the 6th week in a row. While gasoline inventories fell (Pipeline?), production rose for the second week in a row.

The Biggest Washington Whopper Yet

It turns out that 52% of all the new jobs - 5.25 million - reported by the BLS since the end of the recession were imagined, not counted. This amounts to still another whopper from the government statistical mills, and more evidence that the so-called recovery is based on a tissue of lies.

Bill Blain: What The BOJ Just Did Is "Recipe For Disaster"

"I rather suspect the horrible truth will soon be out. The last 7 years of extreme monetary experimentation has created a mutant economy... where the only beneficiaries have been holders of financial assets. Investors have been loath to invest in real plant, infrastructure or jobs because the returns look so limited by artificially low rates."

Gold & Silver Surge, Break Technical Levels

Gold and silver are surging this morinng after BoJ's disappointment as a stronger yen weighs on the USD index. Heavy volume has lifted Gold off key technical support and silver through a major technical resistance...

FX & Bond Markets Ain't Buying What The Bank Of Japan Is Selling

Equity markets are stronger on the back of financials  - helped by BoJ's plan to steepen the Japanese bond curve - but judging by the strengthening in the Yen, FX markets are non-believers. The lack of additional easing is largely being heralded as a disappointment (no lower NIRP and no increased buying) and many are questioning the kneejerk bounce in stocks (as bank balance sheets face trauma from the 'reverse twist' effect on the long bonds).