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Stocks Slump After Liesman Reports GDP To Be "Double Seasonally-Adjusted" Upward

"The government agency charged with calculating the nation's growth rate is acknowledging problems with its numbers and pledging a series of fixes over the next several months", Steve Liesman reports, confirming that the BEA is about to do precisely what we predicted two days ago and seasonally adjust its seasonally adjusted data in what might very well be the most blatant instance of goal-seeking in the history of statistical analysis.



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The Gloves Come Off: Moody's Warns Of Greek "Deposit Freeze" As Schauble "Won't Rule Out Default"

Asked whether he would repeat an assurance he gave in late 2012 that Greece wouldn't default, Wolfgang Schäuble told The Wall Street Journal and French daily Les Echos that “I would have to think very hard before repeating this in the current situation.” To which Moody's had just one thing to add: "there is a high likelihood of an imposition of capital controls and a deposit freeze."



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Markets Hit All Time High As Massive Spoofing Is Unleashed After FOMC Minutes

Record highs in stocks....thanks to the illegal miracle of spoofing.

A gentle reminder from the minutes that many seemed to have missed: "some indicators suggested that valuations remained stretched for some asset classes."



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For First Time Ever, The Fed Blames HFTs For Reduced Liquidity

"... it was suggested that the tendency for bond prices to exhibit volatility may be greater than it had been in the past, in view of the increased role of high-frequency traders, decreased inventories of bonds held by broker-dealers, and elevated assets of bond funds."



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Hilsenrath Confirms Hawkish Fed Sees Q1 Weakness As A Blip, June Liftoff Possible

Federal Reserve officials meeting in late April doubted they would be ready to raise short-term interest rates by midyear, according to WSJ's Jon Hilsenrath's translation of the minutes of the meeting released Wednesday. They generally did not rule out the possibility of a June rate hike, Fed officials are trying to make sense of a first-quarter economic slowdown.



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Fed Doesn't Rule Out June Liftoff As FOMC Minutes Show Fed Fears Post-Hike Volatility, Dollar Drag

FED OFFICIALS GAVE NUMBER OF REASONS WHY 1Q WEAKNESS TRANSITORY
MANY FED OFFICIALS SAW JUNE RATE RISE AS UNLIKELY
FED OFFICIALS HIGHLIGHTED RISKS OF VOLATILITY AFTER LIFTOFF

and yet:

FED OFFICIALS GENERALLY DIDN'T RULE OUT RATE RISE AT JUNE FOMC

 



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Biker Breastaurant Shootout: The Mugshots



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Global Demand Dearth Costs $1.2 Trillion In Lost Wages, $3.7 Trillion In GDP

A new report from The International Labor Organization has quantified the economic impact of subpar global demand and it is astonishing... 



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"One Of These Things Is Not Like The Other"

It is very rare to see Dow Industrials hitting new highs as Dow Transports prints new range lows... one of them is wrong here...



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What Is The Future For Saudi Aramco?

In a move that could shake up the dynamics of the global oil and gas industry, the desert Kingdom is restructuring its national oil company, Saudi Aramco.



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Google Apologizes For "Nigger House" Search Result

"Do no evil..." that is part from the racist stuff, would appear to be Google's new meme as The Guardian reports the somewhat unbelievable fact that searches which include the racist slur “nigger” were shown to find the White House in Google Maps. “Some inappropriate results are surfacing in Google Maps that should not be, and we apologise for any offence this may have caused. Our teams are working to fix this issue quickly,” a Google spokesperson said, claiming that it had been experiencing “escalated attacks to spam Google Maps over the past few months”.



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Overheard In The FX Rigging "Cartel" Chatroom: "Mess This Up And Sleep With One Eye Open

One Barclays FX trader, when he became the main Euro trader for Barclays in 2011, was desperate to be invited to join the Cartel because of the trading advantages from sharing information with the other main traders of the Euro.After extensive discussion of whether or not this trader “would add value” to the Cartel, he was invited to join for a “1 month trial,” but was advised “mess this up and sleep with one eye open at night.”



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Even Harvard Economists Admit Fed Policy Has "Created Dangerous Risks"

No lesser establishment economist than Martin Feldstein - Professor of Economics at Harvard University and President Emeritus of the National Bureau of Economic Research - has some warning words of wisdom for The Fed today: "...the Fed’s unconventional monetary policies have also created dangerous risks to the financial sector and the economy as a whole." When even The Ivory Tower is losing faith, you know The Fed is in trouble...



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For Caterpillar, This Is What The "Second Great Depression" Looks Like

To put Caterpillar's ongoing second great depression in context, during the Great Financial Crisis, CAT suffered "only" 19 months of consecutive retail sales declines. As of April 2015, this number is now 29, and there is no hope in sight of seeing an annual rebounce any time soon.



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Crude Tumbles Despite 3rd Weekly Inventory Draw & Production Plunge

Following last night's 5.2 million barrel inventory draw reported by API, crude prices surged once again (bouncing off levels before the first inventory draw at the end of April). Consensus appears confused since Bloomberg median estimates were for a 1.75mm draw while survey respondents expected a 3.82 million barrel draw this morning. DOE data showed a disappointly lower than API, 2.67 million barrel draw - which initially sent crude prices tumbling... machines bid them back, and now they are plunging again. Production dropped 1.2% overall - its biggest weekly drop since July 2014.



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