After eight years of trying to see recovery where there was none, the constant spin of sunshine will very likely disappear on January 20. It is ironic in one sense since it is this very disparity between mainstream “reporting” and actual economic conditions that contributed to the Trump victory in the first place.
Gold futures prices dropped to $1,171 this morning as the dollar surged into the European closed and the OPEC deal sent oil prices spiking. The precious metal is now unchanged since October 2014, but as UBS notes with the break of the 2012 downtrend in US inflation expectations but expecting a pullback in yields into Q1, it should be just a question of time to see a new bounce/rally starting in gold/gold mines.
Mortgage applications tumbled 9.4% from the prior week as mortgage rates soared above 4.00% to the highest level since July 2015. The biggest driver of the decline in mortgage demand was a 16% crash in refinances - tumbling to their lowest level since the first week of January (a seasonally dismal time).
The Fed's latest Beige Book released Wednesday found seven regional Fed districts reporting economic activity as growing at a modest or moderate pace, a decline from 11 in the last report, with strong dollar headwinds among one of the more frequently cited reasons for the weakness.
The much anticipated headline is out and, as Bloomberg reports, OPEC has reached a deal agreeing to cut oil production by 1.2 million barrels per day to 32.5mmbpd from the current level of 33.6mmbpd. This would be OPEC's first production cut since 2008.
Dane County Circuit Judge Valerie Bailey-Rihn of Wisconsin has refused to issue an order for a hand recount, saying that Stein's team failed to show any mistakes or irregularities that would bring a machine recount into question.
Just a day after Goldman COO Gary Cohn unexpectedly met with Donald Trump, he is now said to be "weighing a future outside the firm" the WSJ reports. According to Dow Jones, the bank's "Number 2", who met with Trump on Tursday, has had conversations in recent months about leaving the bank.
Today's "OPEC deal" snowjob continued with the statement by Russian energy minister Novak, who moments ago have a press conference in which he praised the production cut conclusion, however, two key aspects of Russia's contribution to the non-OPEC stood out.
Shortly after the conclusion of today's Vienna meeting, OPEC released the following table which lays out the breakdown of what the current reference production level is by nation, as well as the proposed adjustment to get to a 1.2 million barrel per day reduction, as well as the "pro forma" production number that will be effective on January 2017.
The latest household debt data, which shows debt rose to $12.4 trillion in Q3, suggest some notable deterioration in the performance of subprime auto loans. This translates into a large number of households, with roughly six million individuals at least ninety days late on their auto loan payments
After a long-fought battle between Nancy Pelosi (D-CA) and Tim Ryan (D-OH) for leader of the House minority party, as expected, Pelosi has emerged the victor. Seems the Democrats learned very little from the 2016 Presidential election cycle.
Following the news that Steve Mnuchin would be US Trasury Secretary, Wall Street analysts offered mixed predictions on which policies Donald Trump’s choice for Treasury secretary may pursue, as they have little to go on other than Mnuchin’s background with Goldman, buying/selling the former Indy Mac.