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Flight MH370 Wreckage Found, Close To Madagascar

16 Months after Malaysia Airlines Flight MH370 disappeared off the coast of Malaysia, The Telegraph reports that fragments of a wing washed up in the French island of Reunion (near Madagascar) could be wreckage from the missing plane, according to an aviation expert.



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President Obama Explains Where "The Economy Is Booming" (In 1 Cartoon)

Finally, an economic growth strategy...



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Currency Devaluation: The Crushing Vice Of Price

Authorities pushing currency devaluation as a cure for their stagnating economies might want to study Frederic Bastiat's insight into the eventual cost and consequences: "For it almost always happens that when the immediate consequence is favorable, the later consequences are disastrous, and vice versa.”

 



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Meanwhile In Venezuela... The Socialist Paradise Has Arrived

As we recently warned, the hyperinflationary collapse in Venezuala is reaching its terminal phase. With inflation soaring at least 65%, murder rates the 2nd highest in the world, and chronic food (and toilet paper shortages), the following disturbing clip shows what is rapidly becoming major social unrest in the Maduro's socialist paradise... and perhaps more importantly, Venezuela shows us what the end game for every fiat money system looks like (and perhaps Janet and her colleagues should remember that).



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"It Depends On What The Meaning Of The Word "Some" Is": Goldman Says Don'tt Read Too Much Into Fed Statement

When even Jon Hilsenrath is clueless what the Fed is trying to say, we go with old faithful, the company that runs the NY Fed, Goldman Sachs. Here is Jan Hatzius' take. "The statement following today's FOMC meeting made relatively few changes compared to June, and did not affect our view that the first rate hike is most likely to occur in December. The most notable change was the addition of the word "some" in the committee's description of desired progress in the labor market."



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Damn It, Janet - Act Now, Before It Is Too Late!!

Given the irrefutable historical testimony of the disasters which ensue once a construction boom takes full rootand also given both the empirical and Austrian-theoretic conclusion that this is one of the most interest rate sensitive sectors in the economycan we please act now, before it is too late, Janet?



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VIX "Flash-Crashes" To 11 Handle After Dovish Fed Statement

We assume this means the 'market' will break before the close unless we make new highs...



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Total Collapse: Greece Reverts To Barter Economy For First Time Since Nazi Occupation

"He is going to pay me back in some sort of product when he is able to, maybe in cheese."



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Bill Gross Explains (In 90 Seconds) How It's All A Big Shell Game

"All global financials markets are a shell game right now... There is no doubt that the price of assets right now is a question mark... and ultimately when Central Banks stop manipulating markets where that price goes is up for grabs... and probably points down"



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Fed Mouthpiece Hilsenrath Confirms Inflation Concerns May Delay "Liftoff"

"The Federal Reserve on Wednesday kept interest rates near zero but cited progress in the U.S. job market, a sign it remains on course to raise interest rates in September or later this year. At the same time, however, it flagged a nagging concern about low inflation, which is creating caution among officials and could convince them to delay the day of the first increase."



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Fed Finishes 54th Consecutive Meeting With No Hike, Hints At Dovish Delay

With no press conference, expectations were muted going in (aside from the ubiquitous VIX-dip, equity market rip that happens at every FOMC meeting) but seemed to hint at delaying a September/December liftoff is on the cards - needing more job improvement...

  • *FED SAYS LABOR MARKET CONTINUED TO IMPROVE, JOB GAINS `SOLID'
  • *FED REPEATS RISKS TO ECONOMY, JOB OUTLOOKS `NEARLY BALANCED'
  • *FED: RATE TO RISE AFTER `SOME FURTHER' JOB MARKET IMPROVEMENT

And so the confusion continues... the jobs market is telling the Fed one thing, while inflation (held down by a lackluster Chinese demand which has in turn exacerbated a global deflationary supply glut) is saying something different, and remember 25bps doesn't matter (just like subprime was "contained"). Full redline below.

Pre-Fed: S&P Futs 2096.00, 10Y 2.2880%, Gold $1095, EURUSD 1.1050, VIX 12.92



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Pre-FOMC Humor: Bubbles Everywhere... And Now In Space

Gazing from the windows of the International Space Station with your economic eyeglasses on, earth is now a pool of festering asset bubbles ready to burst with The FOMC not about to ruin that party anytime soon. Not to be left out, astronaut Terry Virts created his very own effervescence as bubbles have now reached space...



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Top Factors Undermining Any Oil Price Recovery

Global oil prices have returned to a state of flux. This is hardly news to any who follow the oil markets closely and yet prices continue to drive international headlines. While oil prices are notoriously difficult to predict, it has failed to deter the speculators. There are those warning that the latest dip is a precursor for $40 a barrel, a catastrophe for oil markets in some minds. On the other end of the spectrum are the optimists betting on a return to $100 by 2020. The World Bank has taken a typically middle-of-the-road approach, with forecasts of $57 a barrel in 2015. That said, given Iran’s potential revitalization, Russia’s murky outlook, and U.S. shale supply limits uncertain, prices will be responsive to supply and demand trends; at least in the short to medium term.



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Record Foreign Central Bank Demand Leads To Blistering 5 Year Auction

If yesterday's 3 Year auction was far stronger than expected, then today's 5 Year auction was an absolute whopper, printing moments ago at a high yield of 1.625%, 0.5bps through the When Issued, but it was the internals that were most impressive, not so much the Bid to Cover which jumped from 2.39 to 2.58, the highest since November, but the real stunner just like in yesterday 3Y auction, was the central bank, aka Indirect, interest because while the foreign central bank bid in yesterday's 3 Year auction were the highest since 2009, today's 67.5% Indirect takedown was the strongest on record!



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