Bank of America

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The Ongoing Plunge In American Worker Productivity Explained





While revised modestly higher from preliminary levels, US non-farm productivity plunged 2.2% in Q4 2015 - the biggest drop since Q1 2014. Economists are gnashing their teeth to explain this "plunging productivity paradox" - we think it is rather simple...

 
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As A Frenzied Wall Street Buys Shale Equity Offering At A Record Pace, Exxon's CEO Has A Stark Warning





Investors have pumped a whopping $9.2 billion in new equity into energy companies year to date, the most since Bloomberg records began in 1999. The euphoria won't last, and the equity issuance window is already closing: confirmation of this comes from none other than Exxon CEO Rex Tillerson who moments ago said that the "wave of oil equity issuances is destroying value", adding that "global economic conditions are not inspiring", that "demand won't solve it quickly" and that "we're still oversupplying the market."

 
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Someone Isn't "Buying" This Rally: The "Smart Money" Sells For Five Consecutive Weeks As Buybacks Soar





No matter what unleashed today's algo buying spree, one thing is clear: someone has to be buying and someone has to be selling into what, Investech yesterday explained, is the latest bear market rally. Thanks to Bank of America we know the answer to both.

 
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Japan Braces For A "Turbulent, Volatile" 10-Year Auction With First Ever Negative Yield On Deck





"We expect the10y JGB auction on the 1st to be a new issue with a 0.1% coupon, but auction yields are likely to go into negative territory. We do not expect the bank sector to buy, and demand from dealers and foreign investors is unlikely to provide sufficient support. We expect the auction to be turbulent given investors are also unlikely to short futures and the possibility of a tail. "

 
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The Global Run On Physical Cash Has Begun: Why It Pays To Panic First





If, and when, a run on physical cash begins, there will be roughly $1 dollar in physical to satisfy $10 dollars in savers' claims, a ratio which drops to 20 cents of "deliverable" cash if the $100 bill is taken out of circulation.

 
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BofA Is Still Not Buying It: "Everyone (Including Ourselves) Is A Seller Into Strength"





"Everyone (including  ourselves) a "seller into strength" which means risk can squeeze higher short-term into policy events.... policy meetings increasingly seen as selling (not buying) catalyst, so selling pressure resumes if policy disappoints."

 
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3 Things: Earnings Lies, Profits Slide, EBITDA Is Bulls**t





History is pretty clear. As long as earnings are deteriorating, you don’t want to be invested in stocks. As Charlie Munger once said: “I think that every time you see the word EBITDA, you should substitute the word ‘bullshit’ earnings.”

 
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Donald Trump Is Right: Here Are 100 Reasons Why We Need To Audit The Federal Reserve





When a leading nominee for President gets something exactly right, we should applaud them for it.  In this case, Donald Trump’s call to audit the Federal Reserve is dead on correct.  Most Americans don’t realize this, but the Federal Reserve has far more power over the economy than anyone else does – including Barack Obama.  The funny thing is that the Federal Reserve is not even part of the federal government.  It is an independent private central bank that was designed by very powerful Wall Street interests a little over 100 years ago.  It is at the heart of the debt-based financial system which is eating away at America like cancer, and it has no direct accountability to the American people whatsoever.

 
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G-20 Stimulus Hopes Crushed After Jack Lew Says "Don't Expect A Crisis Response", Rally In Jeopardy





“Don’t expect a crisis response in a non-crisis environment,” Jack Lew said in an interview broadcast Wednesday with David Westin of Bloomberg Television. “This is a moment where you’ve got real economies doing better than markets think in some cases.” He added that policy makers from the world’s biggest economies are unlikely to make the kind of detailed national commitments to restore growth they did to at the height of the global financial crisis.

 
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Why Guggenheim Believes The 10 Year Treasury Will Drop Below 1%





"Central banks around the world, reacting to the same recessionary fears, are likely to cause long rates to sink materially lower than where we are today. I see the 10-year Treasury note falling to 1 percent, perhaps even lower, before year-end. According to technical analysis, the current target bottom for the 10-year Treasury note is 28 basis points!"

 
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Freddie Mac, Bank Of America Launch Another 3% Down Mortgage Program





In what looks like a spiteful move designed to undercut the FHA, Bank of America has partnered with Freddie Mac on a new mortgage scheme that will allow borrowers to make down payments as low as 3%. Because that's just what taxpayers need. Fannie and Freddie making more bad loans. 

 
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Why Bonds Aren't Buying This Bounce, And Why Guggenheim Expects The 10-Year Yield To Drop Below 1%





"Essentially, the rates market is stuck between pricing in more Fed easing or more China worries."

 
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The Good, The Bad, & The Ugly





The OPEX game is back in full swing and brought back hope amongst signs of bullish capitulation everywhere.... but there is plenty of bad (and even ugly) to consider.

 
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Bank of America: "Corporate Balance Sheets Are The Most Unhealthy They Have Ever Been"





"...in a world where corporate balance sheets are arguably the most unhealthy they have ever been (all-time high leverage in HG and HY) where companies have relied on cheap debt to fund a growth through acquisition strategy, what happens if funding is either unavailable or too expensive to make a growth through acquisition strategy make sense? Same goes for buybacks and special dividends?"

 
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