Bank of America

Key Events In The Coming Busy Week: FOMC, Payrolls, 131 S&P Companies Report

Besides the upcoming FOMC meeting on May 2-3, and French & Italian politics - the decisive runoff round of the French election takes place this Sunday - this week's releases are dominated by US payrolls expected to come around 170k. The busy release calendar continues with Norges bank and RBA meetings as well as global manufacturing PMIs.

Why The Crude Rally Has Fizzled - Part 3 (Of 3)

It is no understatement that it will take a lot of US demand to balance the market. And not just refinery demand, but also product demand too. And not just in the US. In the face of a world saturated with crude oil, the only thing that can truly balance this market is fresh demand from new technology, or a massive reduction in global refinery capacity.

 

Global Stocks Pause Ahead Of GDP Report; Nasdaq Hits Fresh Record High

Despite yesterday's whopping beats by Amazon and Google which sent the Nasdaq to new record highs after hours, this morning futures S&P futures are little changed ahead of the closely watched Q1 GDP report, European stocks and Asian equities are slightly lower, oil is higher after Russia said it had reached the 300kbpd oil cut per the OPEC pact, and the dollar was modestly in the red.

In Today's Fiat Money Financial System, 'The House' Always Wins

Perhaps the rules of the game have always favored the bankers.  Loaning out deposits at a higher interest rate than the yield paid is cornerstone to fractional reserve banking.  However, the extreme maltreatment of individual depositors and borrowers that has persisted following the 2008 credit crisis is a downright disgrace. 

Cheat Or Chump? - You Are Not An Investor

"You are not an investor. One can only be an investor in functioning markets. There have been no functioning markets since at least 2008, and probably much longer. That’s when central banks started purchasing financial assets, for real, which means that is also the point when price discovery died. And without price discovery no market can function."

Market Absurdity Squared: There Is Now An ETF ETF

A landmark event took place yesterday, one which, at least according to Bank of America, may signal that we have hit a top. After $2.9 trillion of inflows to passive funds, and $1.3 trillion redemptions from active funds past 10 years, an ETF ETF has launched.

Maduro Preparing To Swap Venezuela's Gold For Dollars

“The national government, through the central bank, is going to try to swap gold held as reserves for dollars to stay in power unconstitutionally,” according to the letter signed by National Assembly President Julio Borges.