Consumer Confidence

The Other Shoe Drops: Prime Auto Loan Losses Surge As Recoveries Tumble

With subprime auto loan delinquencies already surpassing losses last seen in the immediate aftermath of the financial crisis, the next shoe has dropped as losses in bonds tied to prime auto loans surged in recent months from a year ago, with 60+ day delinquencies and default rates in Prime ABS pools doubling from post-crisis lows.

April Payrolls Preview: "It Better Be Good"

After the abysmal March labor report, all we - and the Fed - can say is that April better be good, or else Yellen's claim of "transitory weakness" will simply be the latest nail in the coffin of Fed credibility. Here is the consensus for the key numbers the BLS will report at 8:30am ET on Friday morning.

Auto Bloodbath: Every OEM Misses April Sales Estimates As Inventories Continue To Soar

After an abysmal March print and growing speculation on wall street that auto sales are looking less like a "plateau" (Ford's label not ours) and more like a debt-fueled bubble on the verge of an epic collapse, auto investors were looking toward April auto sales for signs of hope.  Unfortunately, the "hope" trade failed to materialize as every single, major auto OEM missed their April sales estimates in fairly spectacular fashion.

"I Kept My Promise To Americans": Trump Explains What He Did In His First 100 Days

"One hundred days ago, I took the oath of office and made a pledge: We are not merely going to transfer political power from one party to another, but instead are going to transfer that power from Washington, D.C., and give it back to the people. In the past 100 days, I have kept that promise — and more." - Donald Trump

Economic Depression And Denial: "We Want To Believe We Aren't Japan"

"And so the longer it goes on, people seem to believe the greater the chance that something just has to go right. It is a happy a comforting thought, aided in emotional manipulation by the constant mainstream optimism. In that belief, every minor uptick is extrapolated far beyond its true significance as that thing that will surely restore positive balance and order."

Consumer Confidence 'Steady' Despite Weak Wages, No Spending, Slow Growth

Apart from stagnant wage growth, dismal economic growth, and tumbling spending growth, Americans remain 'confident' according to University of Michigan. Current conditions fell very modestly but 'hope' rose to its highest since January. Inflation expectations were steady (near record lows) but buying climates improved MoM.

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.

Stocks Dazed After Trump NAFTA Flop, Tax Plan Disappointment; ECB Looms

European shares are lower, pressured by disappointing results by Deutsche Bank and ending a six-session gain, as Asian equities and S&P futures were little changed after a record-setting rally in world stocks which pushed the MSCI World index to over $50 trillion yesterday, fizzled after Trump released unconvincing tax cut plans prompting traders to "sell the news" while caution set in as the ECB met.