Federal Reserve Bank

The Running Of The Japan Bears

Renowned investor and manager of the Yale endowment, David Swensen, recently highlighted his newfound enthusiasm for Japanese markets: “There are some very interesting things going in Japan, one of the places I’m most optimistic about. It seems like capitalism might actually be taking root, making progress there.”

New CME Bitcoin Futures And The Goldman Sachs Connection

... here we have a new Bitcoin futures contract, a derivative on the global phenomenon that is Bitcoin, whose settlement price is based on a reference rate calculated in London by an unknown company whose sole director is from Goldman Sachs.

Asian Market Rout Goes Global On Tech, Tax And Government Shutdown Tremors

A selloff which started in Asia, driven by renewed liquidation of Chinese and Hong Kong tech stocks and accelerated by weaker metal prices which pushed the Shanghai Composite below a key support and to 4 month lows, spread to Europe and the rest of the world as investors continued to lock in year-end gains among the best performing assets amid a broad risk-off mood.

Key Events In The Coming Week: Jobs, Brexit, PMI, IP And More

The first full week of December is shaping up as rather busy, with such Tier 1 data in the US as the payrolls report, durable goods orders and trade balance. We also get UK PMI data and GDP, retail sales across the Euro Area, as well as central bank meetings including Australia RBA and BoC monetary policy meeting.

Frontrunning: December 4

  • Stock futures jump after Senate approves tax bill (Reuters)
  • Tax Bill Marked by Blinding Speed (WSJ)
  • Corporate Winners and Losers in the GOP Tax Bill (BBG)
  • Flynn’s Guilty Plea Sparks Clashing Interpretations (WSJ)
  • Irish border deal reported settled as May meets Juncker (Reuters)

Blow.Off.Top.

"...the prospect of tax cuts is the final carrot the free money scheme has to offer. The carrot top is here... there are no more carrots."

Q3 GDP Revised Up To 3.3%, Highest In 3 Years

After the BEA estimated that US GDP rose an already impressive 3.0% in Q3, moments ago the Department of Commerce revised its estimate for third quarter growth to 3.3% annualized, higher than the 3.2% print expected, the highest since the third quarter of 2014.

Key Events In The Coming Week: Senate Tax Vote; Euro Inflation; GDP; OPEC, Fed Speakers

It's a busy week as traders return from the long Thanksgiving holiday, with inflation releases in the Eurozone and Japan. We'll also get the second estimate of US GDP, housing data and ISM manufacturing, UK monetary aggregates and PMIs in China. Finally, the Russia-OPEC meeting takes place in Vienna on November 30, while the Senate hearing of Fed chair nominee Powell and Yellen's testimony before Congress will be closely watched.

Key Events In The Coming Week: Taxes, Inflation, Yellen, Draghi, Kuroda And Brexit

This week’s economic calendar features several key data releases and Fedspeak. The main data release in US include: CPI inflation, retail sales, industrial production, housing data and monthly budget statement.Away from the data the ECB’s Draghi, Fed’s Yellen, BoE’s Carney and BoJ’s Kuroda are all scheduled to participate on a policy panel hosted by the ECB.