Michigan

Global Rally Fizzles After "OPEC Shock" In "Slow Risk-Off Session"

S&P futures were fractionally lower from yesterday's record high as European stocks declined and Asian stocks were mixed, pressured by yesterday's 5% plunge in crude after OPEC unexpectedly "failed to surprise" markets, and announced the bare minimum supply cut extension that was expected by oil traders, who in turn puked long positions.

Six Terrifying Graphs That Summarize America's Public Pension Crisis

A new report from the Hoover Institution reviews, in detail, 649 state, county and local pension systems in the United States and ranks them based on funding status and impact on local budgets.  What it reveals is a hidden taxpayer debt burden, in the form of underfunded pensions liabilities, totaling over $3.8 trillion.

Existing Home Sales Slump As Prices Soar To Record Highs

Following yesterday's collapse in new home sales, NAR reports that existing home sales in April also disappointed - dropping 2.3% (and March revised lower). This drop happens as median home prices spiked 6.0% YoY to record highs as sales declines are blamed once again on a lack of supply (forget affordability?).

How Russia Became "Our Adversary" Again

"Post-Cold War Russia finally experienced too much brazen humiliation and betrayal at the hands of the U.S.-led West...and marshaled enough of still-intact natural and military resources and patriotic to challenge the American Empire’s hubristic claim to the right to rule Eurasia with impunity. 'What we say goes' hit a new wall of Russian dignity and power."

Key Events In The Coming Week: FOMC Minutes, GDP, BOC, OPEC And More

The key economic releases this week are the durable goods report and Q1 GDP revision on Friday. The minutes of the May FOMC statement will be released on Wednesday at 2PM. In addition, there are several scheduled speaking engagements by Fed officials this week

In Major Shake Up, Ford Fires CEO Mark Fields As Punishment For Declining Stock Price

Confirming weekend rumors of a dramatic management shakeup at Ford, late on Sunday Forbes reported that Ford would replace CEO Mark Fields with Jim Hackett, the former head of office-furniture maker Steelcase who joined the auto maker in 2016. Fields leaves after a 28-year career?at Ford, including a prominent tenure as the head of the company’s North American operation.

The Housing Moment Investors Dread Is Here

...Yes, it’s the moment buyers have been waiting for. It is also the moment private equity investors, those who’ve crowded out natural buyers, have been dreading.

New Theory Behind Stalled Economy: Retirees Are Hoarding Too Much Cash

For years we've written about the fact that Americans, young to old, are lousy savers. That said, we were somewhat shocked to come across a report from money manager United Income which effectively argues that American retirees are saving too much money rather than too little.  So which is it?