New York State

"Hell To Pay" - The Final Condition For A Market Crash Is Falling Into Place

Our liquidity-drunk “markets” remain over-priced due to the chronic intervention of the global central banking cartel, which has demonstrated over and over again that it won't tolerate even the slightest drop in asset prices. Once faith in central banks is lost, their power to delay the deflationary day of reckoning goes with it. The stupendous amount of debt they have helped heap onto the financial system since 2008 will start going into default and the only question that will matter is: Who is going to eat the losses?

"Sometimes Party Loyalty Asks Too Much" - Lifelong Establishment Democrat Urges Voters To Support Trump

"...I believe my party has become the party of the elites and moneyed class and has deserted its historic mission as the party of the working class and disadvantaged.Given my level of discomfort with the current leftist orientation of the Democratic Party, I am now supporting Republican nominee Donald Trump for president. I urge my fellow Democrats to vote for Mr. Trump."

Empire Fed Mysteriously Rises Even As All Components Deteriorate

Over the past year we have seen numerous occasions where regional Fed diffusion indexes posted a headline rebound despite all their components deteriorating. Today was one such day, when moments ago the NY Fed released the Empire State Mfg Survey, which "somehow" rose from -4.21 to -1.99 (it still missed expectations of a -1.00 print). We say somehow because thie "rise" happened even as every component in the index declined.

NY Attorney General Opens Probe Into Trump Foundation's "Troubling Transactions"

With Hillary's poll numbers slumping, something had to be done and New York Attorney General Eric Schneiderman, a Democrat who publicly supports Hillary Clinton, has opened an investigation into the Donald J. Trump Foundation “to make sure it’s complying with the laws governing charities in New York." While Schneiderman has said that his suit against Trump University is not politically motivated, the New York attorney general has not shied away from publicly discussing the case.

"Life-Threatening" Hurricane Hermine To Hit Florida, Head For Tri-State

For the first time in over a decade a hurricane is expected to make landfall in Florida. Winds from strengthening Hurricane Hermine lashed at Florida's northern Gulf Coast, forcing residents to evacuate some coastal areas and stock up on provisions ahead of what the state's governor warned would be a lethal storm. Forecasters are also warning that Hermine poses a Labor Day weekend threat to states along the northern Atlantic Coast that are home to tens of millions of people.

Barack Obama May Have Finally Destroyed America's #1 Advantage

Abuse. Deceit. Extortion. Not exactly great ways to win friends and influence people. It’s as if Barack Obama pulled together the smartest guys he could find to make a list of all the ways the US government would have to screw up in order to lose its enormous financial privilege… and then he went out and did ALL of them.

Goldman Fined 0.1% Of Revenue For "Criminal Theft" Of Confidential Fed Information

Today the story of Goldman's theft of confidential Fed information got its closure, when the Fed announced that Goldman Sachs has agreed to pay $36.3 million to settle allegations by the Federal Reserve that it obtained and used confidential regulatory materials from the central bank two years ago. This amounts to 0.1% of the firm's 2015 revenue of $33.8 billion.

Frontrunning: July 26

  • Priest killed in French church before police shoot dead hostage-takers (Reuters)
  • On raucous opening night, Democratic stars make a pitch for Clinton (Reuters)
  • Sanders Backs Clinton After Fractious Opening of Convention (BBG)
  • Some in Sanders' army seem determined to march on without him (Reuters)
  • Yen hits two-week high as Japanese stimulus expectations dialled back (Reuters)

Empire Fed Unexpectedly Drops As New Orders Tumble, Labor Conditions Deteriorate

While recent regional Fed manufacturing indices had shown a pickup in recent weeks, moments ago the Empire Fed, aka the New York State manfucaturing index, disappointed, declining five points from 6 to 0.55, below the 5.0 expected print. The volatile series has now printed below zero, at zero, above zero, below zero, above zero and at zero over the past 6 months.

Bitcoin Tumbles 10%

Overnight the bitcoin buying appears to have finally stumbled, and after hitting $785 just a few days ago, the digital currency tumbled over 10% earlier, and as of this moment was trading at around $640, which incidentally is where it was trading just ten days ago.

How Hillary Clinton "Clinched "The Nomination On A Day Nobody Voted

"This is the perfect symbolic ending to the Democratic Party primary: The nomination is consecrated by a media organization, on a day when nobody voted, based on secret discussions with anonymous establishment insiders and donors whose identities the media organization – incredibly – conceals."

Your Last Minute Payrolls Preview: What Wall Street Expects

Today's NFP report will be under intense scrutiny as it is the final jobs report before the June rate decision by the FOMC. The market has increased the probability of a hike at the June meeting significantly in recent weeks and a strong labour market will be critical to allow the Fed to proceed with a June or July "normalization."