Unemployment

Yen Soars, Stocks Slide After Kuroda Says "No Need Or Possibility For Helicopter Money"

In a surprising rejection of Ben Bernanke, BOJ governor Haruhiko Kuroda said that there will be no helicopter money in Japan, amid increasing speculation over monetary and fiscal policy in the world’s third-largest economy. Given the current institutional setting, there is "no need and no possibility for helicopter money," Kuroda said in a BBC Radio 4 program that was broadcast Thursday. “At this moment, the Bank of Japan has three options with quantitative and qualitative easing with negative interest rates."

George Soros Doubles Down: Accept 300k Refugees Costing $30Bn, Or Risk EU Collapse

Seemingly doubling down on his comments in April (following what he called Europe's "flawed asylum policy"), George Soros details his plan (over-riding the current "piecemeal approach") for rescuing Europe before it is too late. Simply put, the billionaire says the EU must take in hundreds of thousands of refugees a year, spend at least 30 billion euros (a minor sum, since he believes it can all be financed by debt and taxes) or Europe faces an "existential threat."

"The World's Central Banks Are Making A Big Mistake"

Debt is future consumption brought forward. Once debt is incurred, consumption that might have happened in the future won’t happen. And it should come as no surprise that at a certain debt level, growth and income begin to diminish. That is exactly what we are seeing in the real world.

US Futures Rise To Session Highs, Set For Another Record Open; Global Stocks Jump

After yesterday's positive close in the Dow Jones, which hasn't had a losing day since July 7 and which took the series of consecutive green closes to 8 in a row - the longest stretch since 2013 - the index will look to lock in its 9th green day in a row with futures currently trading well in the green. It's not just the US - equities edged higher in Asia and Europe as positive earnings results from some of the world’s biggest companies countered concern the global economy is losing steam. The dollar strengthened while gold retreated.

Confidence In The Economy Slumps To Multi-Year Lows: Gallup

One place which fails to corroborate the narrative of a "recovering economy" are the monthly Gallup surveys, and especially the most recent one released earlier today. At -17, this reading is tied for the worst economic confidence reading recorded in the last few years, and suggests that Americans' take on the economy is getting worse, not better.

After Eight Years Of "Hope And Change", Voters Are Angry

Eight years ago, Barbara Conley was one of the millions of Americans swept up in Barack Obama's promises of hope and change when he accepted the Democratic nomination at a packed football stadium a few miles from her home in the Denver suburbs. But those optimistic days are unrecognizable to Conley now.

Treasuries Will Tell You All You Need To Know

Even with the S&P 500 hovering at all time highs and currencies moving all over the place, Bloomberg's Richard Breslow says the only asset class that is dispositive right now is bonds.

With The S&P 140 Points From Its 2018 Year End Target, Goldman Is Confused

Goldman found itself in the confusing position of being far more bearish than its clients, predicting that the S&P will rise less than 150 points over the next two and a half years and has to explain the reasons behind its bearishness, as well as the reason why it expects a sharp 5-10% drawdown in the S&P in the coming months.

With "Stock Valuations At Extremes" Goldman's Clients Are Asking Just One Question

This week the S&P 500 surged to a new record high of 2164 this week while the 10-year US Treasury yield touched an all-time low of 1.37%. As a result Goldman, and especially its clients, are stumped. As chief equity strategist David Kostin admits, they have one burning question. As Kostin puts it, they "are struggling to reconcile how extreme valuations of both assets can co-exist."

"All-Time-Highs"

"...central bankers seem to view elevated security valuations as “wealth.” The longer this fallacy persists, the worse the subsequent fallout will be. I have little doubt that future generations will look at the reckless arrogance of today’s central bankers no differently than we view speculators in the South Sea Bubble and the Dutch Tulip-mania. Unfortunately, there is no mechanism by which historically-informed pleas of “no, stop, don’t!” will penetrate their dogmatic conceit. Nor can we change the psychology of investors."

Labor Market Continues To Deteriorate: Job Openings Tumble, Fewest Hires Since 2014

It wasn't just job opening which disappointed in May: so did the far more important, in our opinion, number of hires. In May, the BLS reported that the number of total hires was only 5.036MM, the third month in a row of declines, and the lowest print since November 2014 as suddenly employers clamped down on new (seasonally-adjusted) hiring.