Bank of America

Bank of America

Why A Record Number Of College Grads Are Working Minimum Wage Jobs

Increasingly more low wage employees are those with a college education as they are unable to leverage their diploma credentials to get a better paying job, as the only ones hiring are those seeking minimum-paid workers. This means that the share of college grads working minimum wage jobs is now an all time high; jobs which barely cover the cost of living, let along covering interest expense on student loans.

The War On Whistleblowers & Why America's Next President Will Kill Julian Assange

"I’m worried about Julian Assange. This is not a maternal instinct, but rather, a pragmatic one. The increasingly hostile statements made by top state officials and their surrogates show a widespread condemnation of whistleblowers in the halls of government. President Obama set the tone early in his administration. In the case of WikiLeaks founder Julian Assange, the rhetoric goes well beyond condemnation of methodology and straight to advocating for his brutal murder."

Existing Home Sales Crush Recovery Narrative, Plunge Most Since Nov 2015

Following yesterday's 7 standard deviation beat in New Home Sales, Existing Home Sales for July missed expectations by 2 standard deviations dropping 1.64% YoY - the first annual decline since Nov 2015. The blame for this collapse - according to NAR's Larry Yun - is "frustratingly low inventory levels."

FBI Probes Firm Belonging To Brother Of Clinton Campaign Chair For Ukraine Corruption Ties

While much of the media focus over the past week has been on the potential corruption scandal involving Ukraine's former president and Donald Trump's now former advisor, Paul Manafort, perhaps it is time for it to shift attention to the Podesta Group, the lobbying firm which belongs to Tony Podesta, the brother of Hillary Clinton campaign chairman John Podesta

33,000 Americans Have Deposited $1.8 Billion In Savings With Goldman Sachs

Since the closing of Goldman's acquisition of GE Capital's banking unit this April, Goldman has netted $1.8 billion in new deposits thanks to its overly generous 1.05% interest rate which as noted above is among the highest on offer anywhere. Some 33,000 people who’ve opened accounts,

"It’s Surreal" - Negative Yielding Debt Rises To Record $13.4 Trillion

“It’s surreal,” said Gregory Peters, senior investment officer at Prudential Fixed Income "Regarding negative yields he added that “It’s clear that central banks are dominating markets. There’s a race to the bottom. Central banks are the main drivers of this, it’s not fundamental."

Did US Consumers Finally Tap Out? BofA Internal Card Data Shows Significant July Spending Slowdown

According to Bank of America's internal aggregated credit and debit card data, consumer spending slowed in July, with retail sales ex-autos down 0.3% mom on a seasonally adjusted basis. As the bank concludes, "In our view, this sets up for a softer Census Bureau retail sales report on  Friday – we would not be surprised to see either disappointing July sales and/or a downward revision to June."

August Corporate Bond Issuance Breaks All Records Thanks To Relentless Demand For Yield

It has been a scorching August for the continental US, with the government predicting, for the first time on record, that every square inch of all 50 states is forecast to see above-average temperatures for the next three months. However, that is nothing compared to what is taking place in the blistering bond market, where new bond issuance is on pace to blow away all records.