Freddie Mac

Trump Picks Fiscal Conservative Hawk Mulvaney As Budget Director

Hinting at a substantial clampdown on government spending over the next four years, this morning President-elect Trump announced the selection of South Carolina Rep. Mick Mulvaney to be his first budget director Saturday morning, a nomination which would put a "fiscal conservative hawk" in charge of managing the federal budget and the logistics of government affairs.

Freddie Mac Issues Warning As Mortgage Rates Soar

Blink, and you missed your chance to refi. And according to nationalized mortgage giant Freddie Mac, it's only going to get worse: "if rates continue their upward trend, expect mortgage activity to be significantly subdued in 2017."

Global Equity Euphoria Prepares To Meet Mario Draghi

There’s seemingly no stopping the equity side of the “Trumpflation” trade in what may be developing into an epic year end blow-off top. The euphoria which took the S&P 500, Russell 2000 and the Transports to all-time highs yesterday, and the Dow to less than 500 points away from 20,000 carried over into Asian stocks (+0.8%) as they followed bullish trend, while European stocks rose for a fourth day.

The Deepening Of The Deep State

The measure has not been passed by the Senate or signed into law yet, and the holiday recess may prevent that. But it is easy to see how it would empower the Deep State to shut down whichever websites they happened to not like.

Frontrunning: December 5

  • Italy Sinks Into Political Limbo as Defeat Sweeps Renzi Away (BBG)
  • Investors Shrug Off Italy Referendum Result (WSJ); Markets Rise After Italy Turns Down Referendum (BBG)
  • Italy’s ‘No’ Poses Trouble for Eurozone (WSJ)
  • Oil tops $55 for first time in 16 months as OPEC deal fuels buying (Reuters)
  • Merkel regrets Renzi resignation but will work with new Italy government (Reuters)

'Real' Money & Why You Need It Now, Part 2

"It might work for a while. But the falcon of asset prices becomes deaf to the falconer of the real economy. Then, in a kind of financial never-never land, he gets lost completely and flies into a tree. Asset prices fall to the ground. Investors panic. Lenders call their loans. Art investors rush to auction off their tableaux. Lines form at ATMs."

Newt Gingrich Confirms "I Will Not Be In Donald Trump's Cabinet"

Having been a loyal defender of Trump through the campaign - slamming the media's bias and Megyn Kelly's sex-addiction at one point - former House Speaker Newt Gingrich has confirmed today in an interview with McClatchy, that “I will not be in the Cabinet...I intend to be focused on strategic planning.”

BOJ "Fires Warning At Bond Market" Sending Global Yields, Dollar Lower; All Eyes On Yellen

Global bond yields and the dollar both weakened after the Bank of Japan offered to buy an unlimited amount of debt at fixed yields, stabilizing the global bond rout, while investors awaited testimony from Fed Chair Janet Yellen that will help shape the outlook for interest rates ahead of a December rate hike that is now seen as near certain.

Everything Is Soaring As Trump Makes Buying Stuff Great Again

The global repricing of inflation expectations continues at a feverish pace in the aftermath of the Trump victory, leading to another surge in US equity futures, up 15 points or 0.7% to 2175 at last check, with Asian and European stock market all surging after the initial shock of Trump’s election victory gave way to optimism for fiscal stimulus will provide a boost to the global economy.  Commodity metals soared with copper surging the most since May 2013.

US Futures Flat, Rebound From Session Lows On Rising Election Jitters

Asian stocks, S&P futures and European shares trade flat as a tightening race for the U.S. presidency spurs demand for haven assets including the yen while weighing on stocks and Mexico’s peso. A turbulent overnight session saw some early risk off following the plunge in Facebook shares and the Fox News report that an FBI probe into the Clinton foundation may lead to a "likely indictment."