Detroit

Case-Shiller Home Price Growth Slows As San Francisco Bubble Continues To Deflate

Amid a slew of mixed housing data (weak starts, permits; rebound in existing sales at record median prices), S&P CoreLogic Case-Shiller reports that home price growth slowed to just 0.28% MoM (the weakest since Aug 2016), considerably worse than the average seasonal slowdown. Home prices fell from the prior month in Cleveland, Boston, San Francisco, Washington, and Tampa, Florida. Year-over-year gains also slowed to just 5.67%, missing expectations. 

Frontrunning: June 19

  • UK PM May says attack on Muslims near mosque is 'sickening' (Reuters)
  • Macron Under Pressure to Deliver as French Turnout Plummets (BBG)
  • Market Volatility Has Vanished Around the World (WSJ)
  • Real victory will be in 5 years, says Macron camp after election win (Reuters)
  • Brexit Talks Kick Off in Brussels as May Urged to Soften Stance (BBG)

Bill Gross: "All Markets Are Increasingly At Risk"

"You have the potential for low asset returns in which the now successful strategy of “making money with money” is seriously threatened. How soon this takes place is of course the investor’s dilemma, and the policymakers’ conundrum. But don’t be mesmerized by the blue skies created by central bank QE and near perpetually low interest rates. All markets are increasingly at risk."

The Demographic Divide: A Police State Of Mind

"... the last thing any of us want to see is a Police State of any kind. But the growing risk is that the next recession and deflating asset prices could well alter the rules of engagement between federal and state authorities on more levels than any of us care to envision."

Nassim Taleb Crushes The 'Merchants Of Virtue'

Virtue without courage is an aberration: in fact you see cowards endorsing a public face of “virtue” as defined by the mainstream media, because they are afraid of doing otherwise. Their cowardice leads them to avoid association with, say anti-Al Qaeda in Syria because some Saudi shill will accuse them of Putinism, racism, anti-democracy, or some accusation that will cause ostracism.