Commentary Despite all the fanfare and cheerleading you hear in the MSFM, the recent bounce in equity prices has just been a rather pedestrian bear market rally. Bull markets are not engendered by a faltering global economy, very high rates of inflation, and the most hawkish global central bank tightening cycle in history. In spite…
Powell’s ‘Put’: Out of Money and Time
August 23, 2022
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Business & MarketsBusiness ColumnistsinflationInvestmentMarketsOpinionPowellreal estaterecessionViewpoints
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Big Banks Face $1 Billion in Fines Over WhatsApp, Other Unapproved Message Tools, Says Report
August 22, 2022
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bank regulationsBusiness & MarketscftcCompanieseconomic policieseconomyInvestmentMarketsPoliticsSECUSWhatsapp
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Major banks such as JPMorgan Chase, Citigroup, and Bank of America are collectively facing more than $1 billion in regulatory fines, after employees used unapproved communication tools, such as private email and messaging apps like WhatsApp. The U.S. Securities and Exchange Commission (SEC) discovered the violations after probing several banks’ record-keeping practices relating to the use…
Former Treasury Secretary Lawrence Summers Fears the Fed Is Confusing Investors With Loose Monetary Policy
August 22, 2022
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Business & Marketseconomic policieseconomyFederal Reserveinflationinterest rateInvestmentjerome powellLarry SummersMarketsrecessionUS
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The Federal Reserve needs to alert investors that in order to contain inflation, the central bank will have to impose a restrictive monetary policy that will drive up the U.S. unemployment rate, former Treasury Secretary Lawrence Summers said in a recent interview for Bloomberg Television. Summers, who was also a director of the White House National Economic…
AMC, Bed Bath & Beyond Tank as Meme Stock Frenzy Crushed
Shares of meme traders’ stock favorites, including AMC Entertainment Holdings and Bed Bath & Beyond, cratered during Monday’s trading session. The struggling theater chain plummeted as much as 38 percent, to around $11 a share, while the retailer fell nearly 12 percent, to under $10. These stocks had enjoyed significant gains until late last week….
Where Will Gold Prices Go? It Depends on the Economy
August 21, 2022
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Business & MarketsBusiness ColumnistsGold and CommoditiesGold PricesInvestmentMarketsOpinionViewpoints
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Commentary Gold, traditionally an inflation hedge and a haven investment during times of market duress, has not been an effective investment this year. Inflation has been elevated. The Consumer Price Index was up 8.5 percent in July versus a year ago, slightly lower than the 9.1 percent year-over-year reading in June. And despite a recent…
Gaslighting the Gold Standard
Every so often, the idea of resurrecting the Gold Standard becomes a mainstream topic of discussion and debate. It tends to arise during times of economic or geopolitical uncertainty. Yet most investors don’t understand the full context surrounding the debate. Younger investors may not even know most of the world was operating on a gold…
Recession Drum Beats Louder As Leading Economic Index Falls for 5th Month Straight
America’s recessionary drumbeat just got louder as a key economic gauge from the Conference Board dropped for the fifth month in a row, weighed down by a slowing job market, weak manufacturing new orders, and deep consumer pessimism. The Leading Economic Index (LEI) for the United States, which is a forward-looking gauge designed to predict…
Home Sales Drop 6 Percent in July as ‘Housing Recession’ Hits, Says NAR
August 18, 2022
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Business & Marketseconomic policieseconomyhome priceshousing marketinflationInvestmentMarketsmortgage ratereal estaterecessionUSUS Real Estate
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Existing U.S. home sales have dropped 5.9 percent in July, the sixth consecutive month of decline, according to the National Association of Realtors (NAR), which admitted a “housing recession.” At a seasonally adjusted annual rate of 4.81 million, home sales are down 25.9 percent since January and 20.2 percent from a year ago. “The ongoing…
Wall Street Steady at Open as Investors Assess Fed Minutes
Wall Street’s main indexes were subdued at the open on Thursday, with investors seeking fresh signals for future rate hikes after minutes from the Federal Reserve’s July meeting suggested a less aggressive monetary policy tightening path. The Dow Jones Industrial Average rose 1.54 points at the open to 33,981.86. The S&P 500 opened lower by…
Investor Mood No Longer ‘Apocalyptically Bearish’: Bank of America Survey
August 17, 2022
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Investors are “no longer apocalyptically bearish,” says Bank of America’s (BofA) Chief Investment Strategist, Michael Hartnett, in the monthly survey of global fund managers on Aug. 17. BofA polled 284 investors overseeing $836 billion in assets between Aug. 5–11, who said they had cut back a net underweight position in equities to minus 26 percent, a…
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