Bloomberg Business – Goldman Sachs Scraps On-Campus Interviews for Robo-Recruiting Bank seeks to become ‘school agnostic’ for job applicants Goldman Sachs Group Inc., seeking to curb bias in its selection of junior employees, plans to discontinue on-campus interviews for undergraduates. The move is a part of an overhaul at the New York-based bank that will… Continue reading How Goldman Recruits
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The Wall Street Journal – ‘Brexit’ Vote: U.K. Heads to the Polls in Historic Referendum on EU Membership Britons headed to polling booths Thursday for a historic vote on whether to leave the European Union, a choice pitting a vision of an untethered Britain against bleak predictions of economic turbulence and global insecurity. The ballot’s… Continue reading One Final Brexit Update Before The Vote
<Click on graphic for larger image> The Wall Street Journal – The $50 Billion Oil Bear Shane Driscoll believes we are in 10-year to 15-year bear market in energy and commodities Being a bear can be lonely. That’s not Shawn Driscoll’s problem. The natural-resources fund manager at T. Rowe Price believes we are in a… Continue reading Two Views On Crude Oil
The Maritime Executive – Port of LA Announces Busiest Month of May Ever The Port of Los Angeles announced Wednesday that last month was the busiest May it has ever had. Overall cargo volumes at the Port of Los Angeles increased nearly 11 percent in May compared to the same period last year. Total volumes… Continue reading A Look At Cargo Volumes
<Click on graphic for larger image> AQA – Peter Forbes: TIPS Breakevens Poised for Brexit Relief Rally Concerns about tomorrow’s Brexit vote have weighed heavily on TIPS breakevens. Softer inflation data, looming supply and reluctance among dealers to carry balance sheet risk have helped push breakevens into long term supports. Correlations to global risks for… Continue reading TIPS Breakevens Poised For Rally
Bloomberg.com – Why the Fed’s Stress Tests Aren’t Credible For the sixth year in a row, the U.S. Federal Reserve is conducting stress tests to see whether the country’s largest banks can withstand a severe crisis. If only the results, to be announced this week and next, were more useful. At first glance, the tests… Continue reading The Fed’s Stress Tests
<Click on chart for larger image> MoneyBeat (WSJ Blog) – Why Record Buybacks Are a Troubling Signal U.S. companies are buying back stock at the fastest clip on record, the latest data show, and it just may be a sign that the so-called secular stagnation is, like, a real thing. Two interesting emails landed in… Continue reading Interpreting Record Buybacks
The Wall Street Journal – House Republicans Grill Janet Yellen on Fed Operations Federal Reserve Chairwoman Janet Yellen on Wednesday sparred with House lawmakers who grilled her on a variety of issues, including the Fed’s interest payments to big banks. Ms. Yellen faced a much more skeptical—and at times hostile—audience at the House Financial Services… Continue reading Yellen’s Testimony To The House
<Click on chart for larger image> Bloomberg.com – Bitcoin Loses 25% in Five Days as Brexit Odds Fall, Ether Sinks Bitcoin plunged for a fifth day as concern Britain will vote to leave the European Union waned and a hack suffered by another cryptocurrency undermined confidence in such digital assets. Bitcoin slid 6.1 percent to… Continue reading Bitcoin Takes A Hit
<Click on cartoon for a larger image> <Click on cartoon for larger image> Brexit playlist * The Final Countdown – Europe * Stay – Jackson Browne * Never Forget – Take That * Leave Right Now – Will Young * Never Gonna Give You Up – Rick Astley * Don’t Look Back in Anger –… Continue reading Cartoons
Charts of the Week Topics Covered This Week Include: Brexit Brexit – 2 An Example Of Yellen’s Credibility Problem Timing The Next Fed Hike Fed Credibility Gold Update Bond Sentiment Update Record U.S. Treasury Sales By Foreign Countries In April 2016 China And Japan U.S. Treasuries Holdings Revisiting China’s Hard Landing Revisiting China’s Hard Landing… Continue reading Charts of the Week