Bloomberg Business – Why Billions in Proven Shale Oil Reserves Suddenly Became Unproven U.S. companies erased 9.2 billion barrels of proven reserves Ultra Petroleum Corp. was a shale success story. A former penny stock that made the big leagues, it was worth almost $15 billion at its 2012 peak. Then came the bust. Almost half… Continue reading Oil Reserves Fall
<Click on chart for a larger image> The Wall Street Journal – Investors Look for Clues on Path of Fed Interest-Rate Rises Central bank is expected to keep rates on hold, but investors will look for clues for a possible July increase Federal Reserve officials are widely expected to leave short-term interest rates unchanged at… Continue reading The FOMC Decision Is Today
The Washington Post – Larry Summers: The Fed is making the same mistakes over and over again As the Federal Reserve meets today and tomorrow, I am increasingly convinced that while they have been making reasonable tactical judgement, their current strategy is ill adapted to the realities of the moment. Exuding soundness is the task… Continue reading Critiquing The Fed
<Click on chart for larger image> AQA – Pete Forbes: Gold Outlook Leaning Bearish Ahead of FOMC Up over 21% YTD and retesting recent highs near 1300, gold is back in the spotlight ahead of the June FOMC meeting. A new model reveals monetary policy expectations in the US and UK, the US Dollar, Chinese… Continue reading Gold’s Outlook
<Click on graphic for larger image> The Wall Street Journal – Financial Conditions: Why the Fed Should Raise Rates Soon, But Not Yet Measures of financial conditions suggest the Fed should remain on hold for now, though perhaps not much longer Seven years after the financial crisis and just one interest-rate increase later, the U.S.… Continue reading The U.S. Isn’t Ready For Another Rate Hike
<Click on graphic for larger image> Bloomberg Business – China Spends More on Infrastructure Than the U.S. and Europe Combined Western countries put less money into roads and bridges now than they did before the global financial crisis. Despite a crying need for better infrastructure, investment in it has actually fallen in 10 major economies… Continue reading China’s Infrastructure Spending
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<Click on chart for larger image> Barron’s – Bond Market Is Sending Big Warning to Investors With rates falling despite the Fed’s desire to hike, bonds are signaling deeper problems in the market. I will leave further commentary to fundamental analysts and economists, but on the charts it is hard to look at most yield… Continue reading Falling Yields
The Sun has the largest circulation of any Newspaper in the UK <Click on graphic for larger image> The Financial Times – Sun comes out for vote to Leave EU Rupert Murdoch’s Eurosceptic tabloid delivers major boost to Brexit campaign Britain’s biggest selling daily newspaper The Sun has backed the campaign for the UK to… Continue reading The Brexit Scare Is Here!
<Click on graphic for larger image> Numbers Crunchers Politics – Matt Singh: Brexit probability increases sharply Brexit probability has risen sharply, with the NCP Brexit probability index now at 33%. Thus the chances of Britain voting to Leave the EU are higher than at any time since last year’s general election result confirmed that the… Continue reading Brexit Betting
<Click on chart for larger image> The Wall Street Journal – Bond Market Bets On Beating the Fed. Again Bond investors are violating one of Wall Street’s cardinal rules: Don’t fight the Fed. The decline in yields on long-term U.S. Treasury as well as options and federal funds futures prices, suggest that investors do not… Continue reading The Fed Meets Today, Decides Tomorrow
<Click on chart for larger image> The Wall Street Journal – Global Oil Markets to Balance Out, IEA Says Oil watchdog adjusts expected oversupply to 800,000 barrels a day, from 1.5 million barrels Global oil markets are moving close to balance in the second half of this year on a significantly stronger than expected oil… Continue reading Crude Oil Supply/Demand