<Click on chart for larger image> The Wall Street Journal – The Shutdown in Print Nine days into the partial government shutdown, the operative word is partial. The best estimates are that about 83% of government outlays are still flowing, including to the military, Social Security, Medicare, airport screeners and the Postal Service. As for… Continue reading The Federal Register
CNBC – Bill Gross: We’re buying what Fidelity is selling The nation’s largest manager of money market mutual funds disclosed Wednesday that it no longer holds any U.S. government debt that comes due around the time the nation could hit its borrowing limit, but the surprise announcement from Fidelity Investments failed to deter Pimco founder… Continue reading Artificially Cheap Bills
Bloomberg.com – Caroline Baum: Debtors’ Prison Is No Place for Country Like U.S. How is it government officials come to contradictory conclusions about what the U.S. Treasury can do in the event it lacks the money to pay all its bills? Can the Treasury prioritize and pay bondholders before everyone else? The Treasury says no.… Continue reading More On Prioritizing Payments
The Wall Street Journal – Jon Hilsenrath: Yellen Gets Fed Nomination With Bank at Turning Point Janet Yellen , if confirmed to lead the Federal Reserve, faces the difficult task of defining when the central bank will step back from the expansive monetary programs employed over the past six years to salve the crisis-racked economy.… Continue reading Janet Yellen
<Click on chart for larger image> The Wall Street Journal – Analyst Meredith Whitney Shutting Research Business Meredith Whitney, one of Wall Street’s best-known and most controversial research analysts, is getting out of the research business, following the departure of numerous clients and employees. Ms. Whitney is closing the research part of her firm after… Continue reading When All Else Fails, Start A Hedge Fund
(h/t ZH)
Conference Call Presentation/Charts of the Week Audio [audio:https://www.biancoresearch.com/bianco/SubscriberArea/101013.mp3|titles=Conference Call ] Topics Covered This Week Include: Will The US Default? Short Rates–“Default/Chaos” or “Operational Problem” Short-Term T-Bills Payment Prioritization How Government Polarization Led To The Shutdown – 1 How Government Polarization Led To The Shutdown – 2 How Government Polarization Led To The Shutdown – 3… Continue reading Conference Call Presentation/Charts of the Week
Comment Jim Bianco was on Reuters TV yesterday discussing short-term rates and the market’s reaction to the government shutdown and debt ceiling. To watch the interview, click on the image above. To view any of our recent interviews click here. The stories and charts below ascribe the spike in short-term Treasury bills to fears of… Continue reading Spiking Short-Term Rates – “Default and Chaos” or “Operational Problem”
Comment On Monday, Jim Bianco was on Bloomberg TV discussing a variety of topics. In this segment, Jim discusses his views on Q3 earnings. To view the interview, click on the image above. To view any of our recent interviews click here. In the interview he discussed earnings expectations and used the chart below. <Click… Continue reading Alcoa Kicks Off Q3 Earnings Season
The Financial Times – Fed minutes set to throw spotlight on QE questions The future path of the US programme of quantitative easing will be in the spotlight again this week, with the release of last month’s Federal Reserve open markets committee meeting minutes. Other than that, it may be a quiet week in the… Continue reading The FOMC Minutes Will Be Released Today
The Washington Post – A very simple timeline for the debt-ceiling crisis Oct. 17. Extraordinary measures end. Oct. 17 isn’t necessarily the doomsday date, as Republicans like Bob Corker and Susan Collins have pointed out. It’s just the date that the Treasury Department estimates that all those “extraordinary measures” will run out. At that point,… Continue reading Major Government Payments Through November 15th
The Wall Street Journal – Janet Yellen, a Backer of Pushing the Fed’s Policy Boundaries While the easy-money leaning aligns her with current Fed Chairman Ben Bernanke, it puts her at odds with a minority of Fed policy makers. They say the extraordinary policies have done little to help the economy and risk triggering higher… Continue reading Obama To Choose Yellen For Federal Reserve Chair Today