Comment Over this past weekend, Jim Bianco joined many other economists at David Kotok’s yearly fishing trip. In the video above, many of them share their opinion as to whether Summers or Yellen will be the next Federal Reserve chairman. To view the interview, click on the image above. To view any of our recent… Continue reading Is Summers Now The Favorite? Does The Market Know This?
<Click on chart for larger image> CNBC – Siegel: Keep buying—you ‘can’t lose’ Wharton professor Jeremy Siegel has long been bullish on the market—and over the past few years, he’s been dead-on. In early 2012, he famously called for Dow 15,000 by the end of 2013, and after enduring much mockery, Siegel saw the index… Continue reading Jeremy Siegel Speaks
MNI News – Fed’s Evans: QE Taper Quite Likely Later This Yr, Month Not Set Chicago Federal Reserve Bank President Charles Evans Tuesday said the Fed is “quite likely” to dial back its aggressive monthly bond purchases later this year, but said the data will determine the exact month this occurs, and that stronger economic… Continue reading Charlie Evans, Dennis Lochhart Speak
The New York Sun – Editorial: Bernanke’s Moral Hazard President Reagan used to say that the nine most terrifying words in the English language are “I’m from the government, and I’m here to help.” For an example of what he was talking about, one is likely to gain a glimpse via a deposition scheduled as… Continue reading Bernanke’s Moral Hazard
The Financial Times – Forget ‘taper’ risk: China is a bigger threat Deflation looms as Beijing rebalances economy Developed country equity and credit markets snapped back quickly after the Federal Reserve tapering wobble a few weeks ago. From the crow’s nest, markets have accepted that Fed policy normalisation will be gradual, become more confident about… Continue reading Focusing On China
CNBC – US becoming ‘refiner to the world’ as diesel demand grows U.S. refineries are expanding their diesel-production capacity, not so much for truckers in the U.S., but for drivers in places like Mexico City and Santiago, Chile. Already running at their highest levels in six years, U.S. refineries are finding strong demand for diesel… Continue reading U.S. Refineries Step It Up
Comment Was Trading Places the best wall street movie ever? Will The Wolf On Wall Street be better? Zero Hedge – “Louis Winthorpe III” Explains Why Trading Places Is The Greatest Business Movie Of All Time
The New York Federal Reserve – Tobias Adrian and Michael Fleming: The Recent Bond Market Selloff in Historical Perspective Long-term Treasury yields have risen sharply in recent months. The yield on the most recently issued ten-year note, for example, rose from 1.63 percent on May 2 to 2.74 percent on July 5, reaching its highest level since July 2011. Increasing… Continue reading Measuring The Bond Market Selloff
The Wall Street Journal – Kathleen Madigan: Most at Gathering of Economists, Analysts Back Yellen for Fed Chair Of the 41 who answered the survey, 22 thought Ms. Yellen would be the best candidate. Second place went to former Treasury undersecretary and current Stanford University professor, John Taylor, whose chances of getting the job are… Continue reading Yellen vs Summers Continues
Project Syndicate: Mohamed A. El-Erian: Europe’s Fake Normal Despite hopeful blips in an economic indicator here and there, too many countries lack both immediate growth and longer-term growth engines. As a result, debt overhangs will remain problematic. In essence, Europe (and the West more generally) owes its recent tranquility to a series of experimental measures… Continue reading Europe’s New Normal
The Wall Street Journal – FBI Finds Holes in System Protecting Economic Data FBI finds ‘operational vulnerabilities’ involving ‘black boxes’ used to control the release of sensitive economic data The Federal Bureau of Investigation has discovered vulnerabilities in the government’s system for preventing market-moving economic reports from leaking to traders before public release. Law-enforcement officials… Continue reading The Problem Is HFT, Not “Black Boxes”
<Click on chart for larger image> The New York Times – Obama to Outline Plans for Fannie Mae and Freddie Mac In another sign that the housing market has strengthened, President Obama on Tuesday will outline his long-awaited ideas for overhauling the mortgage finance giants Fannie Mae and Freddie Mac to significantly reduce the government’s… Continue reading How to Fix Fannie And Freddie