The Wall Street Journal – Greece Extends Debt Buyback Offer Greece said Monday it would extend by one day its offer to buy back tens of billions of euros of debt—a move demanded by the country’s official creditors in exchange for fresh aid—after initial offers last week fell short of target. The new deadline, which… Continue reading Greece Offers One More Day To Lock In Losses
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The New York Times – Soaring Rents Drive a Boom in Apartments As residential building recovers from a near standstill after the housing crisis, much of the momentum is coming not from subdivisions with green lawns and two-car garages but from rental apartments. Multifamily construction nationwide is two-thirds of the way back to its prerecession… Continue reading Rents Soar
<Click on chart for larger image> CNBC – US Household Wealth Rises to Near 2007 High The net wealth of U.S. households rose in the third quarter to its highest since late 2007, providing a hopeful sign for future consumer spending. Net financial wealth grew $1.72 trillion to $64.77 trillion, the Federal Reserve said Thursday.… Continue reading Household Net Worth Rises, But Still Below 2007 Peak
Bloomberg.com – Fed Exit Plan May Be Redrawn as Assets Near $3 Trillion A decision by the Federal Reserve to expand its bond buying next week is likely to prompt policy makers to rewrite their 18-month old blueprint for an exit from record monetary stimulus. Under the exit strategy, the Fed would start selling bonds… Continue reading The Federal Reserve’s Exit Plan
<Click on chart for larger image> The Financial Times – US to adopt Brent as oil reference price The US government’s energy analysis body has abandoned home-produced crude and embraced a North Sea rival for its reference oil price. The move by the Energy Information Administration to adopt Brent crude in its annual energy outlook… Continue reading U.S. Looking Towards Brent As Reference
Bespoke Invest – 2012 YTD Country Returns Below we highlight the QTD and YTD stock market returns for 77 countries around the world. Through today, the average country in the table was up 8.47% year to date. With a YTD gain of 11.90%, the US is outperforming the average country by 353 basis points. The… Continue reading YTD Country Stock Market Returns
MarketWatch – Matthew Lynn: The era of central bank independence is over Their decisions have become overtly political Not what promotes faster growth, or creates more jobs. Not whether we should be more worried about inflation or deflation. And not on whether we need to get deficits under control before we are all bankrupted —… Continue reading Central Banks Are No Longer Independent
Asia Sentinel – The End of the Commodities Super Cycle Look for 10 years of falling prices, economists say Has the so-called commodities super cycle, which has benefited economically backward but resource-rich countries for the better part of two decades and contributed to an astonishing increase in global trade, run its course?Economists are arguing that,… Continue reading Are Commodities Doomed?
The Associated Press – Money _ maybe too much _ pours into junk bonds The money manager’s job is supposed to be straightforward: Take people’s cash and put it to work. The more money that comes in, the bigger the manager’s paycheck. So why would two of the country’s largest fund managers tell would-be investors… Continue reading Junk Bonds
The Financial Times – Lessons for US from Japan bond yields The spread between Japanese 10- and 30-year paper this week hit a fresh four-year high above 125 basis points. This came as 10-year yields dropped below 70bp and the long bonds flirted with eight-month highs approaching 2 per cent. As Andrew Wilkinson, chief economist… Continue reading Japanese Yields