The Chinese Credit machine sputtered in July. Growth in Total Aggregate Financing dropped to $144 billion, almost 40% below consensus estimates. This was less [...]

In the People’s Bank of China’s (PBOC) Monday daily currency value “fixing,” the yuan/renminbi was set 0.33% weaker (vs. dollar) at 6.9225. Market [...]

Twenty-four hours that confounded – as well as clarified. Chairman Powell has, again, been widely criticized for his messaging. With the markets and [...]

The Federal Reserve abandoned “data dependent” – at least for next week’s FOMC meeting. December futures imply a 1.78% Fed funds rate, up six bps [...]

There must be members of the FOMC feeling they are about to be railroaded into a 50 bps cut a week from Wednesday. Chairman Powell essentially pre-committed to [...]

Please join Doug Noland and David McAlvany next Thursday, July 18th, at 4:00PM EST/ 2:00pm MST for the Tactical Short Q2 recap conference call, [...]

Please join Doug Noland and David McAlvany Thursday, July 18th, at 4:00PM EST/ 2:00pm MST for the Tactical Short Q2 recap conference call, “What’s [...]

President Trump and President Xi are meeting in Osaka as I write. We’ll know much more in the morning. Pre-meeting reports had the two sides agreeing to a [...]

June 21 – Neel Kashkari, Minneapolis Fed president: “In the Federal Open Market Committee meeting that concluded on Wednesday of this week, I advocated [...]

Total Non-Financial Debt (NFD) expanded (nominal) $721 billion (strongest growth since Q2 ’18) during the quarter to a record $52.579 TN. NFD expanded $2.504 [...]

“Stocks Eye Best Week of 2019 on ‘Powell Put’ Bets,” read the Friday Bloomberg headline. By the close of Friday trading, the S&P500 had posted a [...]

So Much for the “Trump Put.” May 31 – Bloomberg (Felice Maranz): “President Trump’s promise to impose tariffs on goods until Mexico halts a flow of [...]