When it comes to the global economy, few things matter as much as China, the trajectory of its economy and especially the pace and impulse of its credit creation, which is ironic because virtually all data coming out of China is fabricated and manipulated, and thoroughly untrustworthy, either on purpose or "by accident."
Authored by Mike Shedlock via www.themaven.net/mishtalk,
The Financial Repression Authority interviewed Lacy Hunt, Chief Economist at Hoisington Management on Fed policies.
The interview below first appeared on the FRA website along with a video.
WTI/RBOB faded back from yesterday's Libya pipeline headline-driven exuberance ahead of tonight's API inventory data. A bigger than expected crude draw held WTI prices steady but RBOB faded very modestly after API showed a notable gasoline (and distillates) build.
API
Heading into tonight's data, DOE had showed 5 weeks in a row of crude draws and gasoline builds.
Apparently the combination of a massive flood of excess supply in the form of new luxury developments and a Trump tax plan that penalizes people living in expensive cities by capping SALT, mortgage interest and property tax deductions was simply too much for the Manhattan real estate market to ignore in 4Q 2017. After reaching an all-time high of nearly $1.2 million in 2Q 2017 (chart per Douglas Elliman)...
Authored by 720Global's Michael Lebowitz via RealInvestmentAdvice.com,