Waiting For Yellen...
http://www.youtube.com/watch?v=FsqJFIJ5lLs
Let's start today with what didn't go up...
USDJPY - once 110.000 stops had been run - decoupled lower from stocks...
Oil - once it tagged $50 - decoupled lower from stocks...
High yields bonds decoupled from stocks...
Treasury yields decoupled lower from stocks...
So where does that leave us for the week...
In the wake of its recent $1.2 billion settlement with the government, whereby Wells Fargo admitted to deceiving the government into insuring thousands of risky mortgages (yet nobody went to jail), the bank has decided to break with the Federal Housing Administration and offer its own minimal down payment mortgage program.
One of the officially stated reasons why the Fed delayed hiking rates so far, is because inflation in late 2015 and early 2016 has been lower than the Fed's bogey (as long as one does not look at core inflation, or such critical price levels as asking rents and health insurance). And, based at least on the CPI's basket weighing of headline input prices, the Fed may have been right: the main reason for this is that tumbling energy prices have resulted in a sharp drop in gasoline prices at the pump, one of the primary drivers of Headline CPI.
This April, personal income tax revenue fell by an average of 9.88 percent compared to the same period last year in the 32 states for which Reuters has data (Puerto Rico as well). April is the most important revenue month for states because it contains the tax filing deadline and taxpayers tend to wait until the last minute to pay any taxes that may be owed from the prior year.
Submitted by James Turk at GoldMoney.com
Here’s a question that might have you pondering: Is gold a commodity?
More importantly, are we doing a disservice to the gold industry by calling gold a commodity? These may sound like silly questions, but hear me out.