Moments ago it was Goldman, and now here is Bank of America, which until today had expected at least two hikes in 2016 but following "a string of disappointing data", it too has thrown in the towel.
From the otherwise very cheerful Ethan Harris, so cheerful in fact that he forecasts no recession over the next decade.
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Fed call: it is a story for September
Well that escalated quickly.. After 3 VIX-smash saves this week, the selling pressure won (for now) as a dead-cat-bounce after the dismal jobs data has sent S&P 500 back into the red for 2016 (joining Nasdaq and Small Caps) with Dow and Trannies getting close...
The bounce is dead...
After 3 VIX-smashing saves...
But Bonds & Bullion lead the way since The Fed's rate hike...
The pain for specialty pharma companies continues.
Yesterday afternoon, Endo International PLC - an "Irish" company that was one of the last tax inversions completed before the Treasury cracked down on the practice - reported not only that its losses deepened in its latest quarter, pressured by an asset impairment charge, but also slashed guidance citing higher competition and lower generics pricing.
Submitted by John Mauldin via MauldinEconomics.com,
GDP growth has only two basic components: growth in productivity and growth in the workforce size. That’s it. There are two and only two ways you can grow an economy: increase the (working-age) population or productivity.
In what may be one of the least relevant payroll reports in a long time as the Fed already knows the labor market is doing better quantiatively (qualitatively it has been all about low-paying jobs gaining at the expense of higher paying manufacturing and info-tech positions) and as has further demonstrated it is no longer jobs data dependent, here is what Wall Street consensus expects: total payrolls +200,000, down from 215K in March; a 4.9% unemployment rate; average hourly earnings rising 0.3% (last 0.3%) M/M and 2.4% Y/Y (last 2.3%); on labor force participation