Business

Friday, well dressed men in suits and ties set up an encampment at a city owned park in Houston and said they weren't going to leave until the CFTC stops its "tyranny."

It just got weirder from there.

On Friday, the PBoC said it would seek to keep the yuan’s exchange rate “basically stable” at reasonable and equilibrium levels and work to further promote RMB internationalization.

As we noted earlier today, the more China moves to “liberalize” exchange rates and financial markets, the worse things will be for global risk assets. After all, when something that has been perpetually manipulated is suddenly subjected to a semi-honest price discovery process, the “adjustment” is usually violent. China is a case in point.

Just over two hours ago, following the latest disappointing wholesale sales and trade, using the Atlanta Fed's GDP methodology, we calculated just where the regional Fed would trim its famous "nowcast" estimate to:

Atlanta Fed to revise Q4 GDP to ~0.8% shortly

— zerohedge (@zerohedge) January 8, 2016

Moments ago, that's precisely what the Atlanta Fed's revised Q4 GDP estimate was lowered to. To wit:

By EconMatters

   Collusion on Wall Street

Back in June 2013, when Deutsche Bank opened a gold vault in Singapore which could hold up to 200 metric tons, the German bank was euphoric about the prospects for storing physical gold: "Gold has traditionally been stored in London, Zurich and New York, but there is a serious shift in dynamics going on as the global financial crisis continues to evolve," Mark Smallwood, Deutsche Asset & Wealth Management's head of wealth planning in the Asia-Pacific region, told The Wall Street Journal.