Hot CPI, disappointing retail sales, slumping surveys, and a drop in real wages... is it any wonder the yield curve just flushed another 3bps to a 75bps handle - the flattest 5s30s curve since Nov 2007.
This is the 13th daily flattening out of the last 15 days...
Everything changed after China intervened in it's FX market 'Shanghai Accord'-style...
There was some serious volume in Treasury futures as the data hit...
By the SRSrocco Report,
As the Mainstream media reports about the next phase of the glorious U.S. Shale Oil Revolution, the financial carnage continues to gut the industry deep down inside the entrails of its horizontal laterals. The stench of fracking fluid must be driving shale oil advocates utterly insane as they are no longer able to see the financial wreckage taking place in these companies quarterly reports.
For the first time since 2012, real average hourly earnings has declined for 3 straight months...
Dragging the year-over-year growth in real earnings down to just 0.4% - the weakest growth since April.
Overall, Real average weekly earnings up $1.40 from a year earlier to $370.03.
Welcome to the road to serfdom America.
The Deutsche Bank story has evolved rapidly this morning: Bloomberg reports that Deutsche Bank had attracted a “new top investor” in the ongoing process of its endless restructuring, then Handelsblatt tweeted that Morgan Stanley acquired a 6.68% shareholding on behalf of activist investors.
Last week, Capital One Financial (COF) announced that is was formally withdrawing from the residential mortgage loan market. Some observers mistook this announcement for news, thinking that COF had actually been engaged in residential lending in a serious way. Housing Wire, for example, reported that COF had “suddenly” exited the mortgage and home equity business.