Over the weekend, when looking at the record high ratio in median new home sale prices to household incomes in the US, we concluded that US homes have never been more unaffordable for the average American.
What about renting? Isn't it intuitive that if buying a house has never been more expensive, then at least renting should be cheap(er).
China manufacturing PMI tumbled from 5-year highs in October as officials increasingly prioritize a campaign to clamp down on polluting industries and rein in debt. Non-manufacturing took an even bigger hit, also disappointing expectations, as the lagged impact of China's deteriorating credit impulse begins to weigh...
Overnight we noted that the Chinese stock and bond markets 'turmoiled' as The National Congress came to an end and the forced repression of any weakness ended. Perhaps the most critical aspect of the moves was the push to new record levels of inversion in the Chinese sovereign bond curve.
The Chinese yield curve has now been inverted for 10 straight days - the longest period of inversion ever...
Via LPLResearch.com,
President Trump is reportedly set to announce his selection for the next Chair of the Board of Governors of the Federal Reserve (Fed) in the very near future, with Jerome Powell emerging as the likely nominee.
Though he’s yet to make a final decision, reports suggest that a final decision will come before November 3.
International equity markets seem to effortlessly surge to brand new record highs with each passing day. As we note fairly frequently, declines have grown shallower over the past two years and the S&P 500 has now gone 246 trading days without trading more than 3% below its record high, the longest streak ever for the index, according to LPL Financial. Meanwhile, the S&P hasn’t had a decline of 10% or more from a recent peak since February 2016.