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ISM Services Spikes To 12-Year Highs - Beats Expectations By 5 Standard Deviations (As PMI Slides)

ISM Services Spikes To 12-Year Highs - Beats Expectations By 5 Standard Deviations (As PMI Slides)

After the schizophrenic manufacturing data (ISM 13yr highs, PMI unch YoY), Services data was just as fucking ridiculous!

UK and EU Services PMIs rose (and beat expectations) but US' September PMI dropped from 56.0 to 55.3.

Markit's Services PMI dropped to 55.3 (dragging the composite index lower) as inflationary pressures intensify (highest in 3 years), and future optimism is at its lowest since February.

Watch Live: Equifax CEO vs Elizabeth Warren

Following a fiery hearing yesterday, in which Senate Banking Committee member Elizabeth Warren told Wells Fargo CEO Tim Sloan that "you should be fired" because "at best you were incompetent, at worst you were complicit," the Massachusetts Democrat is back for day two, and this time she has her sights set on Richard Smith, the former Chairman and CEO of the scandal-ridden Equifax in a hearing titled “An Examination of the Equifax Cybersecurity Breach.”

Inflation Watch: Central Banks Just Printed the Equivalent of Germany's GDP

Inflation Watch: Central Banks Just Printed the Equivalent of Germany's GDP

The world’s Central Banks have finally succeeded in unleashing an inflationary storm.

The first pickup has only just begun to be felt. But this time next year, when inflation is well north of 4% globally and the big price moves have already occurred, everyone will be screaming “INFLATION!”

How did this happen?

Globally, Central Banks are now printing over $120 BILLION per month. And this is happening at a time when most major economies are out of harm’s way.

Puerto Rico Bonds Crash To Record Low After Trump Says Debt May Need To Be "Wiped Out"

Puerto Rico Bonds Crash To Record Low After Trump Says Debt May Need To Be "Wiped Out"

Echoing President Obama's interference in the legal bondholder process of the General Motors bankruptcy, President Trump's comments that Puerto Rico's debt "will be wiped out" yesterday has sparked a bloodbath in PR Muni bonds. Puerto Rico's 8s of 2035 have plunging to a record low 35 cents on the dollar this morning from 44 yesterday, as bondholders fled hitting any bid, worried that Trump would follow through on his warning.

And it's getting worse.

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