Catastrophic storms, worst week for macro data since July, debt ceiling to be cancelled, Gary Cohn off the list for Fed Chair (amid resignation chatter) and Korean hydrogen bombs... gold spikes, dollar dumps, bond yields plunge, and... stocks limp less than 1% lower...
While there were few surprises on the surface of today's latest monthly Federal Reserve consumer credit report, which showed that in July total consumer credit increased by $18.5 billion, more than the $15.0 billion expected, on the back of a $2.6 billion increase in revolving credit coupled with $15.9 billion in non-revolving credit...
In a new downgrade of subprime lenders Capital One and Synchrony, Morgan Stanley sought to answer the nagging question of why subprime credit card losses are suddenly soaring, per the chart below, "if employment is so good."
This weekend Hurricane Irma is set to unleash hell over Florida, resulting in devastation and damages worth tens of billions of dollars... and many hedge funds are on the hook ahead of their own coming balance sheet "catastrophe."
Authored by Mike Shedlock via MishTalk.com,
In his latest Email article, Steen Jakobsen, Saxo Bank Chief economist and CIO has a bold prediction about interest rates.
With nearly everyone, even Janet Yellen at the Fed, predicting wage-induced inflation, Jakobsen makes a bold call in the opposite direction.
This is a guest post by Steen Jakobsen
Steen’s Chronicle: All Great Things are Simple, Except Right Now