Business

After Yellen's unexpectedly dovish Congressional testimony on Wednesday, Goldman's chief economist, Jan Hatzius, who previously was especially bullish on the US economy and expected as many as 4 rate hikes in 2017, took an axe to its tightening forecast, and noting Janet's latest commentary, said "in our view, this reduces the probability of a July announcement and raises the likelihood of a September announcement. As a result, we now think that there is a 10% (vs.

Authored by Charles Hugh Smith via OfTwoMinds blog,

A world in which "we do these things because they're easy" has one end-state: collapse.

One month after Goldman CEO Lloyd Blankfein trolled Donald Trump, when on June 9 in only his 4th ever tweet, the chief executive sarcastically said on Twitter "Just landed from China, trying to catch up.... How did "infrastructure week" go?" moments ago Jamie Dimon, in very uncertain terms, lashed out at the gridlock in Washington in general, and - according to some - president Donald Trump in particular (despite Dimon's subsequent clarification that that was not the case).

Joining the trifecta of reporting (and beating) banks, Wells Fargo also reported better than expected Q2 EPS of $1.07 (exp. $1.01) despite missing on the top line (revenue of $22.2bn vs exp.

Following May's disappointing MoM collapse in industrial production growth, economists had hoped for a modest 0.3% rebound and were pleasantly surprised with 0.4% gain in June (and upward revision for May).

• Factory production rose 0.2% in June after falling 0.4% in May
• Utilities unchanged in June after rising 0.8% in May
• Mining rose 1.6% in June after rising 1.9% in May

However, year-over-year growth in industrial production slowed from +2.1% to +2.0% YoY - its first slowdown since January.