Authored by Mike Shedlock via MishTalk.com,
The Brookings Institute says Auto slowdown Flashes Caution Lights for Manufacturing Employment and Trump.
A switch to self-driving, trends towards electric, and a glut of used cars are all in the spotlight.
Authored by 720Global's Michael Lebowitz via RealInvestmentAdvice.com,
“I know you think you understand what you thought I said, but I’m not sure you realize that what you heard is not what I meant” – Alan Greenspan
On July 12, 2017 in her semiannual testimony to Congress, Janet Yellen stated the following:
Two weeks after BofA's Michael Hartnett previewed (and timed) not only the "Great Fall" of stocks, but also explained that the Fed and global central banks are now in the business of making the "rich poorer", he is out with a new note which looks at the Fed's latest U-turn, which has unleashed the latest market buying spree, warning that "further upside in risk assets will create problems later in the year" (for three reasons he lists out), and concludes that "ultimately, we believe the extremely strong performance by equities and bonds in H1 is very unlikely to be repeated
Yesterday, Janet Yellen surprised markets again, when after weeks of a hawkish setup, she suggested that the Fed is not only uncertain "about when - and how much - inflation will respond to tightening resource utilization”, warning that the federal funds rate may "not have to rise all that much further to get to a neutral policy stance." The market was delighted by this dovish turn, and sent the DJIA to new all time highs, while global stocks hit fresh record highs.
Authored by Mike Shedlock via MishTalk.com,
Illinois now has a budget, the first in three fiscal years. An excellent writeup on The Stump entitled Illinois Financial Disaster: Even More Reactions to the Budget explains what passage of the budget does and does not do.
Here are some links mentioned by The Stump and a few additional links and comments by me.
The Budget Fixes Nothing
Mark Glennon at Wirepoints comments on the Many Ways Illinoisans Won’t Pay Higher Taxes