Authored by James Rickards via The Daily Reckoning,
The Group of Twenty, known as G20, is an unaccountable and powerful organization that is the closest thing on earth to a true world government. German Chancellor Angela Merkel, the rotating President of the G20, will host the next G20 meeting in the city of Hamburg, on the mouth of the Elbe River near the North Sea Coast.
After a poor March jobs report, followed by an April scorcher, then another debacle in May, the June payrolls report due at 8:30am will be... very much irrelevant, because as Citi pointed out earlier, the Fed is now data-independent and will keep hiking until financial conditions finally tighten (read: stocks drop). In other words, with the Fed on autopilot, feel free to skip this one - it hardly matters. For what it's worth, here are the consensus expectations for tomorrow's report:
It is becoming increasingly apparent that the Fed, now data-independent, has just one mandate: keep hiking interest rates until markets break.
It was already a jittery day for fixed income investors, with a bond rout which started after today's French auction was poorly received, unleashing a selling scramble and sending Bund yields above 0.50% for the first time since January 2016, and breaking out above a key support level, then crossing the ocean and slamming both US stocks and bonds. And according to Jeff Gundlach, who recently doubled down on his vocal bond bearishness on Twitter...
Authored by David Stockman via The Daily Reckoning,
Back in the 1950s when GM had 50% of the auto market they always said that, “As General Motors goes, so goes the nation.”