In an effort to offer a more transparent alternative to U.S. dollar Libor, the New York Federal Reserve released its first Secured Overnight Financing Rate (SOFR) Tuesday. SOFR opened at 1.80. Considerably lower than either the ICE Libor 1 month or 3 month rates. The Secured Overnight Financing Rate (SOFR) is a broad measure of […]
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CFPB Chief Mick Mulvaney Formally Asks Congress to Slash the Agency’s Power…
The head of the Consumer Financial Protection Bureau formally called on Congress to sharply reduce his agency’s authority. Among the suggestions he delivered Monday: Any major new rules the bureau makes should be subject to lawmakers’ approval. “The bureau is far too powerful, with previous little oversight of its activities,” Mick Mulvaney — who has […]
Subprime Auto Bubble Bursts As “Buyers Are Suddenly Missing from Showrooms”…
It was less than a month ago when we showed a series of “10 charts revealing an auto bubble on the brink”, and which laid out several very troubling trends, including i) the average new vehicle loan hit a record high $31,099; ii) the average loan for a used auto climbed to a record high […]
‘The Gig Economy’ Is the New Term for Serfdom by Chris Hedges…
A 65-year-old New York City cab driver from Queens, Nicanor Ochisor, hanged himself in his garage March 16, saying in a note he left behind that the ride-hailing companies Uber and Lyft had made it impossible for him to make a living. It was the fourth suicide by a cab driver in New York in […]
Alibaba and Ford Open China’s First Car Vending Machine…
China’s Alibaba wasn’t the first company to create a car vending machine – that honor belongs to a Singaporean entrepreneur who transformed Singapore’s Autobahn building into what appears to be a giant PEZ dispenser stocked with luxury cars. But after months of planning, Alibaba’s T-Mall (in partnership with Ford) has opened the country’s first car […]
Bank CEO Reveals How Obama Administration Shook Him Down…
The former CEO of Ally Financial Inc. says the Obama administration abused its power by holding the bank’s business hostage in order to coerce a record settlement of “trumped-up” racism charges and push profit-killing new regulations on the entire auto-lending industry. The huge $100 million deal has spooked several other major lenders into resolving similar […]
IMF Director Christine LaGarde Is Out, Investment Banker Mark Rosen In…
On Wednesday, President Donald Trump selected Connecticut businessman and former investment banker Mark Rosen to be the new executive director of the International Monetary Fund (IMF). Rosen is “currently chairman of Latin America investment banking at Bank of America Merrill Lynch,” the White House said in a statement. Rosen has over 30 years of experience […]
It’s Official: Economy Grew at a 2.9 Percent Rate to End 2017…
The economy grew at a 2.9 percent annual rate to end 2017, the Bureau of Economic Analysis reported Wednesday in its final update to its estimate of Gross Domestic Product. That figure was revised up from 2.5 percent in the second estimate of GDP, thanks to better consumer spending and higher business investment in inventories […]
‘PetroYuan’ Futures Launch with a Bang, Volume Dominates Brent As Big Traders Step In…
As we detailed previously, China’s yuan-denominated crude oil futures launched overnight in Shanghai with 62,500 contracts traded in aggregate, meaning over 62 million barrels of oil changed hands for a notional volume around 27 billion yuan (over $4 billion). As OilPrice.com’s Tsvetana Paraskova notes, Glencore, Trafigura, and Freepoint Commodities were among the first to buy […]
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By Far, This Is the Best Backgrounder on U.S. Trade Crisis: Multinational Corporate BIG AG Questions Robert Lighthizer…
There’s a lot of news this week reflecting a great deal of oppositional alignment against the presidency of Donald Trump. CTH can get down in the weeds of each specific issue to discuss the motives and intents (we will, and do), but the big picture MUST remain at the forefront of understanding. If we lose […]
U.S. Trade Report Lays Bare Chinese Government Cyber-Espionage…
China’s government is engaged in a systematic program of cyber attacks on American and foreign companies, according to a US government trade report made public last week. The cyber intrusions into corporate networks are one of four areas identified by the office of the US Trade Representative as unfair trading practices. These have prompted the […]
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Gordon Chang Discusses President Trump’s Plan to Remove the Panda Mask from the Chinese Red Dragon…
Author of “The Coming Collapse of China”, Gordon Chang, discusses the effect of President Trump’s tariffs on China and the epic battle ahead. Last night China announced their feeble retaliatory actions – SEE HERE. A professionally nervous Maria Bartiromo, frames a series of questions from the perspective of Wall Street. Fortunately Gordon Chang understands the […]
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Trump Signs Whopping $1.3 Trillion Omnibus Bill…
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Winners and Losers from the WHOPPING $1.3 Trillion Omnibus…
Congress is on the verge of passing a $1.3 trillion omnibus that would fund the government through September and provide the biggest federal spending increase in years. The bill is loaded with provisions given its likely standing as the last legislative train leaving the station before the midterms, and members have been scrambling to compete […]
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Trump’s DOI Releases the Results of the Largest Oil Lease Sale In U.S. History…
The Department of the Interior released the results of the largest oil and gas lease sale in U.S. history Wednesday, reflecting the state of industry interest in offshore drilling in the Gulf of Mexico. The results were similar to what experts expected, bringing in $124.7 million in high bids, slightly higher than the $121 million […]
Biggest Three Banks Gobble Up $2.4 Trillion in New Deposits Since Crisis …
Americans are parking more money with the biggest banks than ever before, cementing the firms’ dominance of the financial industry less than a decade after the crisis. The three largest U.S. banks have added more than $2.4 trillion in domestic deposits over the past 10 years—a 180% increase—according to a Wall Street Journal analysis of […]
Why the World’s Central Banks hold Gold – In Their Own Words…
Collectively, the central bank sector claims to hold the world’s largest above ground gold bar stockpile, some 33,800 tonnes of gold bars. Individually within this group, some central banks claim to be the top holders of gold bullion in the world, with individual holdings in the thousands of tonnes range. This worldwide central bank group, […]
Food Truck Nation: A New Study Looks at How Overregulation Holds Back Food Freedom …
Food trucks have swept the nation over the past decade, attracting no shortage of attention from consumers, popular culture (such as Jon Favreau’s film Chef), and, alas, zealous local regulators. The owners of the trucks have embraced technology, connecting directly with their customer bases over social media and proving responsive to local tastes. Yesterday a […]
Fed Comes A Little Bit Closer To Taylor Rule…
Yes, Jay (Powell) and the Americans (FOMC) came a little bit closer to The Taylor Rule (Rudebusch Model) with the FOMC voting to increase their target rate to 1.75%. The lower bound is now 1.50%. The Taylor Rule (Rudebusch Model) calls for a Fed Funds Target rate of 6.62%. Only 447 basis points left to […]
Chuck Grassley Gives the Green Light to Call Out China for Currency Manipulation…
Republican Sen. Chuck Grassley of Iowa called out China for currency manipulation Monday on Fox Business, but also urged caution to avoid a full blown trade war. Grassley said he was fearful of China’s response to America’s trade policy under President Donald Trump, prompting host Host Maria Bartiromo to ask what the government’s plan is. […]
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