President Biden’s top spokesperson was accused of lying on Wednesday in a tweet touting “0% inflation in July” — even as federal data indicated that the consumer price index rose by 8.5% year over year. “We just received news that our economy had 0% inflation in July,” White House press secretary Karine Jean-Pierre tweeted on … Read more
Mayor Eric Adams declared the US has entered into a recession and “Wall Street is collapsing” – contradicting President Joe Biden’s claims that the nation is doing fine earlier Thursday. “You tell me what to take off the plate if you want me to put something else on the plate. I’m coming to you as … Read more
Govt. Chris Sununu, the Republican governor of New Hampshire, on Sunday said if he were president he would fire Treasury Secretary Janet Yellen for misleading the American people about inflation. ”I would fire the Treasury secretary. I think she’s completely misled America, because she didn’t want to kind of own the bad news. But that’s … Read more
WASHINGTON — President Joe Biden told The Associated Press on Thursday that the American people are “really, really down” after a tumultuous two years with the coronavirus pandemic, volatility in the economy and now surging gasoline prices that are hitting family budgets. He said a recession is not inevitable and bristled at claims by Republican … Read more
(Kitco News) Extreme volatility in the marketplace in reaction to the latest policy shift by the Federal Reserve has many risk-on assets in a downward spiral, but why is gold — a safe-haven asset — once again ‘the punching bag’? Gold failed to hold above the $1,900 an ounce level this … Read more
Like the old saying goes: Hindsight is 20/20. That’s especially true for financial markets and the Federal Reserve. So, while investors wait to see whether the Fed will signal the possibility of a 75 bp rate hike at its next meeting, JPM CEO Jamie Dimon is telling Bloomberg (and its audience) that investors should take … Read more
Might recent stock market weakness be forecasting an economic recession? Up until last this week, few had given that possibility much credence. The market’s weakness — the S&P 500 SPX is down about 14% from its early-January 2022 all-time high, at last check — was caused by rising interest rates, the narrative went, and those … Read more
The recent report showing negative economic growth for the first quarter of the year is a painful reminder of the damage that inflation can do. The current 8.5% inflation rate is the highest in 40 years. But few policy makers or Federal Reserve governors seem to have learned the lessons from the last bout of … Read more
HONG KONG—Alibaba Group Holding ltd. BABA 9.90% and other Chinese technology stocks jumped by double-digit percentages, leading a broader market rally, on investor hopes that the government would do more to support the sector and the broader economy. The surge on Friday helped Chinese shares recoup some of their recent losses, while the yuan also … Read more
Recession fears have so far been focused largely on the US. However, a recent note from Capital Economics to their clients predicts that we’re much more likely to see a recession in Europe. Are US Recession Fears Really Valid? Most US economists’ recession fears resulted from last month’s brief inversion in the spread between two-year … Read more