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Author: The Patriot

Watch Live: Congressional Hearing On How The Fed Is Screwing Main Street And Retirees

This morning the House Financial Services Committee is holding a hearing that will evaluate how Federal Reserve policies are adversely affecting households, small businesses, savers, and retirees, and consider policy opportunities that the Federal Reserve could implement to improve economic opportunities for all. The panel will include the following witnesses: Dr. Norbert Michel, Senior Research Fellow, The Heritage Foundation Dr. Paul Kupiec, Resident Scholar, American Enterprise Institute Dr. Karen Dynan, Nonresident Senior Fellow, Peterson Institute for International Economics Mr. Alex J. Pollock, Distinguished Senior Fellow, R Street Institute These witnesses should have plenty of fun material to knock this softball out of the park… [embedded...

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Pending Home Sales Tumble, Unchanged Since June 2013

After modest bounces in existing and new home sales (despite weakness in starts and permits and mortgage application declines), pending home sales in May tumbled 0.8% MoM and were revised even lower (-1.7%) in April. This dismal print was below all economists’ expectations, missing by 4 standard deviations.   This is the 3rd straight monthly drop and 2nd straight annual decline in pending home sales. The biggest MoM decline was in The West (down 1.3%), but as the chart below shows, Pending Home Sales are now unchanged since June 2013. The index is now 1.7 percent below a year ago, which marks the second straight annual decline and the most recent since November and December of last year. NAR notes that prospective buyers are being sidelined by both limited choices and home prices that are climbing too fast. Weaker financial and economic confidence could also be playing a role in the slowdown in contract activity. NAR’s quarterly Housing Opportunities and Market Experience (HOME) survey, released earlier this week, found that fewer renters think it’s a good time to buy a home, and respondents overall are less confident about the economy and their financial situation than earlier this year. “Monthly closings have recently been oscillating back and forth, but this third consecutive decline in contract activity implies a possible topping off in...

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60 Percent of Americans Support Trump’s Immigrant Welfare Ban

The Associated Press by John Binder28 Jun 2017Washington, D.C.0 28 Jun, 201728 Jun, 2017 A plan by President Donald Trump to ban immigrants who have only been living in the U.S. for less than five years from receiving welfare services has widespread support. In a new Rasmussen poll, 62 percent of likely voters said they support barring new immigrants to the U.S. from receiving welfare benefits for at least five years, as Trump recently proposed during a speech to supporters. advertisement Middle-class Americans making $30,000 to $50,000 a year are the most likely to support the ban on welfare for immigrants, with 72 percent in favor. Those who describe themselves as “moderates” are also on-board at a rate of 61 percent. Even more is the prospects of making sure no illegal aliens receive taxpayer-funded public welfare benefits. A whopping 76 percent said those seeking welfare should be made to certify that they are in the U.S. legally. Only 17 percent oppose the plan. Middle-class Americans making $30,000 to $50,000 a year are the most supportive, with 80 percent favoring the plan. It’s also incredibly popular with Americans who dropped out of college or high school. A total of 96 percent of high school dropouts support banning illegal immigrants from welfare, while 80 percent of college dropouts agree. The poll shows that on immigration, Trump’s restrictive proposals have the backing...

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Cable, Gilt Yields Spike After BoE’s Carney Hints At Stimulus Withdrawal

It’s deja vu all over again in Sintra. Yesterday, Draghi sent EUR and Bund yields surging on his ‘hawkish’ comments, which he was forced to talk back just over an hour ago, and today the confusion is back and it is the UK’s turn as Bank of England governor Carney just hinted that the removal of stimulus is likely to become necessary, reversing on his own dovish stance unveiled just last week. The section in question is the following (his full speech is here)): Some removal of monetary stimulus is likely to become necessary if the trade-off facing the MPC continues to lessen and the policy decision accordingly becomes more conventional. The extent to which the trade-off moves in that direction will depend on the extent to which weaker consumption growth is offset by other components of demand including business investment, whether wages and unit labour costs begin to firm, and more generally, how the economy reacts to both tighter financial conditions and the reality of Brexit negotiations. These are some of the issues that the MPC will debate in the coming months The reaction, just as yesterday, is a spike in cable and gilt yields. As Bloomberg reports, “Some removal of monetary stimulus is likely to become necessary if the trade-off facing the MPC continues to lessen and the policy decision accordingly becomes more conventional,” Carney said in...

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Watch Live: Draghi, Kuroda, Carney, & Poloz Set The World’s Markets Straight At The ECB Forum

Draghi’s speech at the ECB Forum yesterday was intended to strike a balance between recognizing the currency bloc’s economic strength and warning that monetary support is still needed, according to Bloomberg, and it only took two post-speech clarifications to get the market to understand exactly what he was saying… which was nothing has changed. The main event today at the ECB Forum in Sintra is a policy panel with ECB’s Draghi, BOE’s Carney, BOJ’s Kuroda, BOC’s Poloz due to appear at 2:30pm London…to explain to markets exactly what their policies mean. Live Feed: [embedded...

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