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The Most Splendid Housing Bubbles in Canada: Even the Bank of Canada Gets Nervous and Tapers
The Most Splendid Housing Bubbles in Canada: Even the Bank of Canada Gets Nervous and Tapers House prices in the largest markets have gone nuts amid “extrapolative expectations and speculative behavior,” as the Bank of Canada put it. The first thing to know about the housing bubble in Canada is what the Bank of Canada […]
Spiking Inflation, Rate Hikes, and Debt Defaults in Latin America
Spiking Inflation, Rate Hikes, and Debt Defaults in Latin America Mexico and Brazil, having seen the economic destruction that high inflation can wreak, don’t want to see it again. Latin America will soon be hit by a wave of business bankruptcies and defaults, according to Jesús Urdangaray López, the CEO of CESCE, Spain’s biggest provider of export […]
It’s Getting Serious: Dollar’s Purchasing Power Plunges Most since 2007. But it’s a Lot Worse than it Appears
It’s Getting Serious: Dollar’s Purchasing Power Plunges Most since 2007. But it’s a Lot Worse than it Appears Fed officials, economists “surprised” by surge in CPI inflation, but we’ve seen it for months, including “scary-crazy” inflation in some corners. The Consumer Price Index jumped 0.8% in April from March, after having jumped 0.6% in March from […]
Consumers Expect Surging Inflation to Crush the Purchasing Power of their Labor: Fed’s Survey
Consumers Expect Surging Inflation to Crush the Purchasing Power of their Labor: Fed’s Survey And there are some whoppers. Consumers are picking up on the rise of inflation, and the Fed, which has been trying to heat up inflation, is pleased. The Fed watches “inflation expectations” carefully. The minutes from the March FOMC meeting mention […]
Bank of England Now 2nd Central Bank to Taper, After Canada, but Denies Tapering is “Tapering,” also Following Canada
Bank of England Now 2nd Central Bank to Taper, After Canada, but Denies Tapering is “Tapering,” also Following Canada The Big Taper starts one central bank at a time. But you gotta keep the markets from swooning with a bit of welcome delusion. The Bank of England’s Monetary Policy Committee (MPC) today announced that it voted unanimously […]
Lumber: Scary-Crazy Inflation Now Gets Passed On. But These WTF Price Spikes Cannot Last
Lumber: Scary-Crazy Inflation Now Gets Passed On. But These WTF Price Spikes Cannot Last Irrational behavior by buyers confidently betting on being able to pass on that irrationality to their customers. It works until it doesn’t. Lumber futures on Chicago Mercantile Exchange currently trade at a record high of $1,610 per thousand board feet, having […]
Inflation Jumped by 3.8% in Q1, “Real GDP” Rose 1.6%, Dragged Down by Record Trade Deficit and Drop in Inventories
Inflation Jumped by 3.8% in Q1, “Real GDP” Rose 1.6%, Dragged Down by Record Trade Deficit and Drop in Inventories Even the Fed’s repressed inflation measure without food and energy rose 2.3% annual rate in Q1. The US economy, as measured by inflation-adjusted GDP, grew by 1.6% in the first quarter from Q4 2020, according […]
The Taper Next Door: Bank of Canada Cuts Bond Purchases by 25%. Total Assets Drop by 13%. Rate Hikes Moved Forward, Possibly July 2022
The Taper Next Door: Bank of Canada Cuts Bond Purchases by 25%. Total Assets Drop by 13%. Rate Hikes Moved Forward, Possibly July 2022 Housing craziness is front and center. The Bank of Canada, which already holds over 40% of all outstanding Government of Canada (GoC) bonds – compared to the Fed, which holds less than 18% […]
Get Ready for a Wild “Base Effect”: Highlighted Forcefully when it Suits Them, as with Inflation; Silenced Forcefully When it’s Awkward, as with Corporate Earnings
Get Ready for a Wild “Base Effect”: Highlighted Forcefully when it Suits Them, as with Inflation; Silenced Forcefully When it’s Awkward, as with Corporate Earnings We’re going to be awash in huge and even absurd percentage-growth numbers. The numbers are starting to crop up everywhere: For example, new vehicle sales in March jumped nearly 60% […]
Bank of Canada Now Owns 40% of Government of Canada Bonds. Fed a Saint in Comparison. Taper on the Table
Bank of Canada Now Owns 40% of Government of Canada Bonds. Fed a Saint in Comparison. Taper on the Table “Makes you wonder if there’s a potential mid-QE-life crisis taking shape in Ottawa”: strategists at the National Bank of Canada in a note that would be hilarious if it weren’t so serious. The Economics and […]
Prices Surge Broadly Across the Massive Service Sector and Companies Are Able to Pass On these Higher Prices
Prices Surge Broadly Across the Massive Service Sector and Companies Are Able to Pass On these Higher Prices The entire mindset has changed. Services are about two-thirds of the economy. During the Pandemic, discretionary services such as travel and entertainment have been hard hit, and consumer spending on services in February was still down 5.2% […]
QE During the “Everything Mania”: Fed’s Assets at $7.7 Trillion, up $3.5 Trillion in 13 months
QE During the “Everything Mania”: Fed’s Assets at $7.7 Trillion, up $3.5 Trillion in 13 months But long-term Treasury yields have surged, to the great consternation of our Wall Street Crybabies. The Fed has shut down or put on ice nearly the entire alphabet soup of bailout programs designed to prop up the markets during […]
US Dollar’s Status as Dominant “Global Reserve Currency” Drops to 25-Year Low
US Dollar’s Status as Dominant “Global Reserve Currency” Drops to 25-Year Low Central banks getting nervous about the Fed’s drunken Money Printing and the US Government’s gigantic debt? But still leery of the Chinese renminbi. The global share of US-dollar-denominated exchange reserves dropped to 59.0% in the fourth quarter, according to the IMF’s COFER data […]
Archegos Implosion is a Sign of Massive Stock Market Leverage that Stays Hidden until it Blows Up and Hits the Banks
Archegos Implosion is a Sign of Massive Stock Market Leverage that Stays Hidden until it Blows Up and Hits the Banks Banks, as prime brokers and counterparties to the hedge fund, are eating multi-billion-dollar losses as they try to get out of these secretive stock derivative positions. The implosion of an undisclosed hedge fund, now […]
What’s Behind the Stunning Spike in Used Vehicle Auction Prices? That Consumers Aren’t on Buyers Strike Shows Something Big about Inflation Has Changed
What’s Behind the Stunning Spike in Used Vehicle Auction Prices? That Consumers Aren’t on Buyers Strike Shows Something Big about Inflation Has Changed Need a used pickup truck? Forget it, or pay out of your nose for it. But even spurned mid-sized cars are seeing stunning price increases. Prices of used cars and trucks of […]
