“It is a truism that the US government cannot run out of money to service its debts”, Fitch writes, in the rationale accompanying a decision
Month: July 2020
Trump To Drop Hammer On TikTok As Microsoft Said To Show Interest
After months of speculation, Donald Trump will move to force TikTok parent ByteDance to sell the popular video app, marking the latest escalation in the
Rotation Stillborn
Ever-elusive, the pro-cyclical rotation trade appears to have been snuffed out yet again. There are two sides to this story. One one side, Thursday evening’s
Dollar Decline Goes Decadal
Every major currency on the planet rose against the US dollar in July, which is poised to be the worst month for the greenback in
Domino Effect
Roll out the obligatory caveat(s). “The full economic effects of the COVID-19 pandemic cannot be quantified in the income and outlays estimate because the impacts
Thoughts, Prayers, And Precious Metals
Friday picked up where Thursday left off — with a spate of wildly bad macro data, courtesy of heinous second quarter GDP numbers out of
‘It Would Be Great If This Record Is Never Beaten’: Europe’s GDP Numbers Betray Epic Collapse
GDP readings out of Europe Friday betray eye-popping contractions that would have been unfathomable in the pre-pandemic context. Spain was hit hardest, as output shrank
All Hail
Good news: Amazon, Facebook, and Alphabet aren’t going out of business anytime soon. All three tech titans reported results that breezed past estimates on Thursday
The Big Boot
It was nobody’s idea of a “good” day. The worst economic downturn since the Great Depression was confirmed. Jobless claims rose for a second consecutive
Nomura’s McElligott Asks: ‘Could It Really Have Been That Simple?’
Gathering storm clouds notwithstanding, market participants are obliged to ponder the somewhat surreal prospect that, as apocalyptic as everything seemed in March, the pandemic plunge
Trump Election Delay Could Force World To Rapidly Re-Evaluate Dollar’s Reserve Status
In a dubious (if wholly predictable) development, Donald Trump on Thursday suggested delaying the US presidential election. For months, the president has insisted that mail-in
It’s Official: US Logs Worst Downturn In The History Of Modern Economic Statistics
It’s official. America lived through the deepest downturn in the history of modern economic statistics during the second quarter. The US economy contracted an annualized
Jobless Claims Rise Second Straight Week In Truly Ominous Harbinger
Although the worst GDP report in US history will grab most of the macro headlines Thursday, it was the latest jobless claims numbers that arguably
All Is Not Well In The World
All did not feel “right” in the world Thursday, despite Jerome Powell’s assurances that the Fed has no intention of letting everything fall apart again.
‘We Finally Have A Number’: German Economy Logs Largest Contraction In Recorded History
“Massive slump” — that’s how Germany’s Federal Statistical Office described the worst quarterly performance on record for the world’s fourth-largest economy. “The crisis finally has
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