TARGET SAYS IT’S LOWERED PRICE ON THOUSANDS OF ITEMS: BLOG POST
Author: therealheisenberg
Krugman: How Destroying DACA Puts The U.S. Economy On The Japan Track
“The truth is that letting the Dreamers work legally helps the U.S. economy; pushing them out or into the shadows is bad for everyone except racists. To understand why, you need to realize that America, like other advanced economies, is facing a double-barreled demographic challenge thanks to declining fertility.”
‘I Really Thought China Would Collapse. What Am I Doing With My Life?’
“None more so than the Chinese Yuan. Although most hedgies were all betting on a massive decline, the Yuan has been strengthening like Lance Armstrong after visiting his bio-chemist.”
Can You Imagine Monday? Treasury Yield Touches 2.0144%, Gold Rises Amid Sense Of Panic
Can you imagine what this is going to look like come Monday if things get dicey over the weekend?…
Wipeout: Dollar Crashes Across The Board
Dear lord: the pressure on the dollar is unrelenting.
It looks like no one wants to be the idiot that’s long USD headed into a weekend that could see a catastrophic hurricane strike on Florida and another ICBM launch for North Korea.Â
Key Calls (Friday): Upgrades, Downgrades & Initiations
You need an upgrade.
Yuan Heads For Best Week In More Than A Decade As China Trade Data Is Resilient
“The extremely bearish USD sentiment spilled over to the yuan market, and fixing failed to cool down bullish sentiment,” Ken Cheung, a senior currency strategist at Mizuho Bank in Hong Kong notes, adding that “heading to the weekend, risk-off sentiment due to the foundation day of North Korea also raised safe-haven demand for the yuan.”
Fed QE’s Dramatic Effect On Credit Markets In One Annotated Chart
Global central banks certainly haven’t succeeded in creating the type of robust recovery they ostensibly
‘Is He Trying To Elect Pelosi?’ WSJ Furious With ‘The Schumer-Trump Congress’
“Ah, dogs and cats living together”…
‘Street Fighter’ Steve Bannon Tells CBS That Gary Cohn Should Resign
“I’m talking – obviously, about Gary Cohn and some other people. That if you don’t like what he’s doing and you don’t agree with it, you have an obligation to resign.”
The Trump Eclipse Bottom
“I couldn’t agree more. I think Trump staring at the Solar eclipse was the bottom for his Presidency. After that, it’s all uphill. Seriously, there is so little expected of him, he is bound to outperform.”
Ok, So What Now?
Just one more day of this before the weekend, when we’ll all get to put up the plywood and hide in the basement as Irma turns Florida into Atlantis and Kim turns Tokyo into Dresden…
Trump’s Bizarre 48 Hours: DACA Flipflop, Debt Ceiling Deal, & New Bestie Schumer
And to the extent the fate of Harvey victims and markets were subjugated in his mind to his own approval ratings, the interests of his party were simply pushed aside altogether. Which apparently surprised a lot of Conservatives although I’m not sure why. Was anyone in the GOP really under the impression that Donald Trump cares one way or another about conservatism? Give me a break.Â
Larry Summers On Gary Cohn’s ‘Bad Day With Facts’
“The trouble is that as best as one can glean from what is out there, the tax legislation the Trump administration is working towards is more opposed to, than in line with, the spirit of the 1986 act.”
‘Bubble Music Is Playing’ In Financial Engineering
“That nonfinancial debt is near all-time highs as the capex share of GDP approaches 45- year lows suggests that the “Bubbles” music is playing, even if the Fed and other central banks cannot hear it.”
‘White Person To White Person: What Is Wrong With You?’
“My parents enlisted in World War II to fight fascism. They both served; my mother was a nurse, my father navigated bombers. They lost friends in that bloody war so that all the world could be free of fascism. They did not fight so that some white people could claim supremacy or that Nazis could openly walk the streets of America.”
It’s Falling Apart: Yields Hit YTD Lows, Stocks Fall As Reality Sets In
“Hope” meets reality, where “reality” means hurricanes, missiles, recalcitrant lawmakers, Fed indeterminacy, and on, and on…
‘Monday Could Look Very Different From Friday’
“There was a lot of market-moving news yesterday. More to come. Unfortunately for traders, the two items with the biggest potential lasting effects are virtually impossible to handicap. And to make matters worse, we won’t know their punch-line until the weekend: when markets are closed for business.”
Euro Surges As Draghi Speaks, GDP Outlook Revised Up, Inflation Path Down
“At the same time, the recent volatility in the exchange rate represents a source of uncertainty which requires monitoring with regard to its possible implications for the medium-term outlook for price stability.”
Dollar Drop Accelerates As Fed Uncertainty Weighs
So as Bloomberg notes, markets were “slightly disjointed overnight with various factors driving individual assets,” but you do want to keep an eye on the dollar here because it looks like the Cohn news combined with Stanley Fischer’s resignation is weighing on the greenback.
‘Sorry, But It’s Crazy’ – Riksbank Decision And The Policymaker Paradox
“Krona has appreciated faster than in [our] July forecast and while it’s reasonable to expect krona to appreciate due to the strong economy, it’s important that it doesn’t strengthen too rapidly,” Ingves said at the press conference, before stating the obvious as follows: “There are risks if Riksbank makes policy less expansionary before other, larger central banks.”
ECB Leaves Everything Unchanged – Eyes Turn To Draghi
But you’ve got to think Mario Draghi isn’t looking forward to Thursday’s presser.
Although no one expected any actual change to policy rates or the APP, markets are expecting quite a lot in terms of outright jawboning, telepathy, side-eyes, winks, nods, or really anything at all to suggest that the ECB is going to try and keep a lid on euro strength and/or is prepping an exit plan from stimulus.
Key Calls (Thursday): Upgrades, Downgrades, & Initiations
You need an upgrade.
Nosebleed.
The other possibility here is that by persisting in this, we’re exhausting our capacity to respond to future crises. Of course, if one waits around long enough, another crisis is bound to occur. When that happens not only will we be short on ammunition (e.g. if the next crisis started tomorrow, we’d be going into it from ZIRP/NIRP and with already bloated CB balance sheets), we’ll also be approaching it from nosebleed levels thanks largely to the fact that we never exited the state of exception instituted to cope with the previous crisis.
If It’s Not One Thing, It’s Another
If it’s not one thing, it’s another with this administration. We’ve been saying since the very beginning that although you are of course free to go down with the ship, you should not delude yourself into thinking this ship isn’t sinking.
Gary Cohn Not Racist Enough To Be Fed Chair, Trump To Consider Other Options
“President Donald Trump is unlikely to nominate Gary Cohn, his top economic adviser, as the next Federal Reserve chairman, indicating that he is open to considering additional names for a pick he has said he would like to make by year’s end, according to people familiar with the president’s thinking.”
Bloomberg: Trump Is Making A Bad Situation Worse With North Korea
“As a negotiating strategy, Trump’s approach is utterly unsuited to the North Korean crisis. For one, it’s almost certain to fail.”
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