Stagflation Strikes As US Consumer Prices Surge At Fastest Pace In 5 Years
After the hotter-than-expected PPI print, Consumer Prices confirmed that inflation is running hot with the fastest rise since Feb 2012. Notably core CPI (at 2.2%) has been above The Fed’s mandated 2% ‘price stability’ level for 15 months in a row. Of course, one of the big drivers of this price surge is in shelter and […]
Most Overvalued Stock Market On Record — Worse Than 1929?
The US stock market today has never been more dangerous and overvalued, according to respected Wall Street market analyst John Hussman. Indeed, Hussman goes as far as to say that “this is the most dangerous and overvalued stock market on record — worse than 2007, worse than 2000, even worse than 1929” as reported by Marketwatch. For some […]
The Corporate Bond Market: The Start Of The Matter
Of all virtues to which we must ultimately aspire, forgiveness demands the most of our souls. In our naivety, we may fancy ourselves man or woman enough to absolve those who have wronged us. But far too often, we find our pool of grace has run dry. So deeply burdened are we by our emotions that grace to us […]
US Inflation And Retail Sales Mostly In Line With Expectations – USD Ticks Up
Inflation and retail sales data for February leave the stage open for the Fed. Most data comes out as expected: core CPI is 2.2% y/y as predicted. Retail sales are up 0.1%, core sales are up 0.2% and the retail control group is up 0.1% a small miss. There are upwards revisions to retail sales numbers. […]
E The Trillion Dollar Coin
“Change is good, but dollars are better.” -Unknown Recently I penned an article highlighting the country’s fiscal condition. This year’s Ides of March (15th) acquires special significance with the expiration of the Obama-Boehner debt ceiling deal, the Fed meeting, and an election in the Netherlands. Unless there’s an increase in the debt ceiling, the Treasury will be […]
Supply Slide Drive
Crude oil is back on a supply side drive after the American Petroleum Institute (API) reports an oil supply drop, perhaps signaling that last week’s massive crude oil supply increase was a fluke! This comes after mixed data from OPEC surrounding Saudi Arabian production numbers where the Saudis reported a production increase, perhaps to send […]
RBC Capital Markets Reiterates Outperform Rating On Apple Inc. – Here’s Why
..Analysts at RBC Capital Markets, today reiterated their Outperform rating on Apple Inc. (AAPL) while boosting their price target from $140 to $155. That new target suggests an 11.5% upside to the stock’s Tuesday closing price of $138.99. From StockNews.com In a note to clients, RBC said it has seen increased focus on AAPL’s services […]
Goldman Says “Not In OPEC’s Interest” To Extend Cuts; IEA Thinks Maybe You Need To Be More “Patient”
Yesterday was a fun day for crude. As documented here extensively, oil initially plunged on reports that Riyadh raised output to over 10m b/d in February, reversing 1/3 of the cuts made in January. Oil promptly plunged. Apparently surprised at just how closely the market still listens to the kingdom, Riyadh pulled a “just kidding,” and tried to play the whole […]
JPM: “This Is The Bottom Line For Stocks”
While it has been a quiet session so far, today’s events have the potential to substantially boost market volatility. Here, courtesy of JPM’s Adam Crisafulli, is the “bottom line for domestic equities” and what to watch for among today’s information barrage. Market update – it was another relatively quiet night of news. US futures and Eurozone […]
Valeant: Kicking The Can Down The Road?
The drama continued for Valeant (VRX) last week after it sought to restructure $3 billion in debt, and remove or modify certain of its interest maintenance covenants. The company got the refinancing done and the covenant relief it requested: Valeant announced today that it has priced its previously announced offering of $1.25 billion aggregate principal […]
