Sen. Elizabeth Warren is on the warpath and she ain’t taking no prisoners. Just days after essentially running (now former) Wells Fargo CEO John Stumpf into retirement (albeit with a $135.4 million golden parachute), she’s at it again, and this time the target is SEC Chair Mary Jo White. In a series of Tweets, Warren… Keep Reading
Friday summary: Banks (JPM, WFC, C) all beat thanks in no small part to strong fixed income trading results. Yay. Deutsche Bank won’t be getting a government bailout (or at least that’s what Berlin is saying on Friday). Oh, no. Money market reform went into effect presumably making the system safer (yay) but removing nearly $1… Keep Reading
Want to see what a world gone crazy looks like? Well, then look no further than the following (updated) set of volatility charts from Citi’s credit strategist extraordinaire Matt King, who shows us just how far off the proverbial rails our “markets” have gone: (Chart: Citi) As you can see, anomalies are no longer anomalies. They… Keep Reading
See that? That’s the trade-weighted RMB index. And it’s key to FX markets in 2016 and beyond (read up). That decline is absolutely critical to the post Shanghai Accord stability. A Fed hike will turn it on its head (why do you think – besides oil prices – the Fed didn’t hike in March?) –… Keep Reading
Let’s just be clear, Sen. Elizabeth Warren fears no man. No banker. And especially no John Stumpf. Late last month we highlighted her skewering (or perhaps “epic takedown” or “Eminem-ing” would be better terms) of then-Wells Fargo CEO John Stumpf over a scandal involving the creation of so-called “phantom accounts.” We also brought you the video… Keep Reading
Well, we suppose you can’t really blame them. After all, every attempt to achieve Kuroda’s elusive 2% inflation target and thus drag Japan out of the deflationary doldrums has thus far failed miserably… …so it’s only a matter of time before you have to throw in the towel or at least kick the proverbial can.… Keep Reading
Via Bloomberg: Several members judged that it would be appropriate to increase the target range for the federal funds rate relatively soon if economic developments unfolded about as the Committee expected; they saw the new sentence in the third paragraph of the Committee’s statement–a sentence indicating that the case for an increase in the federal… Keep Reading
You might have noticed something rather disturbing unfolding over the past half decade or so when it comes to QE. Have a look at global central bank liquidity: (Chart: Citi) So here we are, right back to the peak in terms of flow and yet what do we get for it? Still sluggish growth, still… Keep Reading
Deutsche Bank’s Joseph LaVorgna has a mystery for you to solve. I’ve highlighted it in the chart below: (Chart: Deutsche Bank) Here’s what he has to say: “The most recent data on capital expenditures have been largely disappointing. Real nonresidential fixed investment spending (capex) has declined in two of the last three quarters and is… Keep Reading
Want to know what SocGen thinks about the outlook for the upcoming market landscape? Of course you do. Here’s the full diagram to consider: (Source: SocGen) Keep Reading