LONDON—European stocks started Tuesday mixed, as soft U.S. economic data reinforced expectations the Federal Reserve may skip an interest rate hike when it meets next week. The pan-European STOXX 600 index was up 0.1 percent to 460.40 at 0830 GMT. In the previous session, the index dropped as data pointing to tepid U.S. business activity…
World Stocks Tread Water as Traders Eye Fed Pause Prospects
June 6, 2023
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‘Literally Impossible’: Trucking Companies Brace for California’s Electric Mandate
June 5, 2023
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Logistics companies are scrambling to meet California’s upcoming 2024 mandate that all trucks servicing ports, railyards, and distribution centers in the state be zero-emission vehicles, with experts questioning limited access to charging stations and the viability of switching from diesel to electric fleets. Availability of electric semi-trucks is a concern, as is the price of…
US Treasury Poised to Unleash $1 Trillion in Bonds After Debt Ceiling Deal
Now that the bipartisan debt ceiling agreement has been signed, sealed, and delivered, the U.S. Treasury is poised to replenish its bank account at the Federal Reserve. According to the Daily Treasury Statement, the Treasury’s cash balance–the Treasury General Account (TGA)–sank below $23 billion on June 1. This was down from the roughly $316 billion…
[Premiering 6/6, 7:30PM ET] David Stockman: Debt Default, the ‘Doomsday Budget Machine,’ and Failed Fiscal Restraint Explained
June 5, 2023
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“For capitalism to work, you have to have effectively functioning, solid capital markets. And in order to do that, you need savings—real savings, not money printed by a central bank, but real savings from businesses and households,” says David Stockman, who served as budget director for President Ronald Reagan. “Back then, the public debt was 30-40…
Commodity Weakness Destroys the Inflationists’ Narrative
Commentary Most politicians have used the “Ukraine invasion card” to justify the massive inflationary burst in 2021–23. It does not matter if inflation was already elevated prior to the war. Supply-chain disruptions, demand recovery, wage growth… Many excuses were used to justify inflation, except the only one that can make aggregate prices rise in unison,…
Wall Street Opens Muted as Investors Weigh Chances of June Rate Pause
Wall Street’s main indexes opened subdued on Monday after a solid rally last week, as investors assessed chances of the Federal Reserve pausing interest rate hikes at its upcoming policy meeting. The Dow Jones Industrial Average rose 8.37 points, or 0.02 percent, at the open to 33,771.13. The S&P 500 opened higher by 0.62 points,…
Shares Stroll Higher on June Hike Hiatus Hopes
June 5, 2023
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SYDNEY/LONDON—Shares rose and the dollar firmed on Monday as investors bet the Federal Reserve would pause its rate hikes this month after a mostly encouraging U.S. jobs report, while oil prices jumped after Saudi Arabia pledged big output cuts. The benchmark European STOXX index climbed 0.18 percent in early trading, led by gains in the…
May Jobs Resets Recession Expectations, but Hardens Inflation Expectations
June 2, 2023
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New May jobs printed at 339,000 on June 2, according to the Establishment Survey, well above market expectations of 180,000 jobs. Net revisions were were also up 93,000 jobs from March and April. That makes the average three-month jobs creation over 283,000 jobs. The Households Survey, which is compiled from different data, showed just 175,000 jobs…
Fed Plans: Tomorrow and Beyond
Commentary Federal Reserve (Fed) Chairman Jerome Powell recently stepped back from the cut and thrust of immediate policy matters to offer insight into Fed priorities—a review of what events and guidelines will prompt future decisions. Some of what Powell said provided comfort. Other things were not so reassuring. And still, others raised fundamental questions about…
US Labor Market Remains Resilient as Economy Adds 339,000 New Jobs
The U.S. economy added created 339,000 new jobs in May, up from 294,000 in April, according to the Bureau of Labor Statistics (BLS). This was higher than the consensus estimate of 190,000. The unemployment rate rose to 3.7 percent last month, up from 3.4 percent. It also topped market forecasts of 3.5 percent. Change in…
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