Miercoles 15/07/15 China sorprende su economia crece 7%

[Fenix]

Santa Cruz County Votes To Cease Doing Business With 5 TBTF Mega Banks
Submitted by Tyler D.
07/15/2015 - 13:40

It appears that Ryan Coonerty, the Supervisor of the Third District of Santa Cruz County, wrote a letter back in June to the rest of the Board of Supervisors, in which he bravely pleaded the county cease business operations with five of the TBTF Wall Street Mega Banks. Why you ask? Well, because they are criminal felons. Considering Eric Holder refused to punish them, someone has to take a stand...“There seems to be no limit to the greed in some our nation’s largest banks. I believe it is critical that the County only work with the most trustworthy institutions as we invest and protect the public’s tax dollars. Santa Cruz County should not be involved with those who rigged the world’s biggest financial markets."


Rep. Sean Duffy Crushes Yellen: "If Anyone Is Trying To Sweep This Leak Under The Rug - It's The Fed"
Submitted by Tyler D.
07/15/2015 - 12:21

We said previously that today's "Humphrey-Hawkins" testimony Q&A would be punchy and sure enough while Chairman Hensarling took an early swing, Wisconsin Rep. Sean Duffy was the man to go toe-to-toe with Janet "I am the law" Yellen over the Fed's stunning ignorance of Congressional legal proceedings. "You did nothing," he begins, "you're so concerned about bringing the leaker to the forefront that what will you do? Nothing!" Yellen replies, reading from a seemingly prepared statement, The Fed has "clear rules" for leak investigations and Duffy cuts her off with a sharp upper cut, "That's true, you did not follow those rules.. if anyone is trying to sweep this under the rug, it is The Fed!" We suspect somewhere Pedro da Costa is smirking...


Yellen's Contradictory Message On Upcoming Rate Hikes
Submitted by Tyler D.
07/15/2015 - 11:58

Yellen, in an important sequence in her semiannual testimony to Congress, according to WSJ's Jon Hilsenrath, tipped her hand to the benefit of raising short-term interest rates sooner rather than later...

[Fenix]

'Paper' Gold ETF Tumbles To 5-Year Lows
Submitted by Tyler D.
07/15/2015 - 11:07

Last night we asked "is the paper gold selling over?" Judging by today's plunge in GLD - the biggest Gold ETF - to 5 year lows, it has a way to go...


Janet Yellen's "Humphrey-Hawkins" 'We're Not Above The Law' Testimony - Live Feed
Submitted by Tyler D.
07/15/2015 - 10:58

While Janet Yellen's prepared remarks were her normal bland data-dependent-when-we-want-to-be, rate-hikes-maybe-sooner-or-later self, we suspect the Q&A of The Fed Chair's Humphey-Hawkins testimony will be worth the price of admission. Face to face with Jeb Hensarling - who dares to demand The Fed respond to Congressional probes - will be a highlight but it will be interesting to see if the politicians suck up to their debt-monetizer-in-chief or try to score politically populist points with elections not so very far away...

[Fenix]

USDCAD Surges To 6 Year Highs As Bank Of Canada Slashes GDP Forecasts, Unexpectedly Cuts Rates
Submitted by Tyler D.
07/15/2015 - 10:06

In what seems to have surprised FX trader, Bank of Canada has taken an ax to growth forecasts and rates...

*BOC CUTS CANADA 2015 GDP FORECAST TO 1.1% FROM 1.9%
*BANK OF CANADA CUTS 2Q GDP ESTIMATE TO -0.5% FROM 1.8%
*BANK OF CANADA CUTS BENCHMARK INTEREST RATE TO 0.5%

Furthermore, it warns that "consumer debt vulnerabilities are edging higher" and export weakness is "puzzling."


Italy – Non-Performing Loans Hit A New Record High
Submitted by Tyler D.
07/15/2015 - 10:30

The real danger to the euro area probably doesn’t emanate from Greece, but from two of its heavyweights, namely France and Italy. If one thinks things properly through, Greece is really a side-show. The euro zone remains full of accidents waiting to happen and some of them have the potential to become truly gigantic accidents.


Yellen Statement To Congress: Rate Hike "Appropriate At Some Point This Year" If Economy Evolves As Expected - Full Text
Submitted by Tyler D.
07/15/2015 - 08:37

Key highlights from the first day of Janet Yellen's testimony before Congress: " If the economy evolves as we expect, economic conditions likely would make it appropriate at some point this year to raise the federal funds rate target, thereby beginning to normalize the stance of monetary policy. Indeed, most participants in June projected that an increase in the federal funds target range would likely become appropriate before year-end. But let me emphasize again that these are projections based on the anticipated path of the economy, not statements of intent to raise rates at any particular time."

[Fenix]

Gold And The Silver Stand-Off: Is The Selling Of Paper Gold And Silver Finally Ending?
Submitted by Tyler D.
07/14/2015 - 20:51

In a January 2013 report “Report of the Working Group to Study the Issues Related to Gold Imports and Gold Loans by NBFCs”, the Reserve Bank of India estimated that the ratio of paper gold trading to physical gold trading is 92:1. That is a lot of unbacked paper gold instruments. This has almost entirely separated the “gold price”, such as it is (the clearing price for vast volumes of paper gold “representations” with a fractional backing) from the fundamental supply and demand dynamics for actual physical gold bullion.

As Mr L. famously quipped. "Ever get the feeling you’ve been cheated?"