The U.S. housing recession is deepening. The National Association of Home Builders (NAHB) published the Housing Market Index data for December. The number? Thirty one, down from 33 in November. The market consensus was 34. This represented the 12th consecutive monthly decline in sliding confidence for homebuilders. It was also the lowest reading since 2012 […]
Archives for December 2022
Will Elon Musk step down as CEO of Twitter?
It was good while it lasted? Twitter CEO Elon Musk might be stepping down. According to a new Twitter poll the “Chief Twit” posted, Musk asked: “Should I step down as head of Twitter? I will abide by the results of this poll.” The final results showed 57.5% voting “Yes” and 42.5% voting “No.” More […]
WATCH: Jerome Powell’s post-FOMC press conference
The Federal Reserve raised interest rates by an expected 50 basis points to a 15-year high of about four percent. The Federal Open Market Committee (FOMC) also published the latest dot-plot, which does not suggest inflation will rise any higher or the U.S. will slip into a recession next year, although the unemployment rate is […]
Recession Alert: U.S. 2-year/10-year yield spread the most inverted since 1981
Is another recession coming? If you are going by the premier recession indicator — the yield curve — then it is almost certain at this point. The spread between the two- and ten-year yields is the highest it has been since the 1980s, coming in at -84 basis points. Here is a chart courtesy of […]
Peter Schiff: Currency crisis will exacerbate inflation crisis
Is a currency crisis upon us? The U.S. money supply has exploded since the COVID-19 public health crisis, with the Federal Reserve creating 40 percent of all dollars ever created in just two years. Put simply, the Eccles Building added trillions to the money supply, eviscerating Americans’ purchasing power. But it was not only Washington […]