The Federal Open Market Committee (FOMC) has convened its two-day July policy meeting. Investors anticipate that the Federal Reserve will pull the trigger on a quarter-point rate hike tomorrow, according to the CME FedWatch Tool. Here is what the futures market is betting: What happens for the rest of the year remains to be seen. […]
Archives for July 2023
U.S. manufacturing stuck in a recession as S&P Global PMI contracts for eight of last nine months
The U.S. manufacturing sector is stuck in contraction. Despite the White House touting tens of billions of dollars in corporate welfare, the industry is not seeing progress. In July, the S&P Global Manufacturing Purchasing Managers’ Index (PMI) clocked in at 49, up from 46.3 in June, and better than the consensus estimate of 46.2. Anything […]
RFK Jr. wants to back the U.S. dollar by Bitcoin, gold to ‘restore strength’ in the buck
Longshot 2024 presidential candidate Robert F. Kennedy Jr. wants to back the U.S. dollar with Bitcoin and gold. Kennedy announced his latest public policy proposal that tackles fiat money. He proposed beginning his initiative by backing hard currency with gold, silver, platinum, or Bitcoin, with the idea being to strengthen the greenback and fight inflation. […]
U.S. interest payments poised to hit $1 trillion this fiscal year
The U.S. debt is soaring, the federal deficit is climbing, and interest payments are skyrocketing. Is this Bidenomics or swamponomics? Either way, the cost of servicing America’s debt has surged 25 percent in the current fiscal year, from October to June, totaling $652 billion. Is it possible that interest payments hit $1 trillion this year? […]
Credit crunch begins? Total consumer credit rose by lowest level since November 2020
Is the U.S. in the middle of a credit crunch? The latest Federal Reserve G.19 data certainly suggests so. In May, total consumer credit rose by just $7.24 billion, down from a downwardly revised $20.32 billion. This was also way below the market estimate of $20.25 billion. Interestingly enough, this was the smallest monthly gain […]