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15Jun2016 Market Close: Another Off Day for USA Markets

Written by Gary

Oil down. Gold up. USA markets in the red for the fifth day. Brexit creating uncertainty. Manufacturing declined in May. The markets may have lost respect for the Federal Reserve. Lots of dynamics in play which are covered in this market close.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Fed leaves interest rates unchanged, signals lower rate path going forward

WASHINGTON (Reuters) - The Federal Reserve kept U.S. interest rates unchanged on Wednesday and signaled it still planned two hikes this year, although a slowing economic growth path for 2016 and 2017 prompted a downgrade in where the U.S. central bank thought rates would peak.

Wall Street falls as Fed holds steady and Brexit vote looms

(Reuters) - Wall Street fell for a fifth straight session on Wednesday after the Federal Reserve left interest rates unchanged and investors stewed over an impending vote in Britain on whether to leave the European Union.

Slumping autos weigh on U.S. manufacturing output; inflation tame

WASHINGTON (Reuters) - U.S. manufacturing output unexpectedly fell in May as motor vehicles and parts production recorded its biggest drop in nearly 2-1/2 years, suggesting sustained weakness in the sector even as the overall economy appears to be gaining momentum.

China's Didi Chuxing raises $7 billion in new funding: source

(Reuters) - Chinese car-hailing app Didi Chuxing Technology Co has raised $7 billion in its latest fund raising effort, a source familiar with the matter said.

U.S. judge approves Gawker's bankruptcy loan

NEW YORK (Reuters) - A U.S. bankruptcy judge on Wednesday approved Gawker Media LLC's request to borrow $22 million from an affiliate of buyout firm Cerberus Capital Management LP to help fund the online publisher through its court-supervised auction.

North Dakota oil output posts biggest drop in history

(Reuters) - North Dakota's oil output fell the most in history in April, with low crude prices and inclement weather forcing producers to cut back the drilling and fracking of new wells, state regulators said on Wednesday.

BlackRock sees wave of M&A in asset management industry: CEO

NEW YORK (Reuters) - The asset management sector "needs consolidation" and has the potential for "quite a bit" of merger and acquisition activity, BlackRock Inc Chief Executive Officer Laurence Fink said at an investor day meeting in New York.

Bank rules not hindering U.S. economy: FDIC chief

WASHINGTON (Reuters) - Banking rules meant to protect the U.S. financial system from collapse are not harming the economy or damaging financial markets, the chairman of the Federal Deposit Insurance Corp said on Wednesday, contrary to the views of industry groups.

LPC: Uber takes trip to the leveraged loan market

NEW YORK (Reuters) - Ride-hailing company Uber has hired a group of banks to help it raise debt on the leveraged loan market, according to sources familiar with the proposed transaction.

Steve Liesman Shocker: "The Fed Is As Close To Capitulation As I've Ever Seen Them"

We were amazed in March when, during the last Fed press conference, CNBC's Steve Liesman and traditional Fed cheerleader went so far as to ask a stunned Janet Yellen whether she has a credibility problem: "Does the Fed have a credibility problem in the sense that it says it will do one thing under certain conditions, but doesn't end up doing it? And then, frankly, if the current conditions are not sufficient for the Fed to raise rates, well, what would those conditions ever look like?"

Janet Yellen's jumbled 261 word response was one for the ages (and can be read here), but that particular exchange was nothing compared to what Steve Liesman said today when, in similar words he asked the same question, and got the same garbled response.

But it was what he said afterwards that was amazing. And we quote:

I think the first rate hike cycle is over. What Janet Yellen said in response to my question, and if you look at what has happened to the rate hike cycle is pretty profound. It's as close to the Fed getting to capitulation as I've ever seen, about the efficacy of Fed policy, about the outlook for the economy.

I just want to read this: "I think all of us are involved in a process of constantly reevaluating where the neutral rate is." Basically they see these headwinds to the economy as becoming part of the new normal. This five-eights decline to the Fed Funds rate outlook for 2018 is pretty profound and GDP remained the same. That's very important. And I am going to give rick a blue ribbon because Rick represents the ...

Gold Jumps, Crude Dumps As Fed Credibility Crashes With Stocks

For everyone who listened to Yellen today, we suspect this is how you feel...

So, first things first, Fed rate-hike-odds plunged further as they implicitly admitted they are clueless... July rate hike odds have collapsed to just 11% and September just 16%...

While bonds and stocks seemed relatively unmoved post-Fed, Gold gained most and crude dumped

On the week, Trannies are worst...

On the week, Futures show the overnight hype/hope ramp...

Trannies underperformed post-Fed (as did Small Caps) as Dow, S&P, Nasdaq managed to scramble back to unch before a late-day plunge

If No Brexit and Strong Jobs Report, are July Rate Hikes Back on Table? (Video)

By EconMatters

Basically, The Fed is completely incompetent. Janet Yellen Needs to Step Down!

 EconMatters All Rights Reserved | Facebook | Twitter | YouTube | Email Digest | Kindle

Humpday Humor? Country That Executes Gay People Pledges To Help US Avenge Orlando Shooting

Submitted by Daniel Mcadama via The Ron Paul Institute for Peace & Prosperity,

Here is further proof that US foreign policy fact is stranger than fiction: one day after the Orlando shooting where some 50 patrons of a homosexual bar were gunned down, US Secretary of State John Kerry sat down to dinner with with Saudi Prince Mohammed bin Salman in Washington, D.C. and, according to the State Department, "discussed this weekend's shooting in Orlando and expressed their shared commitment to continue their cooperation in combatting the spread of violent extremism, both regionally and internationally."

Yes, the same country that follows as a matter of official policy the exact treatment of homosexuals as was meted out by the Orlando shooter has expressed concern over extremism!

Saudi Arabia's own "violent extremism" doesn't end at its treatment of homosexuals.

As the defense minister of the Saudi kingdom, Saudi Prince Mohammed bin Salman is responsible for the brutal and genocidal war on Yemen and for Saudi Arabia's strong backing of radical jihadists -- including al-Qaeda -- who for the past five years have killed tens of thousands in attempt to overthrow secular Syrian president Assad.

Also, if reports about the contents of the still-classified "28 Pages" of the 9/11 report are accura ...

Big Biotech's Missing Formula

Large biotech companies need another wave of blockbuster drugs to push shares higher.

Watch the VIX: It Matters This Time

For once, the market's 'fear gauge' is actually saying something.

Oracle: Cloudy, With a Chance of Stock Falls

Oracle faces more questions than usual ahead of Thursday's quarterly results.

15 June 2016 FOMC Meeting Statement: Federal Funds Rate Was Not Changed.

Econintersect: The Federal Open Market Committee (FOMC) - the board of directors of the Federal Reserve again did NOT adjust the federal funds rate. There was dissent as one member believed the federal funds rate should have been increased. The prime reason for NOT raising this rate:

.... pace of improvement in the labor market has slowed while growth in economic activity appears to have picked up. Although the unemployment rate has declined, job gains have diminished ...

May 2016 Industrial Production Remains In Contraction Year-over-Year.

Written by Steven Hansen

The headlines say seasonally adjusted Industrial Production (IP) decreased. The year-over-year data remains in contraction.

Emerging Markets Report: China shrugs as MSCI snubs its domestic stocks for the 3rd time

MSCI snubbed China for a third time but Chinese investors took the rejection in stride, helping the benchmark index rally.

MarketWatch First Take: By actions and words, Fed not a believer 'full employment' is near

The Fed thinks that full employment is between 4.7% and 5%, but even though the unemployment rate is now 4.7%, the Fed still thinks there's slack in the jobs market. Something has to give, writes Steve Goldstein.

The Fed: Yellen says helicopter money belongs in Fed toolkit

Fed Chairwoman Janet Yellen said that helicopter money was a tool that should legitimately be considered if ever there was an 'all-out'' effort to rescue the economy.

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To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

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