US markets eased off the morning 'Good Bank News' highs to a steady erosion of departing investors (SPY +0.3%). Even the BTFDers were nowhere to be found at the close. The US dollar has risen significantly to the 98 handle where it is expected to climb higher and push the markets Down. The stock market is turning into a sloppy, ugly mess and it will get worse.
BOSTON (Reuters) - The Federal Reserve may need to run a "high-pressure economy" to reverse damage from the crisis that depressed output, sidelined workers and risks becoming a permanent scar, Fed Chair Janet Yellen said on Friday in a broad review of where the recovery may still fall short.
(Reuters) - Salesforce.com Inc's Chief Executive Marc Benioff said on Friday he had ruled out bidding for Twitter Inc , a decision that appeased Salesforce's investors but raised questions about Twitter's future.
WASHINGTON (Reuters) - Americans traveling to Cuba will be allowed to bring home more of the communist-ruled island's coveted cigars and rum under new measures announced by the U.S. government on Friday to further ease trade, travel and financial restrictions that have been in place for decades.
WASHINGTON (Reuters) - Volkswagen AG has agreed to pay $175 million to U.S. lawyers suing the German automaker on behalf of 475,000 polluting vehicle owners, two people briefed on the agreement said Friday.
NEW YORK (Reuters) - JPMorgan Chase and Citigroup trounced third-quarter estimates on Friday on a sharp rebound in trading revenues while Wells Fargo & Co barely beat expectations as a sales scandal engulfed the bank.
MUMBAI (Reuters) - Samsung Electronics Co on Friday offered alternative phones to its India customers who had pre-ordered its flagship Galaxy Note 7 devices, in a bid to appease loyal clients in one of its largest smartphone markets.
In an amusingly, and very symbolically, titled piece "Yellen steers left of the minutes", JPM's head of economic research Michael Feroli admits that while Yellen's overall tone was dovish, the biggest bank by market cap continues to expect a December rate hike.
Here's why, from JPM:
Yellen steers left of the minutes
Today's talk by Fed Chair Yellen did not directly address the near term policy outlook, but the overall tone of the talk was dovish. Even so, we continue to expect the next hike in December. The sense conveyed by the minutes suggests that a strong majority is emerging in favor of another step before year end.
Three themes in the talk tilted dovish. First, she listed a number of ways in which running a "high-pressure economy" could help the supply side, such as stimulating greater capex, R&D, and labor force participation. Second, she stressed the role of monetary policy in anchoring inflation expectations—a dovish theme in light of the generally low levels of most measures of this variable. Third, she stated that easy monetary policy in the US is beneficial to growth overseas, arguably a good thing in light of ongoing global growth risks to the domestic economy.
Some of these themes are contested. Most notably, the argument that monetary policy can foster supply side gains has received very little public support by others on the FOMC (and was disputed by some of the presenters at the conference at which Yellen spoke). A December move accompanied with a continued signal of a gradual pace in 2017 would likely, we believe, appease the majority of the Committee while still giving some space for Yellen's "high-pressure economy" ...
Donald Trump Prepares New Attack on Media, Clinton ... Donald Trump will broaden his attack against the media to hit globalism and the Clinton Foundation by charging that Mexican billionaire Carlos Slim is part of a biased coalition working in collusion with the Clinton campaign and its supporters to generate news reports of decades-old allegations from several women. -Wall Street Journal
The current presidential campaign is notable because the longer it goes on, the more it exposes the underlying reality of American society - a society that has been thoroughly penetrated by globalist control that is at odds with the fundamental nature of a republic.
On August 31, in what was dubbed a "historic event", the World Bank became the first issuer of bonds denominated in SDR and settled in yuan when it sold 500 million SDR units worth of bonds in China. Then, overnight, in yet another historic event, Standard Chartered Bank (Hong Kong) said on Friday that it has obtained approval from the People's Bank of China to be the first commercial issuer of bonds denominated in Special Drawing Rights (SDRs) in China's interbank bond market.
According to Reuters the size of the issuance programme is 100 million SDRs - approximately 925 million yuan, or $139 million - and the bonds will be settled in yuan.
A successful offering would mark the first ever time a commercial issuer has issued securities have been issued in the synthetic reserve currency in 35 years.
"SDR bonds, to be settled in RMB, will help promote SDR financial instruments, provide a channel for investors to invest in foreign currency bonds in the onshore market, and offer more diversified bond products in the market," said Standard Chartered Bank China's head of financial markets Wesley Yang quoted by SCMP.
Saving money on underwriting costs, Standard Chartered Bank (China) will act as joint lead underwriter on the company's own offering and joint lead bookrunner to arrange roadshows in Beijing and Shanghai.
China has been promoting the International Monetary Fund's SDR as an alternative to the US dollar, and has made the alternative reserve currency a key focus of its push to internationalise the renminbi.
"The SDR bond is a step in offering a fixed income product that captures mu ...
A dad doing car pool duty listening to children age seven to thirteen can be instructive, hedge fund literary paragon Eric Peters notes in his Sunday, October 9 e-mail missive. "They can turn a boy into a girl," one of the children casually observes, pointing to two transgender classmates. There is a higher meaning. "They can do anything these days," the father explains, avoiding road hazards as he points to a generational belief that a new age is upon us. This is the era where yesterday's societal norms might not matter, but does this concept of breaking commonly held economic beliefs translate the same?
Eric Peters - The driverless car could lead to a bankerless world where no one makes money
As one might expect, the real question in Peters' weekly observations is not social, but economic. Can the economy "do anything" and defy traditional economic theory?
The driverless car, for instance, is one technical innovation that is likely to significantly impact jobs. Can somehow those "do anything these days" people wave their magic wand and make normal economic ru ...
China has managed to escape getting called a currency manipulator for the entire eight years of Barack Obama's presidency. The U.S. on Friday again declined to name any country a manipulator of its currency.
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