Written by Gary
US equities markets closed higher ahead of US tariffs on China (SPY +0.8%). After the release of minutes from the FOMC’s meeting, US stocks slightly pared gains.
Todays S&P 500 Chart
Fed: Letting inflation run too hot could lead to ‘a significant economic downturn’
Trump privately indicated that he has settled on a Supreme Court nominee
Fed balance sheet runoff hits another snag
Bitcoin falls after less rosy analyst forecast and report Square has pulled its banking application
The U.S. labor shortage is reaching a critical point
Schumer issues a dire warning to Trump about his Supreme Court choice
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Fed on lookout for recession but still sees strong economy: minutesWASHINGTON (Reuters) – U.S. central bankers discussed whether recession lurked around the corner and expressed concerns global trade tensions could hit an economy that by most measures looked strong, minutes of the Federal Reserve’s last policy meeting on June 12-13 released on Thursday showed. |
| China says U.S. ‘opening fire’ on world with tariffs, vows to respondBEIJING/WASHINGTON (Reuters) – China accused the United States on Thursday of “opening fire” on the world with tariffs set to take effect on Friday, warning that it will respond the moment that duties on $34 billion in Chinese goods kick in. |
| Wall Street pares gains after release of Fed minutesNEW YORK (Reuters) – U.S. stocks slightly pared gains on Thursday after the release of minutes from the Federal Open Market Committee’s June meeting, though they remained in positive territory. |
| Trump effort to lift U.S. offshore wind sector sparks interest – from Europe(Reuters) – The Trump administration wants to fire up development of the U.S. offshore wind industry by streamlining permitting and carving out vast areas off the coast for leasing – part of its ‘America First’ policy to boost domestic energy production and jobs. |
| Boeing to take over $4.75 billion Embraer unit, targeting Airbus-BombardierSAO PAULO/PARIS (Reuters) – Boeing Co struck a deal for a controlling stake in the commercial aircraft arm of Brazilian planemaker Embraer SA under a new $4.75 billion joint venture, the firms said on Thursday, reshaping a global passenger jet duopoly. |
| Trump to OPEC: ‘Reduce pricing now!’WASHINGTON (Reuters) – U.S. President Donald Trump again accused the Organization of the Petroleum Exporting Countries of driving gasoline prices higher on Wednesday and urged the oil producer group to do more. |
| California agency opens third probe into Tesla’s Fremont factory(Reuters) – A California agency for occupational safety said on Thursday it opened a third investigation at Tesla Inc’s factory in Fremont, California, following a complaint. |
| Preparations for listing Aramco stalled: WSJ(Reuters) – Public listing preparations of state-run Saudi Aramco have stalled, the Wall Street Journal reported on Thursday. |
| Global automakers hail more ships as trade battles heat upDETROIT/LONDON/SHANGHAI (Reuters) – Automakers are scrambling to ship vehicles to the United States to pre-empt possible higher tariffs, according to port data, port officials and logistics companies. |
| Stocks Pop On Trade-War Ceasefire Hopes, Yield Curve Crushed As ‘Policy Error’ LoomsJust seemed appropriate… China stocks continued their rout overnight…
European Auto stocks soared today on the heels of an unsubstantiated report on zero tariffs from a German paper…
US Equities also gained on the day – on hopes that trade war talks with Europe are progressing… |
| Trump Says Scandal Plagued Scott Pruitt Has Resigned From The EPAThe Scott Pruitt saga is finally over: moments ago president Trump tweeted that he has accepted the resignation embattled EPA administrator Scott Pruitt, adding that “within the Agency Scott has done an outstanding job, and I will always be thankful to him for this.”
Trump also said that the EPA’s deputy administrator, Andrew Wheeler, who was confirmed by the Senate in April, will assume duties as the acting Administrator of the EPA on Monday. Trump concluded that he has “no doubt that Andy will continue on with our great and lasting EPA agenda. We have made tremendous progress and the future of the EPA is very bright!”
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| Is This Why Tesla Executives Are Fleeing?Submitted by Kuppy Via AdventuresInCapitalism.com Tesla Is The New Theranos I originally started following Tesla as I felt it was a structurally unprofitable business nearing a cash crunch as hundreds of competing products were about to enter the market.
As I’ve studied Tesla more closely, I’ve come to realize that Elon Musk appears to be running a Ponzi Scheme disguised as an auto-manufacturer; where he has to keep unveiling new products, many of which will never come to market, in order to raise new capital (equity/debt/customer deposits) to keep the scheme alive. The question has always been; when will Tesla collapse? |
| Teen Attacked For Wearing MAGA Hat, Assailant FiredSan Antonio police are investigating what appears to be a politically motivated hate crime after 16-year-old Trump supporter Richard Hunter was reportedly assaulted by an aggressive liberal for wearing a red MAGA hat at a local Whataburger. In a video which went viral Wednesday, an angry man in black-rimmed glasses can be seen throwing a soda on Hunter and two friends at 2:35 a.m. on the 4th of July. As the man walks away with the teenager’s MAGA hat, he can be heard shouting “this is gonna go great in my fucking fireplace, bitch,” while walking out of the eatery with another man who filmed the encounter.
Hunter told Fox 29 San Antonio that some of his hair was pulled when the man ripped his hat off, while calling for civil discourse instead of confrontation.
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| Oil’s Twitter War May End Badly for TrumpPresident Donald Trump’s use of Twitter to jawbone the price of oil is in danger of backfiring and nearly did before the OPEC meeting in Vienna. |
| 13 June 2018 FOMC Meeting Minutes: Is The Yield Curve An Accurate Indicator Of An Impending Recession
The 13 June 2018 meeting statement presented the actions taken. This post covers the economic discussion during this FOMC meeting between the members (minutes were released today). There continued to be considerable discussion on inflation and timing on the next federal funds rate increase, and an interesting quote:
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| Trump Today: Trump Today: President announces resignation of Scott PruittPresident Donald Trump on Thursday announced the resignation of Scott Pruitt, the controversial head of the Environmental Protection Agency. |
| Economic Report: Mortgage rates fall to 3-month low as flight to safety rolls onIt’ll cost you less to take out a mortgage, according to Freddie Mac’s weekly averages, even though most analysts had expected rates to rise enough to challenge the housing market this year. |
| The Fed: Here’s the new recession indicator presented to Fed officialsFederal Reserve policy makers were presented with a new recession indicator, according to minutes released Thursday. |
— this post authored by Steven HansenSummary of Economic Releases this Week
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