Chinese Frame of Reference
Chinese imports fell for the 19th consecutive month in May, but it was the pace of the latest decline that has stirred (yet again) so much optimism. Year-over-year, Chinese imports were down just 0.4%, beating [...]
Clowns
Whatever her other faults, and they are legion, Janet Yellen has impeccable timing. On the day the FOMC actually voted to raise the irrelevant federal funds rate, thus signifying to the world the soundness of [...]
And It’s Gone
To the surprise of no one, the Chinese yuan on Monday picked back up where it left off last week with Friday’s big move only shifting the level from which it now sinks. Straight from [...]
What Now, Ms. Yellen?
Well, that was ugly. The lousy employment report released this past Friday threw the markets and probably the FOMC for a loop. Stocks didn't really do anything - yet - but other markets more than [...]
China Says ‘Thank You’
By any reasonable standard, today’s trading in “dollars” was highly unusual. The Chinese yuan had been trading its typical depreciation route all through the night and toward the US open. At about 6:15am, CNY was [...]
Factory Orders Get Their Revision
Benchmark revisions continue to flow through manufacturing and industrial figures. The latest were attached to the Census Bureau’s statistics on factory orders. Having already obtained the revisions for durable goods, this series was unsurprisingly left [...]
The Labor Report Looks Much Different Without Such High Positive Variation
The payroll report missed badly, as the headline “job creation” number gained only 38k in May 2016. That was the lowest monthly gain of the entire “recovery.” Last month’s figure, which had already caused significant [...]
Stay In Touch