Iran and Russia Want to Create a New Stablecoin Backed by Gold – Mish Talk
New Stablecoin Backed by GoldCoinTelegraph reports Iran and Russia Want to Issue a New Stablecoin Backed by GoldThe Central Bank of Iran is reportedly cooperating with the Russian government to jointly issue a new cryptocurrency backed by gold.According to the Russian news agency Vedomosti, Iran is working with Russia to create a “token of the […]
Bank Earnings Start Off With a Thud, Expect Things Will Get Worse – Mish Talk
Biggest Earnings Miss in a DecadeBig Misses EverywhereWhat About the Inverse Cramer Idea?Are Markets Really Prepared For Higher Rates?Earnings Headed For a Fall Bloomberg reports Earnings Season Will Hang on Price-to-RecessionWe can’t shake off the horrors of 2022 just yet; the season for announcing the earnings for the fourth quarter of last year is about to […]
“America First”, Biden and Trump Both Guilty of Sponsoring Inflation – Mish Talk
Trump unleashed a wave of protectionism unlike anything we have seen for decades. But President Biden under guise of “Build Back Better”, is out-Trumping Trump on “America First”.The Inflation Reduction Act has nothing at all to do with reducing inflation. Rather it’s a subsidy scheme illegal under WTO rules. On November 30, I commented The EU is […]
A Big Green Mess in Germany With Coal a Stunning 31 Percent of Electricity – Mish Talk
Hoot of the DayThe Greens forced a shutdown of nuclear power under Angela Merkel. Now they are both for and against coal, the dirtiest of all electrical power sources. Police Start Clearing German Village Condemned for Coal MineThe Associated Press reports Police Start Clearing German Village Condemned for Coal MinePolice in riot gear began evicting climate […]
Food Prices Rise Again, a Bit Slower, What’s in Your Basket? – Mish Talk
CPI food items from BLS, chart by Mish The Consumer Price Index for All Urban Consumers (CPI-U) fell 0.1 percent in December on a seasonally adjusted basis. Almost all of the decline is due to a 9.5 percent decline in the price of gasoline. This post puts a spotlight on food.Month-Over-Month Food DetailsThe food index increased […]
CPI Declines Due to Gasoline But Food and Shelter Costs Jump Again – Mish Talk
CPI Data from BLS, chart by MishPlease consider the BLS Consumer Price Index report for December.Key Details Month-Over-MonthThe Consumer Price Index for All Urban Consumers (CPI-U) declined 0.1 percent in December on a seasonally adjusted basis, after increasing 0.1 percent in November.The index for gasoline declined 9.5 percent and was by far the largest contributor […]
How Long Will High Inflation Persist? What Happened to the Great Moderation? – Mish Talk
CPI and PCE inflation data from the BLS, chart by Mish. Chart NotesThe CPI is a measure of prices directly paid by consumers. The PCE price index includes expenses paid on behalf of consumers, notably corporate-paid health insurance and Medicare. Core inflation measures exclude food and energy.The PCE numbers are seasonally adjusted. The CPI numbers are unadjusted.The Great […]
Fed Chair Warns President Biden “We will not be a climate policymaker” – Mish Talk
Please consider Jerome Powell’s speech on “Central Bank Independence and the Mandate—Evolving Views”.Key Quotes (Emphasis Mine)Central Bank Independence: “Price stability is the bedrock of a healthy economy and provides the public with immeasurable benefits over time. But restoring price stability when inflation is high can require measures that are not popular in the short term […]
The 2-10 Treasury Yield Spread Note Has Been Inverted Since July 6, 2022 – Mish Talk
3-Month to 30-YearThe 3-month to 30-year inverted on October 18, 2022 and has been inverted ever since.Treasury Yield Spreads May 01 2022 to January 5 2023The 2-year to 10-year inversion is one of the most widely followed recession indicators. It has been inverted continually since July 6, 2022.The 3-month to 10-year inversion is even more […]
Hello Curve Watchers, the Yield Curve is Steepening, Just Not in the Normal Sense – Mish Talk
Treasury yields from the New York Fed, chart by MishAnticipating where the 3-month yield will be in May is much easier than figuring out where the 10-year yield will be. The Fed has penciled in quarter-point hikes in February and March with decent odds of yet another hike in May. The market agrees with that assessment.Target […]