Stocks & Bonds Are Plunging As Powell Fails To Deliver

No hints at a ‘Twist’, refuses to speculate on repo issues, no pushback against recent bond vol, and no mention of SLR exemption. That is not what the market wanted to hear… Treasury yields are spiking with 10Y well above 1.50%… And 5Y is back above the critical 75bps level… Real yields are surging, and […]

Watch Live: Will Fed Chair Powell Give The Market What It Wants?

Will he or won’t he? The bond and stock markets are definitely calling Jay Powell’s bluff ahead of his speech as chatter of The Fed “losing control” of the yield curve and the potential disaster of the expiration of SLR exemption have the Fed Chair cornered into, at minimum, hinting at one and/or the other […]

16 States Are Now Following The Science

Authored by Jordan Schachtel via The American Institute for Economic Research, It took an entire year, but lockdowns and mask mandates are officially incredibly unpopular with half of the country, to the point that governors are rapidly making sweeping changes to their year-long COVID-19 policies. Jumping onto the coattails of pro-individual freedom leaders like governors […]

House Democrats Pass Bill To Change American Voting Forever

The House of Representatives in the late hours of March 3 passed a sweeping election reform bill that, if signed into law, would affect multiple aspects of the electoral process and campaign financing. As The Epoch Times’ Mimi Hguyen Ly notes, H.R. 1, also called the For the People Act, passed the Democrat-controlled House on a largely […]

Jim Grant: Fed Has Left Us With A Bond Market That's “All But Destroyed”

Jim Grant of Grant’s Interest Rate Observer recently made an appearance on WealthTrack with Conseulo Mack to talk “Financial Bubbles of Historic Proportions”. Grant covered numerous topics on the macroeconomic picture.  On Interest Rates “Basic rate of interest does the following: it helps us to connect the present with the future, it discounts future cash […]

JPM: Clients Are Getting Concerned About Concentration Risk

From JPM’s Market Intelligence report published by Andrew Tyler The global sell-off continues but rotation is the better description. We continue to see large-cap Tech being sold to fund the Reopening/Reflation trade. Client conversations reveal that much of this selling is in the more liquid names so there are now concerns about concentration risk should […]

Barstool's Portnoy-Backed BUZZ ETF Stumbles On Debut

To bee or not to bee, that is the question…  For days Barstool Sports’ Dave Portnoy pumped VanEck Vectors Social Sentiment ETF (ticker BUZZ) to his 2.4 million followers. Telling everyone how he’s putting his “face behind,” his “reputation behind,” and everything he represents behind this new ETF.  Well, on opening day, VanEck Vectors Social Sentiment ETF (ticker […]

Oil Surges As OPEC+ Agrees To Keep Output Unchanged In April

Update (1050am ET): Crude gains accelerated two hours after the start of today’s meeting following headlines that OPEC+ has agreed to keep output unchanged in April, with a delegate adding that OPEC+ decided not to hike output by 500kb/d in April. Energy Intel’s Amena Bakr adds that Saudi Arabia may voluntarily extend its cut to […]

More Power Defaults As Texas Energy Crisis Widens; ERCOT Releases Short List 

We’re starting to get a better understanding of the Texas credit crisis involving power companies operating on the state’s power grid following the Arctic blast and severe winter storms that pounded the area last month, resulting in wholesale electricity prices soaring to more than 9,000 a megawatt-hour.  Earlier this week, court documents showed Brazos Electric Power Cooperative, […]

Is Plinko The Best The Fed Can Do?

Authored by Michael Lebowitz via RealInvestmentAdvice.com, Plinko was made famous on the TV show The Price is Right. To play the game, a contestant drops a coin into one of the many slots at the top of the Plinko board. Then they watch the coin fall, bouncing off pegs until it reaches the bottom. The […]

GOP Voting Rights Act Position Falls Apart in SCOTUS Arguments

Yves here. Normally the big action in litigation is when cases are first filed and courts issue rulings. But sometimes the byplay can be entertaining and revealing. Even though the mavens seem to think the Arizona case before the Supreme Court on its restrictions on voting rights is bound to yield some concessions to the […]

Canada: An Official Strong Recommendation for First Doses First

Canada’s National Advisory Committee on Immunization (NACI), a scientific advisory group to the government, has made a forceful and dramatic statement strongly favoring First Doses First (delay the second dose.) This is a very big deal for the entire world. Basically NACI have endorsed everything that Tyler and I have said on First Doses First […]

Links 3/4/2021

Cuttlefish show self-control, pass ‘marshmallow test’ Live Science. Le Bourgeois Céphalopode. Astonishing moment ‘Britain’s hardest cat’ sees off a much bigger FOX after tense standoff over food Daily Mail The man who saves forgotten cats in Fukushima’s nuclear zone Reuters Fukushima timeline from the perspective of workers in the control room; amazing stuff: Later today […]

Facebook and Google vs the Free Press

Yves here. Australia and Maryland have both sought to tax Google’s and Facebook’s online advertising putting their broader role the spotlight. Both platforms make considerable use of traditional media content while pulling digital ad revenues away from them. Old school publishers had already suffered due to loss of classified ad income to Craigslist and in […]

RIP Gold. Killed by Bitcoin

Yves here. I am loath to give either Bitcoin or the current widespread investor belief that big time inflation is upon us any attention. However, the things I really want to talk about take a bit of work, and I’m buried by administrativa that is getting in the way of girding my loins to do […]

My job as managing editor of the Austrian Economics Newsletter

I’ve already posted about my chess teaching, and my grocery store work (here and here), my next job was as managing editor of the Austrian Economics Newsletter, for 1980-1981.  I was only eighteen (and nineteen) then, so for me this was a big step up. I was responsible for commissioning content, making sure authors got […]

Home Invasions: All The Ways The Government Can Lay Siege To Your Property

Authored by John W. Whitehead & Nisha Whitehead via The Rutherford In “How ‘secure’ do our homes remain if police, armed with no warrant, can pound on doors at will and … forcibly enter?” – Supreme Court Justice Ruth Bader Ginsburg, the lone dissenter in Kentucky v. King Americans are not safe in their homes. Not […]

Army Begins New Infantry Squad Vehicle Test At Arizona's Yuma Proving Ground

The US Army is racing to modernize its forces. A new Infantry Squad Vehicle (ISV) recently showed up to Yuma Proving Ground for harsh testing in southwestern Arizona, according to Yuma Sun. Isaac Rodriguez, team leader for the proving ground’s combat automotive division, said testing for the new ISV began in early February and will end […]

13 Killed In California Crash Allegedly Entered US Illegally Via Border Fence Hole: Officials

Authored by Jack Phillips via The Epoch Times, U.S. Customs and Border Protection officials said they believe the victims killed in the collision in Southern California just miles from the U.S.-Mexico border were illegal immigrants who were smuggled through a dilapidated border fence near Calexico. A Ford Expedition carrying more than two-dozen people collided with a semi-truck in Imperial County, California, […]

The Quality Of Life In The United States Is Going Down The Toilet

Authored by Michael Snyder via TheMostImportantNews.com, Is the quality of life in America getting better, or is it getting worse?  Americans certainly have a lot more “money” than they did when I was a kid, but that doesn’t mean much because the U.S. dollar has only a fraction of the value that it did back […]

Miami Beach Preps For Spring Break COVID Crackdown

In yet another great example of government efficiency, Miami Beach is prepping for a Spring Break Covid crackdown. Don’t check your calendar. Yes, it’s 2021.  It’s ironic, since last year – you know, before we even had vaccines and understood fully just how deadly (or not deadly) Covid was – Miami Beach was the go-to place to […]

Business Cycle Indicators as of 3 March

The goods production side of the economy continues to recover, and monthly GDP comes close to October 2010 levels. Nonfarm payroll employment as implied by the Bloomberg survey is for a slight increase of 182K. Some key indicators followed by the NBER Business Cycle Dating Committee. Figure 1: Nonfarm payroll employment (dark blue), Bloomberg consensus […]

Japan's Well-Fed Zombie Corporations

Authored by Gunther Schnabl and Taiki Murai via The Mises Institute, The corona crisis has intensified the discussion about the zombification of the economy; enterprises have become more dependent on government bailouts, loans, subsidies, short-time working benefits, and loans from central banks. Governments around the world claim the measures to be only temporary. Yet Japan’s experience […]

Happy Fed Independence Day (Update)

Enlarge this image William McChesney Martin, the man who defended the Federal Reserve against an attack by the President. Federal Reserve Board/Federal Reserve [Public domain] Federal Reserve Board/Federal Reserve [Public domain] In the years before 1951, the Federal Reserve took orders from the Treasury, and by extension, from the President. The President would request that […]

Sins of omission vs sins of commission

That is the topic of my latest Bloomberg column, here is one excerpt: To be clear, public health officials are encouraging additional vaccinations. But they don’t seem to realize how much their own ostensibly “careful” rhetoric makes vaccination sound unappealing. “Not talking up the vaccines” is a sin of omission, not a sin of commission, […]

2:00PM Water Cooler 3/3/2021

By Lambert Strether of Corrente. Bird Song of the Day San Diego, California. Quite the tour de force! #COVID19 At reader request, I’ve added this daily chart from 91-DIVOC. The data is the Johns Hopkins CSSE data. Here is the site. I feel I’m engaging in a macabre form of tape-watching, because I don’t think […]

“Space Hurricane” Spotted Above North Pole, Study Finds  

For the first time, a team of researchers from China, the US, Norway, and the UK, have spotted an eye-catching phenomenon above the North Pole, in what they’re calling a “space hurricane.”  The new study said a 600-mile-wide swirling mass of plasma “rained” electrons down on the North Pole. It was only until now that […]

Senate Lowers Cutoff For Covid Stimulus Checks To $80,000

Senate Democrats and Joe Biden struck a last minute deal over Biden’s $1.9 trillion pandemic relief bill, choosing to keep federal unemployment benefit payments at $400 per week but phase out the measure’s $1,400 stimulus checks more quickly. As Politico notes, the decision, which speeds up the phasing out of checks, reflects a demand from […]

Biden Admin Planning For Influx Of 117,000 Illegal Youths To US This Year

Authored by Steve Watson via Summit News, Internal documents outline that the Biden administration is planning to integrate 117,000 migrant youths and children in 2021, an exponential increase on previous years. The information, obtained by Axios, also indicates that shelter facilities are expected to be overrun this month, and that Biden will accelerate the release of […]

Will Powell Unveil Operation Twist 3.0 Tomorrow?

There has been spreading chatter that during Jerome Powell’s upcoming appearance at a Wall Street Journal virtual event on Thursday at noon, the Fed Chair may unveil changes to Fed bond buying and potentially unveil Operation Twist 3.0. As DataTrek‘s Nicholas Colas asks, “will he preview a change in the central bank’s quantitative easing program, […]

Kass: The Bull Market In Complacency & “First-Level Thinking” Is Back

Authored by Doug Kass via Seabreeze Partners, By following the path of least resistance and opting for political expedience and untested monetary and fiscal policies – economic and market risks are now heightened At the same time equities are making all-time highs Monday, on the lightest volume day of the year for the Nasdaq, the […]

Daytona Beach International Airport Cleared Of 'Potential Bomb Threat'

Update ( 1119 ET): Law enforcement has cleared Daytona Beach International Airport (DAB) from a “potential threat” according to local law enforcement. The airport will soon begin normal operations.  Minutes ago, DAB tweeted:  “The airport terminal has been swept and cleared and is open. Passengers should check with their airlines regarding flight schedules.”  Great news – no […]

'Go Out And Buy Gold' If Warren Wealth Tax Passes: Leon Cooperman

Billionaire Leon Cooperman says Sen. Elizabeth Warren’s (D-MA) “ultra-millionaire” wealth tax is a terrible idea because people will simply hide their wealth. “The idea has no merit. It’s foolish. It probably is not legal,” Cooperman told “Squawk Box” on Wednesday. “If the wealth tax passes, go out and buy yourself some gold because people are […]

Senate To Kick Off Debate On $1.9 Trillion Stimulus As Soon As Wednesday

Te Senate may begin debate on President Biden’s $1.9 trillion COVID-19 relief package as soon as Wednesday, as Majority Leader Chuck Schumer predicted on Monday that the chamber has “some late nights” ahead this week, according to Politico. The goal is to pass the stimulus into law before March 14, when enhanced unemployment benefits are […]

Why Peter Lynch Was Unique

After my interview with Peter Lynch last week, I jotted down some of my favorite highlights from our conversation. I argued that Fidelity Vice Chairman Peter Lynch has the greatest long-term track record in terms of pure stock-picking with Tom Keene and Lisa Abramowicz. One small note: Tom misspoke, this interview was held at MIT, […]

How the NATO Alliance Is Fighting Russia’s Sputnik V Vaccine With Subsidies From State Budgets and the Gates Foundation, Hidden by bhe Financial Times

Yves here. Jomo Kwame Sundaram has been writing regularly on how wealthy countries are costing lives in poor nations via vaccine hoarding and refusing to give breaks on licensing. Nicholas Corbishey gave a long-form treatment yesterday on how that is playing out in Latin America, giving Russia and China the chance to play vaccine diplomacy. […]