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2022-12-11 18:05:29 US Mortgage Rates Fall for a Fourth Week on Recession Jitters

Mortgage rates continued to decline as the year end approaches. However, concerns over the economic outlook also led purchase demand down.

In the week ending December 8, mortgage rates fell for the fourth consecutive week. 30-year fixed mortgage rates fell by 16 basis points to 6.33%.

Following the latest decline, 30-year fixed rates are up 134 basis points from the August 3 most recent low of 4.99%. 30-year fixed rates were up 323 basis points year-over-year.

However, an unexpected pickup in US inflation could force the Fed to deliver another 75-basis point interest rate hike to reverse the recent pullback in mortgage rates.

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2022-12-10 16:18:08 European Union to Put a 10,000-Euro Limit on Cash Payments - Transactions Over €1,000 in Crypto Will Be Scrutinized

The states of the European Union have convened to establish a new limit on cash purchases and to strengthen the controls on cryptocurrency transactions. On Nov. 6 the bloc agreed to put a limit of €10,000 ($10,557) on cash payments and to exert stronger oversight on crypto transactions of over 1,000 euros ($1,055).

Cash payments of more than 10,000 euros will be impossible. Remaining anonymous when buying or selling crypto assets will be much more difficult. Hiding behind several layers of corporate ownership will no longer work. It will be even more difficult to launder dirty money with jewelry or goldsmithing.

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2022-12-09 17:28:18 Producer Price Index To Predict Fed’s Move ?

Bulls will welcome any signs that inflation is easing but will really want to see a lower PPI read reinforced by a decline in the Consumer Price Index next Tuesday.

For the bulls, lower reads on both indexes will be viewed as validation that we have hit “peak inflation”, which bulls believe could compel the Fed to take a less aggressive approach to its tightening campaign.

Bulls believe if they can nail the trifecta – lower CPI and PPI, and a more dovish tone from the Fed – it could allow stocks to climb higher through the end of the year. However, bears continue to question the longer-term upside potential with many believing that stocks remain overvalued and likely have further to fall, especially if the US and/or the global economies hit a major stumbling block in early-2023.

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2022-12-09 17:23:41 U.S. stock futures firm as traders await fresh inflation update

U.S. stock futures were firmer for a second consecutive session on Friday ahead of another important inflation update.

Equities were in line to finish the week on a positive note, though early gains in futures were muted as traders waited to see if fresh data on Friday would confirm inflationary pressures are easing.

The U.S. producer prices index (PPI) for November is due for release at 8:30 a.m. Eastern. The year-over-year level is expected by economists to fall from 8% in October to 7.2%. There has already been better news on Friday from China, where a report showed manufacturers trimming prices by 1.3% for the year to November.

Some analysts think traders are underestimating the potential for a benign set of inflation reports in coming days to spark another bounce in stocks.

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2022-12-08 16:42:44 BlackRock says the market is misjudging key risks.

Wall Street is on a five-day losing streak. The decline, as measured by the S&P 500 SPX, -0.19%, of 3.6% is not that great, but it seems depressingly inevitable once the benchmark again failed to hold above its 200-day moving average.

The relapse of each rally in 2022 is recognition that stocks’ relationship with central banks has changed. Once supportive, their battle against inflation has pressured equities and made markets more volatile.

Our call of the day is from BlackRock BLK, -0.16%, who say this challenging macroeconomic scenario will continue and that investors require a new three-pronged strategy to navigate it.

“The new macro regime is playing out. We think that requires a new, dynamic playbook based on views of market risk appetite and pricing of macro damage,” says BlackRock’s Investment Institute.

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2022-12-08 16:40:23 ‘Anti-woke’ reaction? Fund giant Vanguard quits net-zero climate alliance

Vanguard says it will track its environmental progress independent of the NZAM alliance as an effort to provide ‘clarity’ to investors; critics say it’s caving to an ‘anti-woke’ movement.

Vanguard, the world’s second-largest mutual and exchange-traded fund manager, is pulling out of a major financial-sector alliance intended to help tackle climate change, the firm announced Wednesday.

Vanguard, in a statement, said it will track its progress independent of the alliance, as an effort to provide “clarity” to its investors.

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2022-12-07 19:06:28 Recession May Be Only Way to Slow Growth, Raise Unemployment, Cool Inflation

Nearly two months ago as consumers were looking for relief from soaring inflation and not really paying too much attention to the future, Federal Reserve Chief Jerome Powell stated bluntly what it will take to finally tame the beast causing Americans to use a bigger chunk of their paycheck to pay for necessities like food and gasoline: slower growth, higher unemployment and potentially a recession.

Speaking at a news conference, Powell acknowledged what many economists have been saying for months: That the Fed’s goal of engineering a “soft landing” – in which it would manage to slow growth enough to curb inflation but not so much as to cause a recession – looks increasingly unlikely.

“No one know whether this process will lead to a recession or, if so, how significant that recession would be.”

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2022-12-07 19:04:27 Middle Income Countries in 2022 Up by 5% to $626 Billion — Latest World Bank Report

Despite the headwinds that have dominated the year, remittances to low and middle-income countries in 2022 still grew by 5% to $626 billion, the World Bank Migration and Development Brief has said. Africa, where the cost of sending $200 averaged 7.8% in 2022, is the “most severely exposed to the concurrent crises.”

Migrants help to ease tight labor markets in host countries while supporting their families through remittances. Inclusive social protection policies have helped workers weather the income and employment uncertainties created by the COVID-19 pandemic. Such policies have global impacts through remittances and must be continued.

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2022-12-05 22:28:31 What Do You Need To Know About Labor and Oil Markets ?

Stock investors are braced for a rocky start to the week as markets continue to digest surprisingly strong US payroll data and potential fallout in global oil markets as the West cracks down on Russian supplies.

On the job market front, government data on Friday showed the US added +263,000 jobs, in spite of a growing wave of layoff headlines. This was only a slight drop from the upwardly revised gain of +284,000 jobs added in October.

Investors begin this week also trying to determine the potential impact to global oil markets following two key decisions made over the weekend. Late on Friday, the Group of Seven (aka G7, which includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the US, as well as the European Union) along with Australia set their long-awaited price cap on Russian seaborne crude at $60, effective as of today, December 5.

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2022-12-03 18:04:17 US Senator: Bitcoin Is a Commodity - 'There Is No Dispute About This'

U.S. Senator John Boozman says bitcoin, although a cryptocurrency, is a commodity in the eyes of the federal courts and the Securities and Exchange Commission (SEC) chairman. He stressed that exchanges where commodities are traded, including bitcoin, must be regulated and the Commodity Futures Trading Commission (CFTC) is the right regulator for the crypto spot market.

Bitcoin, although a cryptocurrency, is a commodity. It is a commodity in the eyes of the federal courts and in the opinion of the Securities and Exchange Commission (SEC) chairman. There is no dispute about this.

If there are exchanges where commodities are traded — be it wheat, oil, or bitcoin — then they must be regulated. It is that simple. The choice not to regulate leaves consumers at the mercy of those who would prey upon them.

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