Vital Statistics:
| Last | Change | |
| S&P Futures | 2179.0 | 3.0 |
| Eurostoxx Index | 351.5 | 0.5 |
| Oil (WTI) | 42.6 | 0.8 |
| US dollar index | 87.0 | -0.2 |
| 10 Year Govt Bond Yield | 1.60% | |
| Current Coupon Fannie Mae TBA | 103.3 | |
| Current Coupon Ginnie Mae TBA | 104.2 | |
| 30 Year Fixed Rate Mortgage | 3.5 |
Markets are flattish on no real news. Bonds and MBS are down.
There isn’t much in the way of economic data this week – the week after the jobs report is invariably data-light. There will be no Fed-speak either.
TIAA agreed to buy EverBank Financial for about $2.5 billion.
3 month LIBOR hit 81 basis points this morning, which is the highest since May 2009. This will affect ARM pricing.
While US Treasuries have some of the highest yields in the world, foreign investors who want to hedge their currency risk are buying them for a negative yield. New money market rules will go into effect this fall, which will change the landscape for banks. Expect tightened credit conditions.
Donald Trump will lay out his vision for financial regulation today with a speech in Detroit. He proposes a moratorium on new financial regulations, a repeal of Dodd-Frank, eliminating the estate tax, dropping the corporate income tax to 15%, creating 3 tax brackets for individuals, and making bureaucrats in DC more focused on creating jobs.
The CFPB updated their mortgage servicing regulations.
The July Fed Labor Market Conditions index rose by a point in July.
Filed under: Economy, Morning Report, politics |
Worth a note:
http://www.theatlantic.com/politics/archive/2016/08/black-pastors-pulpit-hillary-clinton/494876/
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you know what, tax em. and tax my church too.
mine can cut a check. i suppose we’ll have to seize the assets and property of those poor black churches.
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You need a willing IRS to go after black churches, what is the likelihood of that?
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How long will Pakistan still have a functioning civil society?
http://www.nytimes.com/2016/08/09/world/asia/quetta-pakistan-blast-hospital.html
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Sweet Jesus this is awesome!
http://thehill.com/blogs/pundits-blog/defense/290703-why-trump-is-now-the-most-dangerous-man-in-the-world
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http://www.vox.com/2016/8/5/12387674/hillary-clinton-political-philosophy-bowling-alone
Progressive: Hey, we’ve spent the past 100 years attacking social institutions and the sense of community they fostered. What happened to the sense of community?
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They’re the same dumbasses who chanted “Selected not elected” and “Diebold” now complaining that Trumps undermining confidence in elections.
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Or even more unpleasant for them is to realize that a large chunk of that communitarianism in the 1950’s and 1960’s had a lot to do with ethnic solidarity and social conformity at the time. Much like in the European nations that they claim to want to emulate and that aren’t adapting so well to more immigration.
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Interesting theory: Journalists no longer have a professional obligation to cover things objectively. Because Trump.
http://www.nytimes.com/2016/08/08/business/balance-fairness-and-a-proudly-provocative-presidential-candidate.html?_r=0
If you’re a working journalist and you believe that Donald J. Trump is a demagogue playing to the nation’s worst racist and nationalistic tendencies, that he cozies up to anti-American dictators and that he would be dangerous with control of the United States nuclear codes, how the heck are you supposed to cover him?
Because if you believe all of those things, you have to throw out the textbook American journalism has been using for the better part of the past half-century, if not longer, and approach it in a way you’ve never approached anything in your career. If you view a Trump presidency as something that’s potentially dangerous, then your reporting is going to reflect that. You would move closer than you’ve ever been to being oppositional. That’s uncomfortable and uncharted territory for every mainstream, nonopinion journalist I’ve ever known, and by normal standards, untenable.
The most risible part of the article is the pretense that political advocacy journalism would be something unprecedented and disconcerting to a NYT journalist.
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What was their excuse before?
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“Carolyn Ryan, The New York Times’s senior editor for politics. “It doesn’t mean that we won’t vigorously pursue reporting lines on Hillary Clinton — we are and we will.””
liar
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nova:
liar
Absolutely.
This was also amusing:
It would also be an abdication of political journalism’s most solemn duty: to ferret out what the candidates will be like in the most powerful office in the world.
Who knew it was journalism’s “most solemn duty” to engage in fortune telling?
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Another nice take on the story
http://www.powerlineblog.com/archives/2016/08/a-reporter-fesses-up.php
Narrative is set though so no turning back now.
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McWing:
Did you mean to add a different link? It’s the same as the one you linked to earlier.
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Yeah, I’ll fix it. Good thing it wasn’t a porn link.
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I was sort of hoping….
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I’m sold.
http://hotair.com/archives/2016/08/09/orlando-terrorists-father-endorses-hillary-prominently-displayed-at-rally-in-florida/
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