Brent Nyitray
Fairlington Blade
Let the mutherfuker burn!
jnc4p
Kevin S. Willis
Michigoose
lmsinca
markinaustin
Memetrics
novahockey
quarterback
ScottC
yellojktVital Statistics:
| Last | Change | |
| S&P futures | 4,362 | 13.2 |
| Oil (WTI) | 73.64 | 0.29 |
| 10 year government bond yield | 1.54% | |
| 30 year fixed rate mortgage | 3.21% |
Stocks are higher this morning as we round out the third quarter. Bonds and MBS are down.
The government looks like it will do a temporary move to avoid a shutdown, however the potential for a shutdown remains until the debt ceiling is raised. Generally speaking these sorts of things are nothing more than political theater. That said, we have had temporary shutdowns in the past and it was hard to get 4506-Ts out of the IRS. Plan accordingly.
Pending Home Sales rose 8.1% in August, according to NAR. “Rising inventory and moderating price conditions are bringing buyers back to the market,” said Lawrence Yun, NAR’s chief economist. “Affordability, however, remains challenging as home price gains are roughly three times wage growth. The more moderately priced regions of the South and Midwest are experiencing stronger signing of contracts to buy, which is not surprising,” Yun continued. “This can be attributed to some employees who have the flexibility to work from anywhere, as they choose to reside in more affordable places.”
I suspect the theme of the real estate market going forward will be the flow of people to areas that have become too cheap to ignore.
Initial Jobless Claims rose to 361,000 last week. The continuing high unemployment claims remain a mystery given the plethora of job openings out there.
The final revision to second quarter GDP was inched up to 6.7%, as consumption rose a hair. Estimates for third quarter GDP have been decreasing. The current Atlanta Fed GDP Now estimate is sitting at 3.2%. The much-ballyhooed 2H acceleration doesn’t seem to be playing out.
Jerome Powell addressed the inflation situation yesterday. “It’s also frustrating to see the bottlenecks and supply chain problems not getting better — in fact at the margins apparently getting a little bit worse,” he added. “We see that continuing into next year probably, and holding up inflation longer than we had thought.”
Filed under: Economy, Morning Report |
All Things in Moderation 
Your president’s choice for Comptroller of the Currency
https://www.politico.com/news/2021/09/24/radical-biden-nominee-faces-backlash-from-banks-514189
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“Omarova said in a paper published in October that having Americans park their money at the Fed would allow the central bank to more directly and efficiently pull the levers of monetary policy by enabling it to credit individual citizens’ accounts when there’s a need to stimulate the economy. ”
She’s been reading too many Vox articles.
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She doesn’t understand what banks actually do for a living.
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I feel like this may not be a smart move from the Biden folks. I feel they have a lot of big money on their side and this might not be helpful on that front.
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This is a flex. He thinks he can do whatever he wants and BlueCheckMark Twitter and ESG funds will hector the banks into complying.
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You think that would work?
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You think that would work?
I do
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Well that’s disappointing.
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Durbin Says Manchin’s $1.5 Trillion Topline ‘Will Be Changed’
Senate Majority Whip Dick Durbin (D-IL) told reporters that the memo that Sen. Joe Manchin (D-WV) and Majority Leader Chuck Schumer (D-NY) signed in July, which includes Manchin’s $1.5 trillion topline for new spending, was a “secret communication.”
“I didn’t know that,” Durbin said.
Asked whether he thinks that the $1.5 trillion topline can cover the priorities that should be addressed in the reconciliation bill, Durbin replied that “it will be changed.”
Lol.
https://talkingpointsmemo.com/live-blog/the-day-of-reckoning-over-bif-and-reconciliation-is-upon-us?entry=1389196
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Politico piece on the same thing:
https://www.politico.com/news/2021/09/30/manchin-proposed-15t-topline-number-to-schumer-this-summer-514803
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Now Sinema is saying the same thing. Looks like the wheels are coming off the kabuki narrative. All parties new these positions all along and were just play-acting.
Still they’ll get, what? 3 Trillion out of it? Nice movement of the Overton.
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CR passed the senate 65-35
on to the house
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is he just trolling progressives?
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That and representing his voters.
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Good piece:
“THE BULLSHIT
Digging Out
Walter Kirn”
https://walterkirn.substack.com/p/the-bullshit
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That’s good stuff.
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