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 | 3,731 | 58.85 |
| Oil (WTI) | 111.78 | 2.24 |
| 10 year government bond yield | 3.27% | |
| 30 year fixed rate mortgage | 5.95% |
Stocks are higher to begin this shortened week after a horrendous two weeks. Bonds and MBS are down.
There isn’t a lot of market-moving data this week, however Jerome Powell will head to the Hill for his semiannual Humphrey-Hawkins testimony. Aside from a lot of Fed-Speak, new home sales on Friday will be important.
The Fed Funds futures are predicting another 75 basis point hike at the July Fed meeting. This would imply about 150 basis points of tightening in the context of six weeks. This amounts to one of the biggest moves ever from the Fed, and the last time the Fed moved like this the overall interest rate environment was much higher. Going from 9.25% to 10.75% in the 80s probably has less of an impact than going from 0.5% to 2.25%.
With the Atlanta Fed’s GDP Now index predicting flat growth in Q2, the new home sales number will probably take on more significance than normal. Given the lousy housing starts number last week, I expect new home sales to come in weak as well, which will probably seal the deal for a negative Q2. That will make us officially in a recession.
So far, it doesn’t appear that there are any systemic issues in the financial markets. No blow-ups that spew counterparty risk all over the place. Corporate balance sheets are generally unleveraged, and most of the debt issuance during the pandemic was about refinancing existing debt and locking in low rates.
Growth decelerated in May, according to the Chicago Fed National Activity Index. This index is comprised of various economic indicators and is intended to be sort of a meta-index for the economy. The index fell to 0.1%, which is barely above trend. Sales and employment trends added to the index, while production, consumption and housing were weak spots.
New Residential is changing its name to Rithm Capital. It will now be an internally-managed REIT versus an externally managed one. “We are taking this opportunity to rebrand to Rithm Capital and demonstrate the growth of our Company,” said Mr. Nierenberg. “We have changed dramatically since our inception, from an owner of MSR assets to a company with complementary operating companies and a unique portfolio of investments. The new name and brand help distinguish us from our operating companies, including Newrez, and reflect our culture, team and ambitions for growth beyond residential mortgages.”
I have absolutely no idea what Rithm is supposed to mean. Is it an acronym? But this is definitely one of the stranger name changes since Nationstar rebranded as Mr. Cooper.
The company also declared its normal $0.25 dividend. This gives the stock a double-digit dividend yield. So far the anticipated dividend cuts in the mortgage space have yet to materialize.
Filed under: Economy |
All Things in Moderation 
IOKIYAAD
https://www.dailywire.com/news/doj-wont-prosecute-top-democrat-staffer-for-defacing-posters-outside-marjorie-taylor-greenes-office-report
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I’ll take “why people think the legal system is rigged” for $200, Alex.
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Found another POTUS crime
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thats difference cuz reasons.
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First good David Frum piece in a long while:
“Dave Chappelle’s Not Kidding
The comedian’s proposal to defer having his name on his high school’s theater might seem conciliatory. But it’s a big bet on what he believes.
By David Frum”
https://www.theatlantic.com/ideas/archive/2022/06/dave-chappelle-high-school-theater-name/661339/
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FYI McWing:
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That’s going to leave a mark.
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This will come in handy now that rape is legal and abortion about to be banned. I want a choice on where to send my rape progeny! It’s either Pope is Infallible Middle School or KKK High.
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https://www.dailywire.com/news/i-got-mine-f-them-kids-people-rip-megan-rapinoe-over-comments-about-girls-competing-against-trans-athletes
The idea that feminists and lesbians would adamantly support this trans nonsense is genuinely incomprehensible. That a lesbian, feminist athlete would do so is Twilight Zone stuff. Megan Rapino must truly be a moron.
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the feminist left has abused the victimhood totem pole enough that I don’t feel an ounce of sympathy over this.
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“Megan Rapino must truly be a moron.”
No. She understands how she gets paid in today’s celebrity culture.
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exactly. trans people are at the apex of the Victimhood Totem Pole.
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Brent, you see this?
https://abc7amarillo.com/news/nation-world/-safe-space-navy-training-on-preferred-pronouns-draws-mockery-criticism-inclusive-languange-defense-visual-information-distribution-service-military-trans-transgender-lgbt
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Clearly a major national defense issue.
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“I’m sorry, your kid’s high school volleyball team just isn’t that important.”
That’s actually a great argument against Title IX equalizing funding for women’s sports.
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jnc;
That’s actually a great argument against Title IX equalizing funding for women’s sports.
Exactly…but do you think that is an argument Rapino intended to make or even understands? If I thought Rapino was just being cynical, I wouldn’t call her out for being stupid. But I doubt she is being cynical. I think she is doing what progressives do all the time…argue from emotion without thinking or caring about whether the various things they believe are at all logically reconcilable.
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And I think that as someone who is transitioning (no pun intended) into a new role as a general celebrity after retiring from women’s (?) soccer, she knows the line she has to toe in order to get the money.
If the general progressive sensibility went the other way on the issue, she would go along with that too. This isn’t a matter of principle for her. It’s just genuflecting before The Current Thing.
I’m sure she’s all in on Ukraine too.
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jnc:
This isn’t a matter of principle for her. It’s just genuflecting before The Current Thing.
That is probably right, but I doubt she is doing it cynically, for the money. She is doing it because she is a progressive, and that is what progressives do. Even those that have nothing to gain monetarily from it. Being cynical would require thinking, and they don’t think…they emote.
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BTW:
And I think that as someone who is transitioning (no pun intended)…
Good one!
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False equivalence!
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I’ll take “why i don’t give a crap about the democrats’ histrionics” for $600.
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McWing you guys absolutely drive me crazy sometimes. I wonder where you get your news?
From June 8th.
US President Joe Biden strongly condemns threats against Justice Brett Kavanaugh, the White House said Wednesday, amid high tensions over the Supreme Court’s upcoming ruling on abortion.
“The president condemns the action of this individual in the strongest terms,” White House Press Secretary Karine Jean-Pierre told reporters on Air Force One, after an armed man was arrested outside the justice’s home.
I don’t know if any of you are actually watching the hearings or not but if you’re not, you’re chicken and if you are……………..how can you legitimately deny the value of the evidence they are presenting against Trump? A lot of committee members and pundits are praising the R state officials who held the line against the actual attempted steal of the election by Trump, but as far as I’m concerned they were just doing their job. They fed the BEAST for 4 years and when he tried to eat them……………they finally resisted. Shame on them!
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it is like judging a criminal case without a defense attorney.
even worse, after the russian collusion hoax, i believe absolutely nothing that the democrats say. I wouldn’t buy a dime bag from these people.
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I disagree Brent! They’re presenting a case, for sure, and if there is a defense we haven’t seen it yet although I believe they would like to hear that. I hope if the DOJ finds a reason to prosecute there will be a defense. The committee doesn’t have the power to prosecute though.
They have presented a lot of evidence from Republican officials, Trump allies, including staff and lawyers, that Trump kept perpetuating the lie that he won. There was no evidence to support that and so he went on to try to bring forward a fake set of electors to overturn the election…………….It doesn’t make sense to me to deny his scheme. It was a subversion of democracy!
FYI, I did not want to vote for Biden, I didn’t want him to be the D nominee and I don’t want him to be my choice again…..The only D’s I’ve ever voted for were Obama (proud of that vote) and Biden as the anti-Trump vote. It’s really hard to see a grifter/mob boss candidate who perpetuates lies about an election he lost and for him to weaponize his supporters to attempt to overthrow the election and threaten even R officials with violence.
I think IMO it’s time for people to stand up to Trump!
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the idea that an unarmed protest presented an actual threat to the republic is nothing but hysterics.
trump may be a grifter, but so are all politicians. and as much as i dislike Trump, I hate the democrats more.
the last 6 years were such a redpill moment for this ex-Naval Officer that I have emotionally divorced the government, and i have no use for democrats.
I think my position is not that unusual. People on the right don’t necessarily support trump. but they hate the other side.
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lms:
They’re presenting a case, for sure, and if there is a defense we haven’t seen it yet although I believe they would like to hear that.
LOL! Yeah, that’s why Pelosi explicitly prevented any Trump defenders from being on the committee, and instead chose her own NeverTrump R’s…because she wanted to hear the case for the defense. That’s the ticket!
I think IMO it’s time for people to stand up to Trump!
Trump is no longer in office and barely has a public profile. IMO it’s time for Trump Haters to stop obsessing over him.
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Brent:
it is like judging a criminal case without a defense attorney.
That is, of course, exactly correct. No serious person could sensibly deny it.
even worse, after the russian collusion hoax, i believe absolutely nothing that the democrats say.
I am with you. You’d think that people who fell for the Russian Collusion hoax would show at least some sense of embarrassment and humility about their proven gullibility.
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Either they still believe or it’s now dismissed with a hand wave.
I’m just fascinated that given inflation, gas prices, supply chain breakdown, imminent recession and everything else that so many people think relitigating the past is super-important right now, practically or politically.
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KW:
Either they still believe or it’s now dismissed with a hand wave.
Yeah, I think a lot of them still believe it.
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What were the crimes that Trump committed?
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lms:
I wonder where you get your news?
I think you are confused. The tweet drawing attention to the committee’s hypocrisy points out that Biden has not condemned the protests taking place at the Justice’s houses. Countering that by pointing out that Biden has condemned something else entirely is a bit of a non sequitur.
I don’t know if any of you are actually watching the hearings or not…
I am not. I am not interested in political show trials.
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It’s a layup but I still laughed.
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If cops don’t stop school shootings immediately from now on parents are going to shoot their way through the cops to get their kids.
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It seems obvious now that elected Republicans want to suppress base turnout. They don’t want majorities under the bases terms.
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I hope they are bullshitting and not serious.
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Why won’t they invest in things we’re trying to eliminate?
https://www.washingtonpost.com/business/2022/06/20/refineries-profit-gas-prices/
Wreckers and Kulaks!
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More Trump crimes.
I’m now converted.
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always assume bad faith when dealing with the left. always.
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