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 | 3,638 | 37.25 |
| Oil (WTI) | 84.20 | 4.74 |
| 10 year government bond yield | 3.70% | |
| 30 year fixed rate mortgage | 6.72% |
Stocks are higher this morning on no real news. Bonds and MBS are down.
There is a closed meeting of the Fed at 11:30 this morning. Supposedly about the discount rate, but it is odd. I am wondering if it concerns financial stress which has been triggered by Credit Suisse.
Credit Suisse’s stock has been hammered over the past few months as the bear market sets in and people worry about its credit risk. The CEO sent a memo over the weekend hoping to reassure employees, investors and counterparties over the bank’s risk. It doesn’t seem to have had the intended effect.
Credit Suisse and its issues are a long way away from the US mortgage market, however it is a good canary in the coal mine about overall financial stress. This is particularly important to non-QM lending, however it also can act as a yellow light for central banks. It is something to keep an eye on.
The week ahead will contain the jobs report, along with a slew of Fed-Speak. We will also get the ISM data and construction spending.
The manufacturing economy expanded in September, according to the ISM Manufacturing Index. That said, the expansion is the weakest since May of 2020. New Orders contracted, and employment plans seem to be getting put on hold. Prices are at the lowest level since June 2020.
“Manufacturing expanded for the 28th straight month. Panelists’ companies slowed hiring activity; month-over-month supplier delivery performance was the best since December 2019; prices growth slowed notably (with the index at 60 percent or lower) for the third consecutive month; and lead times continue to ease for capital equipment and production materials. Markedly absent from panelists’ comments was any large-scale mentioning of layoffs; this indicates companies are confident of near-term demand, so primary goals are managing medium-term head counts and supply chain inventories”
Construction spending fell 0.7% MOM but increased 8.5% YOY, according to the Census Bureau. Residential construction fell 1% MOM and is up 12.4% YOY.
Filed under: Economy |
All Things in Moderation 
This is a really good read:
“Values and Character v. Political Identity: Some Personal Reflections
The Brazilian firefighter, union leader, evangelical and ex-Congressman Cabo Daciolo was once embraced by the left, but is now vilified by them as a “hater” of LGBTs. Many vital lessons are here.
Glenn Greenwald”
https://greenwald.substack.com/p/values-and-character-v-political
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The transcript of Obama’s interview right before he left office is an interesting read.
This quote from someone in the press caught my attention:
“And also, as a corollary to that, we’re starting to see some real, deep-state interference with this transition. And how worrisome is that over the long haul? Where could that go?”
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Hmmm…
Former Rep. Michael “Ozzie” Myers, 79, who represented a district in Pennsylvania, pled guilty to conspiracy to deprive voters of civil rights, bribery, obstruction of justice, falsification of voting records, conspiring to illegally vote in a federal election, and orchestrating schemes to fraudulently stuff the ballot boxes for specific Democratic candidates in the 2014, 2015, 2016, 2017, and 2018 Pennsylvania elections, the U.S. Department of Justice said in a statement.
https://www.dailywire.com/news/former-democrat-congressman-jailed-for-committing-election-fraud-to-help-democrats
Despite it happening in 2014, 2015, 2016, 2017, and 2018, it definitely didn’t happen in 2020, the cleanest, most pure election in American history! If you say any different, you are engaging in the Big Lie!!!
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I can’t believe the DOJ prosecuted this.
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But Democrats doing the same thing repeatedly is not “a Big Lie”.
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The FBI really needs to be either seriously reformed or abolished.
https://thefederalist.com/2022/10/04/with-new-documents-the-biden-administrations-targeting-of-a-pro-life-dad-just-got-crazier/
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And this double jeopardy nonsense, where the feds charge a person for the same act that has already been adjudicated by the state, is an abomination. It must end.
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Aside from abortion, the left has no use for rights or freedom.
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