Inflation’s Jump in April

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The Bureau of Labor Statistics reported this morning that its Consumer Price Index rose 0.8% last month and that was considerably higher than the 0.2% bump that analysts expected. Year-over-year, along with the effects of a changing base, that helped push the twelve-month pace to 4.2% in the face of a 3.6% expectation. Without food […]

Lots of Labor News

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The Bureau of Labor Statistics just released its monthly Jobs Report for June along with its weekly statistics on Jobless Claims. In June Non-Farm Payrolls rose by 4.8M against an expected increase of just 3.23M. The Unemployment Rate fell to 11.1% and that’s lower than the 12.5% rate that was forecast. The U-6 Underemployment Rate […]

Powell’s Testimony Contains no Surprises

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Having just completed the Senate portion of this week’s Congressional testimony, Fed Chairman Jerome Powell’s remarks offered much the same content as his recent post-FOMC meeting press conference. Mr. Powell reaffirmed the Bank’s intent to continue to provide support to the economy as needed. Most investors probably heard what they wanted to; the Fed continues […]

Fed Announcement Un-Roils Markets

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Equity markets have recouped earlier losses and Treasury bonds have given up gains after the Fed announced just a little while ago that it would start buying individual corporate bond issues in a departure from its pandemic-spawned practice of buying exchange-traded bond funds. The DJIA has now moved up to around 200 points in the […]

Consumer Credit Cratered in April

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In a report this afternoon, the Federal Reserve announced that, in April, Consumer Credit on an annualized basis took a nosedive of almost $69B, or 19.6%. Pre-release surveys suggested a drop of just $20B. This is less surprising when one remembers that the Personal Savings Rate has skyrocketed to 33% of late. With optimism still […]

Relentless Jobless Claims

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The Bureau of Labor Statistics announced this morning that Initial Jobless Claims for the week ending May 2nd rose by 3.169M against an expected increase of just 3M. The claims count, though higher than predicted, continues a downward trend after the prior week’s 3.846M. Continuing Claims came in much higher than expected at 22.674M versus […]

Afternoon Wrap-Up

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After this morning’s flurry of mostly disappointing consumer and jobless data, the Treasury market finished out the day with prices little changed. But, a one-point drop in the Long Bond still left its yield slightly below 1.30%. The Ten-Year’s yield is little changed at around 63 basis points. Equities rallied late to get off the […]