Younger generations who are more crypto savvy are currently seeing the lion’s share of benefits in the crypto revolution. As older investors scoff at and wonder about the value of bitcoin and other projects, cryptos have been a bright spot in what is in many ways, an overall bleak economic climate for young people. This...
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INFLATION “CONTAINED?” HOW ABOUT NO.
By Gregory Mannarino TradersChoice.net Haven’t you heard? The Federal Reserve is changing its “inflation is transitory” narrative to “inflation is contained.” Contained, really? Where have we heard that before? Oh yes! “Contained” was the exact same word as the former Fed Chairman, Ben Bernanke, used to describe the subprime collapse which led to a global...
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MARKET OVERVIEW
U.S. STOCKS CLOSE BEST MONTH IN A YEAR The “October Surprise” of a stock market meltdown did not happen. Instead, after managing small gains last Friday to close its best month since November 2020, the Dow Jones Industrial Average began the new month with another record close and traded briefly above 36,000. The NASDAQ added...
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SPOTLIGHT: WORKERS ON DEMAND
WHERE HAVE ALL THE WORKERS GONE? If not for the COVID War, America’s labor force would have about 4.3 million more workers. U.S. employers have about 10 million job openings to fill. And jobless claims are at their lowest since the COVID War began. Those are the premises of an article published on 15 October...
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SPOTLIGHT: INFLATION SPREADING
INFLATION WALLOPS EUROZONE Costs for Europe’s manufacturers and service companies rose at their fastest pace on record, according to IHS Markit’s October purchasing managers index. The index fell from 56.2 in September to 54.3 in October, a sharper drop than analysts had foreseen and taking the measure to a six-month low. Numbers above 50 indicate...
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SPOTLIGHT: BIGS KEEP GROWING BIGGER
RICHEST 10 PERCENT OF U.S. HOUSEHOLDS OWN 89 PERCENT OF STOCKS The wealthiest 10 percent of U.S. households now own 89 percent of all stocks, according to U.S. Federal Reserve data, up from 87 percent in the Fed’s study a year ago (“The FU, K-Shaped Recovery Worsens Wealth Inequality,” 9 Sep 2020). The richest 1...
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TURKEY’S CENTRAL BANK CUTS RATES AMID PROTESTS
Ignoring warnings from its business community, Turkey’s central bank cut its overnight repo rate for the second time in two months, from 18 percent to 16 percent. The Central Bank of the Republic of Turkey has made a series of interest rate cuts this year, despite inflation running as high as 20 percent, according to...
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NEW SPENDING PLAN SPARKS CRISIS IN BRAZIL
Brazil’s treasury secretary, budget secretary, and their two chief aides abruptly resigned on 21 October after president Jair Bolsonaro pushed ahead with a spending plan designed to shower aid on households and jump-start a feeble economy but that also risks spiking inflation. Brazil’s central bank has already raised interest rates three times this year in...