And Another Thing…

We’ll make this quick. The past few days have seen me receive several missives on a bitcoin ‘flash crash’ the weekend before last. I looked it up and as far as I can see the market dropped by around $1000 in quick time and recovered about half the losses. It shows how far bitcoin has […]
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Fed’s Rosengren: Slowdown Evident in High Frequency Data Likely to Continue

Signs of slowing evident in recent high-frequency data are likely to persist and states are not doing enough to control the virus, Boston Fed President Eric Rosengren said Wednesday. Rosengren, in remarks for delivery at an online event hosted by the South Shore Chamber of Commerce in Massachusetts, repeated the Fed’s message that the outlook […]
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US Inflation Surges

Following Tuesday’s surprisingly large gains in US business prices, there was a question of whether those prices rebounds would feed down to the consumer level. That was answered Wednesday morning with an extraordinarily strong CPI report. Data released by the Labor Department Wednesday morning showed that CPI rose by 0.6%, both including and excluding food […]
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And Finally…

I may have missed something here but I received an email about a retail broker – apparently this firm is “the global leader in online forex trading”, something they may wish to discuss with the thousand or more firms in FX who are not only bigger but probably better, which refers to “50% month-on-month growth” […]
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In the FICC of It

There is a controversial start to this week’s podcast as P&L’s managing director Colin Lambert ponders whether the US really does have an “innocent until proven guilty” ethos in its legal system, before debating whether a firm, no last look, order book can really be spoofed? He argues “intention to deal” is fairly easy to […]
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Trump Defers Payroll Tax, Extends Evictions Moratorium

Combining campaign promises with executive orders of questionable legality, President Trump Saturday said he is deferring payroll tax collections through the end of the year for pay of $100,00 or less and if re-elected, will “terminate” the tax. In his second televised appearance at his Bedminster golf resort within 24 hours, Trump signed four executive orders […]
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Trump: “We’re Finally Having it Out”

The following is Friday’s status check of developments in the U.S. that can influence economic, health and political outcomes from Mace News: A long week about over and in an evening news conference the president of the United States says, “We’re having it out. We’re finally having it out.” He was talking about the Democrats, […]
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BoE Defends Forecasts as Agents Query Rosy Assumptions

Top Bank of England (BoE) officials Friday reiterated the downside risks to forecasts of a smart economic rebound under questioning from the central bank’s regional representatives about the its baseline forecasting assumptions. The central forecast released Thursday “is sensible”, albeit with “very substantial” downside risk, said Governor Andrew Bailey, addressing the Bank’s regional agents via […]
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US July Sales Data Key Test of Covid Resurgence

The US economy was on pace for a steady recovery until Covid-19 cases began to rise in July, triggering several states to reverse their reopening plans. While all sectors are impacted, there is none more so than the retail sector. Strong retail sales gains in May and June, following the large April decline, set the […]
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US July Payrolls Up 1.76 Mln, Unemployment 10.2%

The July employment report reflected continued improvement in the economy, but the rate at which the US is digging out the hole it fell into in March and April clearly slowed. That recovery is likely to be hindered further by the rebound in COVID-19 cases across several states, which forced some states and businesses back […]
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