Positives 1)The Fed continues on with its commitment to lower inflation. 2)We also saw hikes this week from the BoE (50 bps as expected), the SNB (75 bps as expected), the Riksbank (100 bps, 75 bps expected), the Norges Bank (50 bps as expected), the Bank of Indonesia (50 bps vs 25 bps that was expected), the central bank in Taiwan (12.5 bps as expected), the …
[Read more...] about Succinct Summation of the Week’s Events – 9/23
Positives 1)Initial jobless claims totaled 213k, 14k below expectations and vs 218k last week which was revised down by 4k. The 4k week average fell to 224k from 232k and that’s the lowest since mid June. Continuing claims were 1.403mm, well under the estimate of 75k and last week was revised down by 72k to 1.401mm. 2)The August Cass Freight Transportation Index …
[Read more...] about Succinct Summation of the Week’s Events – 9/16
I once again visited with Guy Adami and Dan Nathan of the On The Tape Podcast where we discussed rate hikes, big tech, and what scenarios would allow the market to get through this period of turmoil without more steep declines. Inside you'll also find my longer conversation with Conor Flynn, CEO of Kimco Realty where we discuss the state of real estate, consumer …
[Read more...] about New Podcast: My Conversation with Conor Flynn of Kimco Realty
Positives 1)The August ISM services PMI rose a touch to 56.9 from 56.7 in July and that was above the estimate of 55.3. That puts it about in line with the average year to date of 57.1 and it is the exact same level where it stood in February 2020. Of the 18 industries surveyed, 14 saw growth vs 13 in July, 18 in June and 14 in May. The ISM said “Growth continues, …
[Read more...] about Succinct Summation of the Week’s Events – 9/9
Positives 1)Within the jobs report, the household survey saw a job gain of 442k and a large jump in the size of the labor force of 786k which resulted in a rise in the unemployment rate to 3.7% but for good reason. The U6 survey, also including discouraged workers and those working part time but want full time, rose 3 tenths to 7%. Also of note, ‘job leavers’ as a …
[Read more...] about Succinct Summation of the Week’s Events – 9/2
I recently sat down with Guy Adami and Dan Nathan of the On The Tape Podcast where we discussed the market's game of chicken with the Fed. Inside you'll also find my longer interview with Doug Cifu of Virtu Financial where we discuss his business, market structure, execution quality and even the Florida Panthers. I hope you enjoy: On this bonus episode of “On …
[Read more...] about New Podcast: My interview with Doug Cifu of Virtu Financial
Positives 1)Initial jobless claims totaled 250k, 14k less than expected and last week was revised down by 10k. The 4 week average fell to 247k from 250k last week and vs 248k in the week before. Continuing claims moderated to 1.437mm from 1.455m in the week before. 2)Core retail sales in July exceeded expectations with an .8% m/o/m gain in nominal terms, two …
[Read more...] about Succinct Summation of the Week’s Events – 8/19
When it comes to the FOMC minutes, I always just immediately scroll down to the section titled “Participants’ Views on Current Conditions and the Economic Outlook” and skip the staff discussion. After reading the first few paragraphs on the economy, one would think the Fed was ready to cut interest rates until the discussion on inflation begins and then we’re woken …
[Read more...] about Reads like a white paper on stagflation
As I’m watching another meme stock party going on again, this time recycling thru Bed Bath & Beyond, I wanted to give midday context on the insanity in this stock. As of their last 10Q, BBBY has 80mm shares outstanding. Yesterday it traded 165mm shares and as of this 12:30pm writing it has already traded 238mm shares. This is also a good time to point out that …
The August NY manufacturing index collapsed to -31.3 from +11.1 and well worse than the estimate of +5. That’s the weakest since May 2020 when it was at -48.5. New orders went from +6.2 to -29.6. Shipments dropped by almost 50 pts m/o/m to -24.1. Backlogs fell further below zero at -12.7, its 3rd straight month under. Inventories were down by 8 pts. Employment dropped …
Peter is the Chief Investment Officer at Bleakley Advisory Group and is a CNBC contributor. Each day The Boock Report provides summaries and commentary on the macro data and news that matter, with analysis of what it all means and how it fits together.
