I’m happy to present a new podcast and CEO interview. In my new podcast I welcome Yra Harris, trader former Board Member of the Chicago Mercantile Exchange. We dive right into the current news cycle with what's going on at Silicon Valley Bank. Whether the stress from higher rates is isolated to a few banks or is it a warning sign for the entire economy? And, are …
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Succinct Summation of the Week’s Events
Succinct Summation of the Week’s Events: Positives, 1)February payrolls totaled 311k higher, 85k more than expected, partly offset by a net downward revision of 34k over the past two months. The private sector contributed 265k of these jobs, 50k above the estimate as the government added 46k jobs. The participation rate for 25-54 yr olds jumped 4 tenths to 83.1% …
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Treasuries focus on uptick in U3/no wage surprise and faltering diffusion index
February payrolls totaled 311k higher, 85k more than expected, partly offset by a net downward revision of 34k over the past two months. The private sector contributed 265k of these jobs, 50k above the estimate as the government added 46k jobs. The unemployment rate ticked up by 2 tenths to 3.6% as the 177k person increase in the household survey was more than offset …
[Read more...] about Treasuries focus on uptick in U3/no wage surprise and faltering diffusion index
Another accident/Zero chance of 50 bps I believe
I said last Wednesday that "We must expand our thoughts past the most interest rate sensitive parts of the economy like housing and autos" in trying to connect the economic dots in how this higher rate regime will infect more things. I also said "now I'm also focusing closely on the private equity and venture capital business, two that have partied on over the last …
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Powell and rates, overseas dissent/Some data points/Mexico
While Jay Powell continues to feed the rates market more gummies, not appreciating the time delay feature, nor the shock of a vertical rise in rates in just one year and that positive real rates for a while will itself be a continued form of monetary tightening, the Bank of Canada is expected to sit on its hands today, keeping its overnight rate at 4.5%. Swait Dhingra …
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New Podcast: Doug Kass, Michael Lewitt and My Interview with Jason Wild of TerrAscend
I'm happy to present a new podcast and CEO interview. In my new podcast I welcome Doug Kass, founder of Seabreeze Partners (and TheStreet contributor) and Michael Lewitt, editor of The Credit Strategist to discuss the potentially understated inflation rates, the FOMC's next moves, and how the world adjusts to a higher rate environment. We discuss their investment …
Succinct Summation of the Week’s Events – 1/20
Positives 1)Possibly influenced by the MLK holiday, initial jobless claims fell under 200k at 190k vs the estimate of 214k and down from 205k last week. The 4 week average fell to 206k from 213k in the week before. Delayed by a week, continuing claims rose 17k to 1.647mm but after falling by 67k in the week before. 2)Headline PPI fell by .5% m/o/m in December, …
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New Podcast: All That Glitters With Dan Nathan, Peter Boockvar and Rudi Fronk, CEO of Seabridge Gold.
I'm happy to present a new podcast and CEO interview. In this episode Dan Nathan and I discuss commodities, particularly gold and silver with the latter also benefiting from industrial uses as well as being a monetary metal. Then we discuss the importance of copper in this new age of electrification and renewables. We also cover the upcoming earnings …
Succinct Summation of the Week’s Events – 1/13
Positives 1)The December CPI fell one tenth headline while up .3% core and both were exactly as anticipated. Versus last year, headline inflation rose 6.5% and the core rate was higher by 5.7% with both a slowdown from the 7.1% and 6% seen in November, respectively. Energy prices fell 4.5% m/o/m, though still up 7.3% y/o/y. Food prices grew by .3% m/o/m and a still …
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Succinct Summation of the Week’s Events – 1/6
Positives 1)Payrolls grew by 223k in December, 20k more than expected but the two prior months were revised down by 28k so let’s call it a push. The household survey saw a big jump of 717k jobs (all part time though) and when combined with the rise in the labor force of 439k, the unemployment rate fell to 3.5%, back to the level seen before Covid hit. The all in U6 …
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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.