Marc Chandler's picture

The US dollar was already trading with a heavier bias before the shockingly poor service ISM. The August non-manufacturing ISM tumbled to 51.4, a six-year low, from 55.5 in July. Markit, which does its own survey, showed a smaller decline...

Michael Shedlock's picture

Economists debate limits of monetary easing, especially negative interest rates that prompt savers and even banks in Germany to stockpile cash in safes and bank vault. Bank of Japan chief Haruhiko Kuroda sees things differently.

Urban Carmel's picture

The macro data from the past month continues to mostly point to positive growth. On balance, the evidence suggests the imminent onset of a recession is unlikely. Overall, the main positives from the recent data are in employment...

Ben Hunt PhD's picture

Magical thinking is a term of art in both clinical psychology and cultural anthropology, and it refers to the common belief among both children and “primitive” societies (yes, intentional quotation marks there to show my arched eyebrow at...

Charles Hugh Smith's picture

How did Byzantium endure for 1,000 years after the fall of Rome? One of my reading projects over the past year is to learn more about empires:how they are established, why they endure and why they crumble. To this end, I've recently...

Marc Chandler's picture

The World Bank sold the equivalent of about $700 mln in a three-year multiple currency bond that duplicated the composition of the IMF's Special Drawing Rights or SDR. There has been much fanfare. It is the first SDR bond in more...

Michael Shedlock's picture

The Swiss central bank is now the eighth largest investor in publicly traded shares of Facebook following the Swiss Central Bank Buying Spree. Supposedly buying shares of corporations makes perfect sense. And the risks are manageable.

Adrian Ash's picture

Gold bars traded in London's wholesale market recovered from their fourth dip below $1320 per ounce in 4 days on Tuesday, returning from the UK's summer Bank Holiday near 5-week lows as betting rose that the US Fed will raise its key...

Matthew Kerkhoff's picture

All hail the mighty Federal Reserve, the setter of interest rates and gatekeeper of the economy. I don’t think anyone would go so far as to explicitly say that, but it seems to be the underlying tone I hear from many investors, as well as...

Charles Hugh Smith's picture

Based on this analytic structure, Trump may not just win the election in November--he might win by a landslide. If we believe the mainstream media and the Establishment it protects and promotes, Trump has no chance of winning the...

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