It is the 18th of September 2019

News

"Investors Can't Stop Buying Every Dip": The WSJ Explains Why Markets Soar To New Highs Every Day

International equity markets seem to effortlessly surge to brand new record highs with each passing day.  As we note fairly frequently, declines have grown shallower over the past two years and the S&P 500 has now gone 246 trading days without trading more than 3% below its record high, the longest streak ever for the index, according to LPL Financial. Meanwhile, the S&P hasn’t had a decline of 10% or more from a recent peak since February 2016.

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Federal Reserve Hesitates on QE Unwind / Balance Sheet Reduction

 The following article by David Haggith was published on The Great Recession Blog:

Federal Reserve balance sheet reduction not happening yet even as the Fed applauds its own success

Is the Federal Reserve’s Great Unwind already coming unwound? I thought it would be good to check up on Federal Reserve balance sheet reduction since the Fed is supposed to be up and running on the move out of quantitative easing this month. It should be fascinating to see what progress the Fed is making as it happily applauds its own successful recovery. 

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"God Is All I Have" - One Month In, Puerto Ricans Fight For Survival Amid Sluggish Recovery

A day after President Donald Trump gave his administration’s Puerto Rico response a “10 out of 10” during a White House meeting with the island’s Gov. Riccardo Rossello, a handful of media outlets are reporting that, one month after Maria first made landfall in southeastern Puerto Rico, many villages still don’t have access to electricity, clean water or - in more than a few cases - the outside world.

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Hartford Could Default On Its Debt As Soon As Next Month, Moody's Says

Moody’s latest warning about Hartford Connecticut is its most dire yet.

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WTI Shrugs Despite Huge Crude Draw

A v-shaped recovery in WTI/RBOB today (amid a dollar reversal at the EU close and chatter about a big crude draw) led prices higher into the API print (but after last week's 100% incorrect API vs DOE reversal, who knows what it means). And the rumors were true - a huge crude draw (biggest in 2 months) and the first build at Cushing in 8 weeks. However WTI prices didn't move much as product builds weighed on RBOB prices.

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