Economics
This Week’s Data
Well,
so much for the miracle of sequestration and tax hikes. The May Treasury budget deficit came in at
$138.7 billion versus expectations of $110.0 billion. Of course, there was much for sequestration
et al to overcome; like, say, the fourth largest spending month in US
government history; proving once again that the power of the executive branch trumps
everything.
Weekly jobless claims
fell 13,000 versus expectations of a 4,000 increase.
May
retail sales rose 0.6% versus estimates of +0.5%; ex autos and gasoline, they
were up 0.3%, in line.
Other
Are
soaring bond yields good news? (medium):
More
macro data (short):
Politics
Domestic
More perspective
on the NSA/phone records brouhaha (medium):
The
problems with the immigration bill passed Tuesday by the senate (medium):
One of the major risks to
the economy and the Markets that I list in The Closing Bell is a banking system
less financially sound and more poorly managed than is the accepted
consensus. This article on the trashing
of Gary Gensler, head of the CFTC, is perfect example of why---government
incompetence and institutional malfeasance combined to derail regulation that
would put a stop to the inappropriate assumption of risks backstopped by the US
taxpayer (medium):
http://www.nakedcapitalism.com/2013/06/obama-axes-bank-harrassing-gary-gensler-at-cftc-plans-to-install-lightweight-ex-goldmanite.html
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