September 25, 2019 | Daily JAM, Mid Term, Morning Briefing |
The manufacturing sector--thanks to the U.S.-China trade war--continues to slow China’s economy. But the real problem may be an underperformance in the services sector that makes it impossible for that sector to pick up the slack. The end result is that the third...
September 24, 2019 | Daily JAM, Morning Briefing, Short Term |
Stocks were down this morning with the Standard & Poor's 500 falling 1.01% as of 1 p.m. New York time and bonds were up with Treasury prices climbing to send the yield on the 10-year Treasury down 8 basis points to 1.64%. The move down wasn't the result of a...
September 23, 2019 | Daily JAM, Morning Briefing |
Some days U.S. stocks move decidedly higher on positive news about the global economy or speculation that the U.S-China trade war may be moving toward a negotiated resolution. Other days U.S. stocks head decidedly lower on bad news about the global (or U.S.) economy...
September 21, 2019 | Daily JAM |
...the Federal Reserve to continue to flood the short-term market with cash. Last weeks insertion of $203 billion into the short-end of the markets through asset purchases by the Fed is apparently just the beginning. On Friday, the New York Federal Reserve, the...
September 21, 2019 | Daily JAM, Friday Trick or Trend |
Our regular (or occasional or perhaps occasionally regular) Friday series (actually running on Saturday this week) Trick or Trend looks at what might (or might not) be emerging investible trends. Exclusively on JAM. This post won't run anywhere else. Ever. It was...
September 19, 2019 | Daily JAM, Morning Briefing, Short Term |
Tomorrow, Friday, September 20, the Federal Reserve will buy another $75 billion in the overnight repo market. That brings the total this week to $203 billion in the Fed's effort to stabilize the short-term markets that Wall Street uses to finance its purchases of...
September 19, 2019 | Daily JAM, FQVLF, Stock Alerts |
Shares of First Quantum Minerals (FQVLF) are finally cheap enough to be drawing the interest of a possible acquirer. At least current management of the company thinks so. The copper miner, owner of Africa's biggest copper mine and the huge Cobre Panana mine that has...
September 19, 2019 | Daily JAM, Mid Term, Morning Briefing |
Today, September 19, the OECD (Organization for Economic Cooperation and Development) cut the growth projections it had made for the global economy just four months ago. The world economy is forecast to grow at just a 2.9% rate in 2019 and 3.0% in 2020 after growing...
September 18, 2019 | Short Term |
Here's the rather bland statement from the Federal Reserve Bank of New York: "In accordance with the FOMC Directive issued September 18, 2019, the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York will conduct an overnight repurchase...
September 18, 2019 | Daily JAM, Mid Term |
Today the Federal Reserve lowered its main interest rate another 25 basis points to a range of 1.75% to 2%. To say that the Fed's Open Market Committee was divided on the decision would be an extreme understatement: Five officials wanted to keep rates unchanged, while...
September 18, 2019 | Morning Briefing, Short Term |
If $53 billion doesn't work, try $75 billion more. The Federal Reserve injected $75 billion into U.S. money markets today after yesterday's injection of $53 billion didn't solve the problem. The problem is that the big Wall Street banks are finding that digesting a...
September 17, 2019 | Daily JAM, Morning Briefing |
On Tuesday the Federal Reserve intervened to supply liquidity to the short-term market for Money Market funds by buying $53.2 billion in securities. Late Tuesday the Fed said it was prepared to buy another $75 billion in the report market Wednesday morning. The...