Silver as an investment

Category Archives: New York Fed

New York Fed Manufacturing Surges To Highest In Three Years But Profit Margins Crushed

The August Empire State Manufacturing Index printed at a blistering 25.2, reversing last month’s plunge to 9.8, smashing expectations of a 10.0 print, and the highest print since September 2014. The surge was driven by the new orders index which rose seven points to 20.6 and the shipments index, which hit 12.4. Meanwhile, delivery times […]

Gamblers Laundered $50M In Stolen Bangladesh Reserves For “Elite North Korean Hackers” By Playing Baccarat

More than a year after a mysterious group of hackers infiltrated the SWIFT system for interbank payments and stole $100 million from the Central Bank of Bangladesh’s custody account at the New York Fed, Filipino authorities have been unable to recover $81 million that seemingly disappeared into the Manila air. After being transferred to four […]

July Payrolls Preview: Smooth Sailing But Watch Out For Cars

At 8:30am on Friday, the BLS is expected to announce that in July the US created 180K jobs, down from 222K in June though still in line with the 6-month average of 180K, with the biggest downside risk a slowdown in durable manufacturing payrolls as auto production slumped. Sellside expectations: UBS: 175K Barclays: 175K HSBC: […]

Tales From The FOMC Underground

Authored by EconomicPrism's MN Gordon, annotated by Acting-Man's Pater Tenebrarum, A Great Big Dud Many of today’s economic troubles are due to a fantastic guess.  That the wealth effect of inflated asset prices would stimulate demand in the economy. The premise, as we understand it, was that as stock portfolios bubbled up investors would feel […]

Who Knew? German Central Bank Has Been Selling Gold For More Than A Decade

Authored by Louis Cammarosano via Smaulgld.com, Deutsche Bundesbank gold reserves shrink 45 tons over the past ten years. German Central Bank holdings fall From 3,420.6 tons at the end of Q2 2007 to 3375.6 tons, a drop of 1,446,783 ounces. German gold reserves have decreased 1.3% over ten years. Bring the Gold Home & Sell […]

June Payrolls Preview: With The Fed On Autopilot, You Can Skip This One

After a poor March jobs report, followed by an April scorcher, then another debacle in May, the June payrolls report due at 8:30am will be… very much irrelevant, because as Citi pointed out earlier, the Fed is now data-independent and will keep hiking until financial conditions finally tighten (read: stocks drop). In other words, with […]

How The Fed Helps The US Spy On Foreign Governments

It's widely known that the Federal Reserve has been tasked by Congress with a "dual mandate" to maintain stable consumer-goods prices, low unemployment and – oh yes – buoyant equity prices. However, as Reuters revealed on Monday, the central bank has another legally binding obligation that might upset some of its clients: Helping the US […]

NY Fed Crashes Trump’s Party, Slashes Q2 GDP Forecast

A day after President Trump proclaimed Q2 GDP “numbers are going to be shockingly good,” The New York Fed has slashed its forecast for America’s growth to just 1.86%. Wednesday… “I think this quarter’s GDP numbers are going to be shockingly good given all the facts we’re seeing” Thursday… “I think some very good numbers […]

What Trump Told Yellen In The Oval Office (Next To Gary Cohn)

In an otherwise quiet morning as we await Jeff Sessions’ testimony, a WSJ article is making the rounds which recounts the interactions between Trump and Janet Yellen – who it turns out were born two months apart in neighboring boroughs of New York City – according to which despite Donald Trump’s fierce criticisms of the […]

Goldman: The Fed Will Hike This Week, But Here Are “The Two Most Interesting Questions”

On Wedensday the FOMC will hike rates by another 25 bps – an event which the Fed Funds market prices in with near virtual certainty, while Goldman calls the rate increase “extremely likely” – and only a “tail” event like an extremely weak CPI report on Wednesday morning, hours ahead of the Fed announcement, has […]