October, as usual:
"Top Fed official tells AP: Bond portfolio could shrink soon" by Martin Crutsinger Associated Press August 14, 2017
NEW YORK — In an interview with The Associated Press, William Dudley, president of the Federal Reserve Bank of New York, suggested that Gary Cohn, who leads President Trump’s National Economic Council and is close to Trump, would be a ‘‘reasonable candidate’’ to succeed Janet Yellen as Fed chair [and] expressed confidence that the Fed’s political independence, long considered essential for it to carry out its functions, would remain respected during a Trump presidency.
Then he will be more powerful than the president, and I guess Trump lives.
Dudley said that even as stock prices set record highs and other assets surge as well, he isn’t concerned that any potentially devastating asset bubbles might be forming, akin to the subprime mortgage bubble that triggered the 2008 crisis. Dudley said asset prices ‘‘are pretty consistent with what we are seeing in terms of the actual performance of the economy,’’ which he said has been evolving without much volatility.
The real unemployment rate is 37.1 percent.
He acknowledged that policy makers need to be ‘‘somewhat humble’’ about how the forthcoming reduction in the Fed’s bond portfolio might affect financial markets and loan rates. Dudley noted that the Fed has never before had to pare a balance sheet that has grown five-fold to $4.5 trillion. But he said officials have learned from the 2013 ‘‘taper tantrum’’ that rocked markets after a surprise announcement from the Fed, and has sought to telegraph all its actions well in advance.
As if telegraphing the dumping of that crap is going to increase its value. That is why the stock market is at record highs; the Fed printed up money at interest and then bought all the government and corporate garbage that no else would.
The Fed’s announcement that it will start paring its bond portfolio is expected to come after its next policy meeting ends Sept. 20.....
Watch for the market to "correct" a month later.
--more--"
Also see:
"The Daily Mail is branching into television, hiring ESPN football analyst Jesse Palmer (left) to host a daily US syndicated show starting next month. The New York-based show seeks to replicate the blend of news, sensation, human interest, and entertainment that has made the brand’s online offering a trans-Atlantic success. The company behind Britain’s Daily Mail newspaper has expanded internationally with websites based in the United Kingdom, United States, and Australia that claim 244 million unique visitors a month. The TV show promises a diet ranging ‘‘from exclusive stories to breaking news, showbiz, politics, crime, health and science, and technology.’’ It starts Sept. 18. and is distributed through CBS Television Distribution. Executive producers include medic and talk show host ‘‘Dr. Phil’’ McGraw. The Mail said Monday that Palmer has left his job as a contributor to ABC’s ‘‘Good Morning America,’’ but will continue to appear on ESPN."
"Budget airline Ryanair is calling on British airports to curb alcohol sales following sharp increases in the number of incidents involving disruptive passengers. The carrier issued a statement Monday calling for a ban on alcohol sales before 10 a.m. and for limiting the number of drinks in bars and restaurants to a maximum of two. The airline cited Civil Aviation Authority statistics showing a 600 percent increase in disruptive incidents between 2012-2016 and said most involved alcohol. Ryanair’s Kenny Jacobs says it’s unfair ‘‘that airports can profit from the unlimited sale of alcohol to passengers and leave the airlines to deal with the safety consequences.’’ The airline says it has taken steps to prevent disruptive behavior on its flights, including preventing consumption of duty-free alcohol purchases on board."
You will need the booze to get the inflight meal down:
"Swiss shoppers will soon get the chance to buy burger patties and meatballs made out of beetle larvae as supermarket chain Coop tests consumers’ appetite for less-common alternatives to beef and pork. The mealworm burger patties, which also contain rice, carrots, and spices such as oregano and chili, will cost $9.24 for a pack of two, spokesman Urs Meier said by phone. The bug balls will sell at the same price for a pack of 10, and both products hit shelves of select stores on Aug. 21. Bugs have taken a long time to make it on mainstream menus even though United Nations food experts have argued that they can satisfy meat cravings without all the damage to rain forests and depletion of water. Edible insects have a long culinary tradition in African and Asian cultures, though their high-grade animal protein is only available in a few locations in Europe, such as the UK restaurant Grub Kitchen. Mealworms, which are beetle larvae, have a mild flavor that becomes slightly nutty when roasted, according to insect-eating blog Bugible.com."
The elite promoting your consumption of gruel!
When I see it offered in the elite spread maybe I'll chug a few.
See you at the sh** pit.
Coming in for a landing:
"A low-cost domestic airline has begun offering flights at Rhode Island’s main airport. Warwick Mayor Scott Avedisian and executives from Frontier Airlines and TF Green Airport were on hand Monday to witness the landing of the first Frontier flight arriving from Orlando, Fla. The Rhode Island Airport Corp., which operates TF Green, announced in May that the Denver-based airline would start offering flights to Denver and Orlando. In the next few months, Frontier will begin offering service to six more locations, including Fort Myers, Miami, Tampa, and New Orleans this fall. Frontier charges low fares but relatively more in fees than many larger airlines. Other domestic airlines that already serve the airport include Allegiant, American, Delta, JetBlue, Southwest, and United."
Back in the air again:
"The chief executive of one of Australia’s biggest banks will resign next year, as the lender struggles with accusations that criminals used its cash machines to launder nearly $35 million. Catherine Livingstone, chairwoman of Commonwealth Bank of Australia, said in a news release that Ian Narev (left), 50, who started as chief in December 2011, would step down and had agreed that it was “important for the business that we deal with the speculation and questions about his tenure.” Narev had been heavily criticized over the case. The bank was accused this month of failing to report more than 53,000 “serious and systemic” breaches of anti-money laundering laws that involved at least four criminal syndicates and more than 44 million Australian dollars."
At least they didn't abuse any kids.
"Target Corp., looking to improve its digital business amid increased competition from Amazon.com Inc., agreed to acquire a software company that manages local and same-day deliveries. The discount chain is buying Grand Junction, a San Francisco-based startup that links retailers and other distributors to a network of more than 700 carriers across North America. Grand Junction currently handles the same-day delivery service for Target’s store in Manhattan’s Tribeca neighborhood. The deal is part of a broader overhaul of logistics operations at Minneapolis-based Target. The company aims to enhance the efficiency and profitability of a Web business that has suffered setbacks in recent years, including a data breach, website outages and the departure of digital chief Jason Goldberger in 2016. Though Target’s online sales rose 22 percent in its most recently reported quarter, that was well behind Walmart 63 percent growth."
Remember way back when they were hacked?
"A British cybersecurity researcher credited with helping curb a recent worldwide ransomware attack pleaded not guilty Monday to federal charges accusing him of creating malicious software to steal banking information three years ago. Marcus Hutchins (at right in photo) entered his plea in Wisconsin federal court, where prosecutors charged him and an unnamed co-defendant with conspiring to commit computer fraud in the state and elsewhere. Authorities arrested the 23-year-old man on Aug. 2 in Las Vegas, where he was going to board a flight to his home in Ilfracombe, England. He had been in Las Vegas for a cybersecurity convention. Hutchins is free on $30,000 bail, but with strict conditions. His bond has been modified so that he can stay in Los Angeles near his attorney and travel anywhere in the United States, but he cannot leave the country. He was also granted access to use a computer for work, a change from an earlier judge’s order barring him from using any device with access to the Internet."
Looks like a recruitment effort!
No more games!
Time's up!
