No one is forced to be a Christian. But no one should be forced to live according to the "new religion" as though it alone were definitive and obligatory for all mankind.
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Site: southern orders
St. Peter’s Square is prepared for tremendous crowds at Pope Leo XIV Wednesday audience. During the reign of Pope Francis, there usually were chairs only in the first section and maybe a few in the second, but never were there chairs in the third section all the way past the obelisk!
This is a screen shot I just took from the Vatican YouTube live feed:
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Site: Steyn OnlineThe Mark Steyn Club has just celebrated its eighth birthday. We thank all the First Fortnight Founding Members who've decided to re-up for a ninth season with us - and we hope our First Month members will want to do the same as May chunkers on. I'll be
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Site: Steyn OnlineProgramming note: Tomorrow, Wednesday, I'll be hosting another edition of our Clubland Q&A taking questions from Steyn Clubbers live around the planet at 3pm North American Eastern - that's 8pm British Summer Time/9pm Central European. ~Thank you for
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Site: AsiaNews.itA process of revision of school textbooks has been announced to mark the eightieth anniversary of independence in August. Critics slam the initiative as an attempt to rehabilitate the late military dictator Suharto by omitting some controversial episodes involving the current president. The impact on the new generations is particularly worrisome since they have no direct memory of the regime's crimes and because of this, they tend to support Prabowo.
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Site: Ron Paul Institute - Featured Articles
Donald Trump is refusing to follow the Zelensky/European script for trapping Russia. The leaders of the UK, France, Germany and Poland made a desperate effort to get Trump to demand to Russia accept an unconditional, 30-day ceasefire, or face a new round of bone-crushing sanctions. Zelensky, like the trained monkey he is, repeated this mantra. Trump did not take the bait.
Presidents Trump and Putin spoke for about two hours on Monday (May 19). Trump used a big tube of lipstick to describe the conversation. President Trump characterized the conversation as “excellent,” announcing that Russia and Ukraine will “immediately” begin negotiations toward a ceasefire and an end to the war. He proposed the Vatican as a potential host for these talks and indicated that the US would not mediate, asserting that only the two countries understand the nuances of the conflict.
The Kremlin provided a more accurate account. According to the Kremlin’s readout, Putin described the call as “frank and substantive,” expressing Russia’s readiness to work with Ukraine on drafting a memorandum for future peace talks. However, he declined to support the US-proposed 30-day unconditional ceasefire, emphasizing that any ceasefire would require prior agreement on various unresolved issues.
Putin reiterated Russia’s core demands, including the demilitarization of Ukraine and limitations on Western influence, stating that these objectives remain unchanged. He suggested that a ceasefire could only be possible if numerous open questions are addressed beforehand.
In other words, Putin did not budge one inch in the Russian position he presented on 14 June 2024. This is consistent with Russia’s presentation to the Ukrainian delegation last Friday in Istanbul. Russia’s lead negotiator, Vladimir Medinsky, asserted that negotiations could proceed concurrently with ongoing military operations. He emphasized that Russia was prepared to continue the conflict for as long as necessary to achieve its objectives, referencing historical precedents such as the Great Northern War, which lasted 21 years. Medinsky reportedly stated, “We are ready to fight forever,” highlighting Russia’s readiness for a prolonged conflict.
Medinsky is not gaslighting. His words reflect the thinking of Putin and the Russian General Staff. The unanswered question is whether or not Trump and his national security team understand that Russia is not staking out a faux negotiation posture… i.e., presenting a tough demand, but are willing to make concessions? The answer is, NO!
Reprinted with permission from Sonar21.
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Site: southern orders
It may change today, but the National catholic Reporter has not yet had even a news story of Pope Leo’s shake up of the Pope John Paul II Institute for Life by jettisoning Archbishop Paglia let alone a commentary on it. Are they in a state of shock that Pope Leo XIV will not be the second fluffiest pope everrrr?Oddly enough, too, as I type this, Crux has no story on it or analysis. Perhaps that will come. The Pillar printed a good commentary yesterday.
And truly odd is that the English version of Vatican News has nothing on Paglia either although the Italian version had it since yesterday.
Pope Leo XIV is NOT Pope Benedict XVII and His Holiness certainly is NOT Pope Francis II. His Holiness is His Holiness’ own man and as far as I can tell His Holiness is into the Hermeneutic of Continuity, building upon the pre-Vatican II Church and her papacy before Vatican II and reading Vatican II through every Council the Church has had and every pope too.
PRAISE GOD FROM WHO ALL BLESSINGS FLOW.
And on top of that, Pope Leo XIV looks like a pope and embraces an elegant look to include French Cuffs and Cuff links. How can you go wrong with that?
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Site: LifeNews
Catholic University of America (CUA) recognized Rep. Chris Smith, R-N.J., with an honorary degree on May 17 for his commitment to the rights of the unborn.
Catholic University also noted that Smith has authored legislation to prevent human rights violations, such as the Victims of Trafficking and Violence Protection Act of 2000.
In a speech at the CUA Honorees Dinner the prior evening, Smith thanked the university for the degree. He also celebrated the election and inauguration of Pope Leo XIV as the first American pope.
“The renewed hope and well-founded expectations are remarkable,” he stated. “Apart from the Holy Spirit, who saw that coming?”
Speaking in Father O’Connell Hall — named after the Bishop David O’Connell of Trenton, New Jersey, whom Smith called “the extraordinarily effective, wise and holy” shepherd of his own diocese — the congressman reflected on his decades of advocacy rooted in Catholic conviction and moral clarity.
“Protection of human rights is the core motivator for my service in Congress and it begins with the right to life,” Smith said. “Stopping the violence of abortion is what led me to run for the House, with the complete support of my dear wife Marie.”
HELP LIFENEWS SAVE BABIES FROM ABORTION! Please help LifeNews.com with a donation!
Smith traced his political calling to his college years, where he and Marie co-founded a pro-life student group that would help pave the way for today’s Students for Life.
“She has been a powerful, talented and incredibly wise, faith-filled pro-life leader,” he said of Marie, who was unable to attend due to illness.
He praised her for her decades of international advocacy, including service with Holy See delegations to the United Nations and her founding of the Parliamentary Network for Critical Issues.
Even amid global suffering, from forced abortion in China to modern-day slavery and organ trafficking, Smith’s message focused on unwavering Christian hope.
“We are a people of indomitable hope—we absolutely refuse to entertain discouragement or defeat,” he said.
Bishop James Su Zhihim, part of China’s Underground Church, is an example of this hope, according to Smith.
Even after enduring decades of torture, Bishop Su still prayed for his captors, Smith noted: “An awe-inspiring example of faithfulness to Jesus’ teaching in the Gospel from Luke: ‘To you who hear I say, love your enemies, do good to those who hate you.’”
Smith spoke of his continued work to expose and end human rights atrocities. The Trafficking Victims Protection Act of 2000 has led to more than 2,225 convictions.
“The TVPA created a new, well-funded whole-of-government domestic and international strategy,” he stated, “and established numerous new programs to protect victims, prosecute traffickers and to the extent possible, prevent human trafficking in the first place.”
His latest legislation, the Stop Forced Organ Harvesting Act of 2025, targets what he called “the worldwide barbaric practice of murdering victims to steal their vital organs.”
“Each year, tens of thousands of young victims, perhaps more — average age 28 — are slaughtered by the Chinese Communist Party for their organs,” he explained.
Ethnic and religious minorities like Uyghurs and Falun Gong practitioners are disproportionately targeted in what he called “a genocide for profit.”
Smith implored Catholic University, and, in particular, the Center for Human Rights, to raise up moral leaders in a world aching for justice who will put an end to these atrocities and protect victims.
Quoting Christ in Matthew 25:45, he offered a reminder that anchored his entire speech: “Truly I tell you, whatever you did not do for one of the least of these, you did not do for me.”
LifeNews Note: Grace Porto writes for CatholicVote, where this column originally appeared.
The post Catholic University Gives Amazing Pro-Life Congressman Chris Smith an Honorary Degree appeared first on LifeNews.com.
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Site: Ron Paul Institute - Featured Articles
One of the ways that brutal right-wing Chilean dictator Augusto Pinochet would terrorize the Chilean people into patriotic submission to his authority was by disappearing people. This was different from simply torturing and executing them. He and his goons certainly did that too. But disappearing people was different. With executions and bodies, families at least had certainty with respect to what had happened to their loved one. With disappearances, they never could be certain that their loved one really was dead. There was always a small part of people that retained some amount of hope that maybe — just maybe — their loved one would show up after being released from years or decades in some prison. It was a brutal way to psychologically torture the family members of the person who had been disappeared and everyone else in society.
In a sense, disappearing people is what the U.S. government has been doing with immigrants that it is sending to El Salvador. Once U.S. officials deliver people into the clutches of El Salvador’s brutal dictatorial regime, the U.S. government ostensibly loses control over them. At that point, people are taken to the country’s infamous terrorism confinement center where they are subjected to torture and indefinite detention and even the possibility of extra-judicial execution.
Equally important, the inmate is denied any contact with the outside world. His family does not know his condition. For all they know, he could be dead. He has been disappeared into the bowels of the terrorist confinement center for as long as El Salvador’s dictatorial regime wants him there.
In an article in the Los Angeles Times, one of the 110,000 people who have been incarcerated in El Salvador is 37-year-old René Mauricio Tadeo Serrano, who was arrested in 2022 while working at a factory. His mother, Maria Serrano, says that she has not heard from him for nearly three years. According to the Times article, “On a recent morning, Serrano stood outside the prosecutor’s office begging for information on her son’s case, alongside dozens of other mothers whose children have disappeared.”
Three years! Imagine sitting in this brutal prison and not receiving visitors, including your very own family. Imagine not knowing whether you’ll ever get out. That’s assuming, of course, that Serrano is still alive.
It’s worth mentioning that the people who the U.S. government is disappearing into the Salvadoran system for an undefined period of time have not been convicted of any crime, either in the United States or in El Salvador.
Unfortunately, El Salvador’s system of disappearing people is now our system too. That’s because of the partnership that the U.S. government has entered into with El Salvador’s brutal dictatorship.
At the risk of belaboring the obvious, that was not the type of system envisioned by our American ancestors who founded our nation. In fact, it was the Allende-Bukele type of system that our ancestors fiercely opposed.
That’s why our American ancestors demanded the enactment of the Bill of Rights immediately after the Constitution was adopted. They wanted to make it clear that the American system would never become an Allende-Bukele system. Their mindset was clearly reflected in the Fourth, Fifth, Sixth, and Eighth Amendments, which guaranteed that what is being done in El Salvador and what was done in Chile under Pinochet would never happen here in the United States.
That’s how we got due process of law, trial by jury, the right to a speedy trial, right to counsel, the presumption of innocence, protection against cruel and unusual punishments, and other protections, along with the writ of habeas corpus, which has been called the linchpin of a free society.
Many people in El Salvador love Bukele and his brutal system. Indeed, many right-wing Americans do too, just as they loved Pinochet and his brutal system. That’s because they don’t care about freedom as much as they care about being kept “safe.” Thus, like people throughout history, they are eager and willing to trade their liberty for the pretense of safety. But as one Salvadoran put it, “We used to be afraid of the gangs. Now we’re afraid of the state.” In other words, the chickens who eagerly and willingly enter into their cages to be kept safe finally start realizing that being guarded by the fox comes with problems.
Appellate Judge Alex Kosinski once pointed out that people who surrender their guns will only make that mistake once. The reason is that once they have surrendered their guns, their regime will never permit them to get them back in order to be able to make the mistake again.
The same argument applies to civil liberties. If Americans surrender their civil liberties for the pretense of safety or security, they will likely find that they will only make that mistake once, especially after a few hundred of them have been disappeared into the bowels of the terrorism confinement center of El Salvador or some other brutal dictatorial regime. At that point, many people will immediately go silent or, even worse, suddenly becomes ardent supporters of the system, as they did in Chile and as they have done in El Salvador.
Reprinted with permission from Future of Freedom Foundation.
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Site: LifeNews
Fourteen House Republicans sent a letter Monday to House Speaker Mike Johnson, R-LA, urging him to invite Pope Leo XIV to address Congress—a historic first for a US-born pontiff.
“We as Catholics celebrate the first-ever American pope and hope you will consider an invitation to him,” the lawmakers wrote. “It would be valuable for Congress to hear His Holiness’s vision for the role of Catholic faith in the world and how he plans to lead the over 1.4 billion Catholics worldwide and the many others who look to the Holy See for spiritual and moral guidance.”
Get the latest pro-life news and information on X (Twitter). Follow @LifeNewsHQ//
14 House Republicans, led by @millermeeks, invite Pope Leo to address Congress. https://t.co/56YDc6HfZu pic.twitter.com/1rKX5mhlJ4
— Anthony Adragna (@AnthonyAdragna) May 19, 2025
The request was led by Iowa Rep. Mariannette Miller-Meeks, a Catholic who attended Pope Leo’s inaugural Mass in Rome Sunday.
“What an incredible honor to witness the First Mass (inaugural) of the first American Pope, Pope Leo XVI,” she wrote on social media. “A moment of faith, unity, and deep significance for Catholics across the world.”
In their letter, the lawmakers praised the pope’s decades of service both in the US and abroad, noting that the native of the Chicago area “made history as the first-ever American pope, an unprecedented feat that makes America’s light shine even brighter across the globe.”
“Hearing his address would be of great benefit for Congress and the American people,” they added. “In a time of increasing religious intolerance, we welcome the vision and leadership of Pope Leo XIV and respectfully request that you invite his holiness to address a joint session of Congress this calendar year.”
Pope Francis became the first pope to address Congress in 2015. If invited, Pope Leo would be the first to do so as a native-born American.
LifeNews Note: Elise DeGeeter writes for CatholicVote, where this column originally appeared.
The post Members of Congress Ask House Speaker to Invite Pope Leo to Give Major Speech appeared first on LifeNews.com.
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Site: Zero HedgeAyatollah Khamenei Slams 'Outrageous' US 'Red Line' Demand Of Iran In Nuclear TalksTyler Durden Tue, 05/20/2025 - 08:45
After several days of back-and-forth public criticisms and US declarations of a "red line" - Iran's Supreme Leader has finally weighed in definitively on where things stand from Tehran's perspective.
Ayatollah Ali Khamenei called the latest US demands that Iranian enrichment be taken down to zero "excessive and outrageous," according to state media. He further expressed doubts that current nuclear talks with the Trump administration will actually lead anywhere.
"I don't think nuclear talks with the U.S. will bring results. I don't know what will happen," Khamenei said. He further called on Washington to cease making over-the-top demands in nuclear talks. Tehran officials have of late also called the Trump administration's stance "contradictory" - after President Trump attempted overtures, sprinkled with direct threats, in his Iran-related rhetoric while in the Gulf last week.
"The American side in these indirect talks should avoid nonsensical remarks," the country's top religious cleric and highest authority continued. "Saying they will not allow Iran to enrich is a big mistake. No-one waits for their permission."
The Ayatollah made the remarks while speaking at a memorial honoring late President Ebrahim Raisi, who one year ago died when his helicopter crashed in northern mountains:
He praised Raisi, a fellow hardline cleric, for refusing direct talks with the US while in office.
"He clearly said 'no' without ambiguity," Khamanei noted, adding that Raisi did not let enemies "drag Iran to the negotiating table through threats or tricks".
Khamenei said nuclear talks under Raisi's predecessor, the moderate cleric Hassan Rouhani, had failed to achieve results, and that he did not think there would be any breakthrough under his successor, Masoud Pezeshkian, who is a reformist.
President Trump had last week said the Iranians "sort of" agreed to the terms of a deal following four rounds of talks mediated by Oman, going back to mid-April.
Also last week, a top Iranian nuclear official said it was possible that Iran could given up enrichment in exchange for sanctions relief. But this was clearly premature, and the Ayatollah is now seeking to clarify the Islamic Republic's stance.
Americans have been told for 20 years: Iran is just a few months away from a nuclear weapon! The world has heard continuously: we have only months to bomb Iran to prevent it!
— Glenn Greenwald (@ggreenwald) May 12, 2025
I cited a sample during my debate in NYC with Alan Dershowitz last year on whether the US should bomb: pic.twitter.com/xJpR9uqMWPTrump envpy Steve Witkoff on the Sunday news shows made clear that the issue of abandoning enrichment is a "red line" from the US administration. He described to ABC the "red line" for Iran is no enrichment, not even one percent. And yet the past couple decades have seen Iran time and again view this as a non-starter.
"Everything begins… with a deal that does not include enrichment… because enrichment enables weaponization, and we will not allow a bomb to get here," he added.
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Site: LifeNews
Two major battle fronts are happening right now in the fight to defund Planned Parenthood and Big Abortion.
In the Courts, Planned Parenthood is suing to force pro-life states to continue to pay for abortions. Liberty Counsel is on the case.
After witnessing the horrors our client Sandra Merritt revealed in her undercover videos which exposed Planned Parenthood’s evil baby parts for sale scheme, South Carolina banned Medicaid funding for Planned Parenthood.
Sandra’s videos showed Planned Parenthood doctors and officials bragging about violating numerous laws and giddily discussing butchering babies (some alive) to garner higher human organ trafficking prices. Their brutal activities were enough to compel South Carolina to ban Medicaid taxpayer dollars from going to Planned Parenthood.
Get the latest pro-life news and information on X (Twitter). Follow @LifeNewsHQ//
Despite being caught red handed, Planned Parenthood is now SUING South Carolina to force the pro-life state to continue funding the abortion giant’s baby butchery.
The U.S. Supreme Court heard oral arguments in Medina v. Planned Parenthood South Atlantic in April, and the High Court is now preparing the written opinion. Our brief exposes the horror inside these abortion clinics.
Meanwhile, we are working with Congress to defund Planned Parenthood and Big Abortion at the federal level as well. Demand Congress defund Planned Parenthood once and for all!
Liberty Counsel staff have been working with top members of Congress to stop giving Planned Parenthood ANY taxpayer dollars.
- Abortion at a Planned Parenthood clinic is the third largest cause of death in the United States.
- Planned Parenthood kills 1,102 babies every day in America. That’s 1 child every 78 seconds.
- Planned Parenthood performs 228 abortions for every one adoption referral it recommends.
- During 2023 to 2024 alone, U.S. taxpayers gave Planned Parenthood nearly 800 million dollars — more than 40% of the abortion giant’s total income.
- According to Planned Parenthood’s own report, abortion makes up 97.1% of its business.
It’s time to stop paying for Planned Parenthood’s killing machine.
The good news is last week the budget bill passed the first hurdle in the U.S. House committee retaining the language to defund Planned Parenthood and Big Abortion. Now we need to pass the bill in the House and in the U.S. Senate. Members of Congress need to hear from you. This will be a huge battle, but we can win if we work together.
Please, join me now in demanding Congress defund Planned Parenthood!
LifeNews Note: Mat Staver is the Chairman of Liberty Counsel Action and Founder and Chairman of Liberty Counsel.
The post Two Major Battles are Happening Right Now to Defund Planned Parenthood appeared first on LifeNews.com.
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Site: OnePeterFive
Everyone was wondering if the next Pope would take the name Francis II. Now that this has not happened, we are all wondering how Pope Leo will deal with the legacy of his controversial predecessor. Yesterday Pope Leo made an address “to representatives of other churches and ecclesial communities and other religions” who had attended his inuguration Mass on Sunday. (The term “churches” is used for…
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Site: Zero HedgeFutures Slide After Monday's Historic Retail-Driven ReboundTyler Durden Tue, 05/20/2025 - 08:36
US equity futures are weaker with Tech underperforming, threatening a six-day winning streak that propelled the S&P 500 to the brink of a bull market. Then again, Monday started off even worse and then we saw the biggest burst of retail buying on record resulting in one of the biggest intraday reversals in recent history (according to JPM, more here), so brace for more unexpected moves. As of 8:00am ET, S&P futures are down 0.2%, while Nasdaq 100 futs drop 0.3% with Mag7 stocks mixed amid weakness in semis into today’s Google I/O developer conference; healthcare is leading Defensives over Cyclicals. The yield curve is twisting steeper with the 10Y yield flat and USD weakening. Commodities are mixed with crude down, natgas up, base metals down, precious up, and Ags generally higher. Macro data is light, with just the Philly non-mfg PMI on deck ahead of Thursday’s Flash PMIs & Claims prints, but we have another round of Fed speakers where the message continues to be patience.
In premarket trading, Mag 7 stocks were mixed (Tesla +1.4%, Alphabet +0.5%, Nvidia -0.2%, Microsoft -0.1%, Apple -0.3%, Amazon -0.2%, Meta Platforms -0.3%). Home Depot gained 2.2% after maintaining its guidance for the fiscal year as US sales ticked up, a sign that consumer spending has held up despite economic turbulence. Vipshop’s US-listed shares (VIPS) decline 8% after the China-based online marketplace reported its first-quarter results and gave an outlook. here are some other notable premarket movers:
- Air Lease (AL) rises 1.2% as Citi upgrades to buy, saying a possible capital allocation creates a “tactical opportunity.”
- ASP Isotopes (ASPI) jumps 15% after signing financing and supply agreements with TerraPower to support the construction of a new uranium enrichment facility.
- ImmunityBio (IBRX) rises 4% after Piper Sandler upgraded the drug developer to overweight, saying the launch of the firm’s newly approved bladder cancer drug Anktiva is off to a strong start.
- Pegasystems Inc. (PEGA) rises 6% as the customer relationship management software company will join the S&P Midcap 400 Index before trading opens May 22.
- Pony AI ADRs (PONY) jump 5% after the Chinese autonomous-driving company reported revenue for the first quarter of $14 million vs $12.5 million year-over-year.
- Trip.com (TCOM) US-listed shares fall 4% after the online travel agency reported its first-quarter results.
- Yalla (YALA) falls 8% after the social-network operator saw a drop in the number of paying users on its platform.
Ironically, as everyone was expecting a Monday metldown in US treasuries - and got just the opposite - the big move was in Japan, where bonds cratered and long-end yields soared to a record high after a near-failed government bond auction saw the weakest bid-to-cover demand since 2012 and the biggest tail since 1987, pointing screaming to increasing concerns about investor support as the Bank of Japan dials back its huge debt holdings.
As markets continue to meltup, investors are looking for clarity on market direction, with strategists in a Bloomberg poll now far more optimistic about European stocks than the US market. Jamie Dimon, meanwhile, has been warning about risks from inflation and credit spreads to geopolitics. “The market came down 10%, it’s back up 10%; I think that’s an extraordinary amount of complacency.”
Meanwhile, the threat of US tariffs showed up in Chinese shipments of smartphones, which fell 72% in April, according to China’s customs data.
Tech has been the main driver of the recent market bounce and will remain in focus into next week’s key earnings release from Nvidia. Google is holding its I/O developer conference, with the keynote speech at 4:30 pm ET. Broader deployment of AI mode on Google search will be a big focus, Bloomberg Intelligence said.
A slate of Fed speakers will be closely watched today for clues on the outlook for the US economy and any commentary on the Moody’s downgrade. Two Fed officials suggested on Monday that policymakers may not be ready to lower rates before September as they confront a murky economic outlook.
In Europe, the Stoxx 600 climbs 0.4%, on pace for a fourth session of gains, led by utilities, telecoms and health care. Germany’s DAX topped 24,000 for the first time. Among individual stocks, Orange advances after Bloomberg reported that Patrick Drahi is weighing a SFR sale. Wall Street strategists are betting European stocks will enjoy their best performance relative to the US in at least two decades as the region’s economic outlook improves. While US stocks have rallied in recent weeks, two Federal Officials warned on Monday that they would adopt a wait-and-see approach before lowering interest rates. Here are the most notable European movers:
- Orange shares rise as much as 3.1% after Bloomberg reported that billionaire Patrick Drahi’s Altice France is considering the sale of a controlling stake in SFR, raising hopes of further industry consolidations in a competitive market.
- Smiths Group gains as much as 4.4%, to highest since Jan. 31, after the UK engineering firm says full-year organic revenue growth is expected to be toward the top end of its guided range.
- SoftwareOne shares gain as much as 4.5% after Kepler Cheuvreux raised the recommendation on the stock to buy from hold saying cost-cutting is gaining traction and 1Q should show early margin recovery.
- Greggs shares rise as much as 8.8% to a three-month high after the UK food-on-the-go retailer gave a trading update in which it said it is seeing an improved performance, and kept its expectations for the year unchanged.
- Diploma shares surge as much as 18%, hitting a record high, as analysts hail the building components supplier’s positive first-half performance, mainly driven by its Controls unit.
- SSP shares rise as much as 5.3%, to the highest in three months, after the operator of food and beverage outlets at travel locations reiterated its full-year outlook, in spite of softer current trading in North America amid weaker travel demand.
- Schaeffler shares rise as much as 7.6% after the German auto parts firm was double-upgraded to buy at Bank of America, which sees the firm’s adjusted Ebit doubling by 2028.
- Orsted shares rose as much as 15% the Trump administration lifted an order that halted construction on Equinor’s $5 billion project off the coast of New York.
- Fincantieri shares rise as much as 9.7% a record high, after it unveiled targets for a newly created Underwater Armament Systems unit.
- UBS shares declined as much as 3.5%, the most since April 9, after Bloomberg News reported the lender is likely to face defeat in its effort to water down the Swiss government’s law that could force it to maintain up to $25 billion in extra capital.
- Salmar falls as much as 5.6%, the most in almost a month, after the Norwegian seafood and salmon company reported its latest earnings, which DNB Carnegie describes as a “big miss.”
- Kingfisher falls as much as 4.8% as Barclays cuts its recommendation on the UK construction and DIY supplier to underweight from equalweight. A 25% rally this year is “overly generous,” the bank says.
Asian stocks gained for the first time in four sessions, with Hong Kong-listed shares leading the advance thanks to a slew of positive corporate developments. The MSCI Asia Pacific Index rose as much as 0.6%, the most in nearly a week, with Alibaba and Sony among key gainers. Xiaomi shares jumped after the CEO said the company is starting mass production of a new chip, while Chinese healthcare stocks surged after biotech company 3SBio entered into a pact with Pfizer. Shares in India slipped. Momentum is returning to Asian stocks with tensions easing on the trade front while global growth seems intact. Chinese battery giant CATL gained in its debut in Hong Kong after wrapping up the world’s largest initial public offering this year, showing the appetite for such themes in the region.
The RBA delivered a 25bp cut at their May meeting, as widely expected, but with clear dovish elements to the meeting as a whole. The statement was materially more positive on the progress made on the inflation mandate, with inflation expected to remain around the RBA’s 2-3% target band, and with a removal of the previous language on being determined to “sustainably return inflation to target”. The updated macro projections were also materially softer, in-line with our economists’ expectations, with lower profiles for growth and inflation, and a higher path for the unemployment rate. Perhaps the most notable dovish news though was Governor Bullock noting that the Board discussed a 50bp cut at today’s meeting, suggesting a clearer break from their previously more cautious thinking. Goldman economists revised their RBA call to include an additional cut at the November meeting, in addition to the cuts they continue to expect at the July and August meetings.
In Fx, the Bloomberg Dollar Spot Index slips 0.1%. The Aussie lags G-10 peers, down 0.6% versus the greenback after RBA Governor Michele Bullock said the board considered a 50bps rate cut before opting for 25. The Dollar continues to underperform, but within tight ranges this morning. EUR (+10bps) price action remains constructive after the trading desk’s flow bias being skewed towards selling yesterday. Our Spot Traders (KBS) note that there was a lack of interest from HFs to chase yesterday - partly an element of some still tending to prior wounds but we seem to have hit the limit of false starts without a clear identifiable catalyst that HFs are willing to chase. USDJPY is trading -25bps lower after a choppy price action overnight. Despite continued spot moves lower in USDJPY and increased speculation that there may be some kind of “currency deal” as part of trade negotiations, our traders noted that downside USDJPY gamma has repriced lower (1m ATM -0.25v vs the roll) with the market struggling to digest front end vol supply the last 48hrs. USDCNH is trading +10bps higher after jumping on headlines that cut benchmark lending rates for the first time since October. The outlier overnight was AUD (-70bps), amid the dovish 25bps cut from the RBA.
In rates, treasuries are mixed as US session gets under way with the yield curve steeper. Front-end yields are 1bp-2bp lower on the day while 30-year is higher by around 3bp near 4.93%. Treasury curve pivots around little-changed 7-year sector, with 10-year near 4.46%, trailing bunds and gilts in the sector by 1.8bp and 2.5bp. Bunds and gilts outperform following softer-than-expected German PPI data and pricing of a £4 billion 2056 syndicated gilt issue. Gilts lead a rally in European bonds, with UK 10-year yields down 3bps to 4.63%. Traders shrugged off BOE Chief Economist Huw Pill’s warning that interest rates may be coming down too quickly. US economic data calendar includes only a regional indicator, however several Fed speakers are slated. Treasury auctions ahead this week include $16 billion 20-year new issue Wednesday and $18 billion 10-year TIPS reopening Thursday
In commodities, Oil pares earlier gains seen after Iran’s Supreme Leader Khamenei voiced skepticism over talks with the US. WTI drops 0.2% to near $62.50. Spot gold rises $8 to around $3,238/oz.
The US economic data calendar includes May Philadelphia Fed non-manufacturing activity (8:30am). Fed speaker slate includes Bostic, Barkin (9am), Collins (9:30am), Musalem (1pm), Kugler (5pm), Hammack and Daly (7pm)
Market Snapshot
- S&P 500 mini -0.2%,
- Nasdaq 100 mini -0.3%,
- Russell 2000 mini -0.3%
- Stoxx Europe 600 +0.4%,
- DAX +0.2%,
- CAC 40 little changed
- 10-year Treasury yield little changed at 4.45%
- VIX +0.3 points at 18.44
- Bloomberg Dollar Index -0.1% at 1223.55,
- euro +0.2% at $1.1262
- WTI crude -0.1% at $62.6/barrel
Top Overnight News
- Freedom caucus chair Harris said the votes are not there for the Trump bill and predicts a deal on the tax bill will be delayed until June.
- Trump has claimed that Russia and Ukraine will “immediately” begin negotiations on preparations for peace talks, but signaled that he was leaving Moscow and Kyiv to find a deal without the US as a broker. FT
- Crypto scored a big win after a group of Democrats dropped their opposition to stablecoin legislation. The bill may pass this week. BBG
- Iranian Supreme Leader Ayatollah Ali Khamenei said negotiations with the US over his country’s nuclear program are unlikely to result in a deal and called the Trump administration’s latest demands on Iran “outrageous.”
- China cut benchmark lending rates for the first time since October on Tuesday, while major state banks lowered deposit rates as authorities work to ease monetary policy to help buffer the economy from the impact of the Sino-U.S. trade war. RTRS
- China’s smartphone exports to the US fell 72% last month, outpacing an overall 21% drop in shipments. At the same time, the value of phone component exports to India roughly quadrupled. BBG
- The Bank of Japan will sound out market participants this week to gauge their views on how aggressively it should proceed with quantitative tightening as yields surge nearly a year after it began scaling back its huge bond purchases. BBG
- Japan's top trade negotiator, Ryosei Akazawa, said on Tuesday there was no change to Tokyo's stance of demanding an elimination of U.S. tariffs in bilateral trade negotiations.
- Tokyo will not rush into clinching a trade deal if doing so risked hurting the country's interests, he said. RTRS
- India is discussing a US trade deal structured in three tranches and expects to reach an interim agreement before July, when President Donald Trump’s reciprocal tariffs are set to kick in, according to officials in New Delhi familiar with the matter. BBG
- Donald Trump plans to go to the Capitol today to push House Republicans to back his tax-cut bill. Speaker Mike Johnson’s meeting with holdout GOP members from high-tax states failed to produce a deal on SALT. BBG
Tariffs/Trade
- Japan is reportedly mulls accepting US tariff reduction, not exemption, according to Kyodo. The Japanese government is reportedly considering the option of accepting a reduction in the rate of additional tariffs and reciprocal tariffs on automobiles and other items. Due to the US, according to sources, refusing to eliminate tariffs in prior negotiations and is said to have "indicated its intention to exclude additional tariffs on automobiles, steel, and aluminium, which are important to Japan, from the talks".
- US Treasury Secretary Bessent will travel to Canada to participate in the G7 Finance Ministers and Central Bank Governors meeting, while he will focus on the need to address global economic imbalances and non-market practices.
- Japanese Economy Minister Akazawa said Japan and the US conducted working-level talks on bilateral trade on Monday, while he added there was no change to Japan's stance of demanding the elimination of US tariffs. It was also reported that the US and Japan could hold talks as soon as this Friday although US Treasury Secretary Bessent is not expected to attend, according to Kyodo.
- Taiwan's President Lai said tariff talks with the US are going smoothly, while he added that Taiwan is to initiate a national wealth fund and is to broaden economic connections with nations other than the US.
- India is discussing a US trade deal structured in three tranches and expects to reach an interim agreement before July.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were marginally higher as the region took impetus from the rebound stateside where the major indices gradually recouped the losses triggered by the US rating downgrade, and both the S&P 500 and the Dow notched six-day win streaks. ASX 200 was led by outperformance in tech and financials, while the attention was on the RBA which delivered a widely expected rate cut. Nikkei 225 rallied at the open in tandem with a surge in USD/JPY but then gave back the majority of the spoils amid currency fluctuations and with little in the way of fresh catalysts for Japan. Hang Seng and Shanghai Comp were kept afloat after China's largest banks cut deposit rates and slashed the benchmark Loan Prime Rates by 10bps as guided by PBoC Governor Pan, while sentiment was also underpinned by a jump in CATL shares on its Hong Kong debut.
Top Asian News
- China's state planner said they will make greater efforts to attract and utilise foreign capital, while China is drafting loan management rules for renewal projects and most policies will be implemented before end of June.
- BoJ releases briefing material used at a meeting with bond market participants: notes some members said JGB market functionality is improving as a trend due to the BoJ taper. Some look for an eventual end to bond buying, some are after bigger cuts in the next plan. Some seek substantial cuts in one go. Deteriorating demand-supply for super-long JGBs is not something the BoJ can fix.
RBA
- RBA cut the Cash Rate by 25bps to 3.85%, as expected, while it stated that inflation continues to moderate and that the outlook remains uncertain. RBA affirmed that maintaining low and stable inflation is the priority and the board judged that the risks to inflation have become more balanced, as well as assessed that this move on rates will make monetary policy somewhat less restrictive. Furthermore, the RBA stated that headline inflation is likely to rise over the coming year to around the top of the band as temporary factors unwind and the remains cautious about the outlook, particularly given the heightened level of uncertainty about both aggregate demand and supply. RBA also released its Quarterly Statement on Monetary Policy which noted that the escalation of global trade conflict a key downside risk to economy and that the global growth outlook was downgraded, while it added that uncertainty has increased due to US tariff policies and it trimmed its core domestic inflation forecasts.
- Governor Bullock: prepared to take further rate actions if required; price increases have slowed; Bullock adds this was a confident cut in rates; There was a discussion between a 50bps cut or a 25bps cut; discussed holding rates or cutting. Cannot say where the cash rate will end up, does not endorse market pricing (Note: ~55bps of cuts currently seen by year-end).
European bourses (STOXX 600 +0.3%) opened modestly firmer across the board and have traded within a tight range thus far, given the lack of pertinent updates. European sectors are mixed, and aside from the top performer, the breadth of the market is fairly narrow. Utilities takes the top spot, with sentiment in wind names boosted after the Trump administration lifted a stop-work on Equinor’s (+1.3%) New York offshore wind farm project; the name is higher by around 1.5% - peers such as Orsted (+14%) have also been edging higher.
Top European News
- BoE's Pill says "dissenting vote stems from a concern that the pace of withdrawal of monetary policy restriction since last summer – quarterly cuts of 25bp – is too rapid given the balance of risks to price stability". Dissent was in line with his preference for “cautious and gradual” cuts in Bank Rate expressed over the past twelve months. Would characterise his dissenting vote as favouring a ‘skip’ in the quarterly pattern of Bank Rate cuts. It should not be seen as favouring a halt to (still less a reversal of) that withdrawal of restriction. Is concerned that structural changes in the price and wage setting behaviour have increased the intrinsic persistence of the UK inflation process. The underlying disinflation continues. The prospective path of Bank Rate from here is downward. Dissent from the most recent decision does not reflect a fundamental difference with the MPC. Says "we should not be dependent on how the data turns out". Can't assume that the inflation "pain" of new economic shocks will dissipate quickly. Agrees with the MPC that there is an easing in the labour markets, has questions over the pace. Some key pay indicators "remain quite strong".
- ECB's Schnabel says disinflation is on track, though new shocks could pose new challenges. Tariffs could be disinflationary in the short run but result in upside risk over the medium term. "We are facing a historical opportunity to foster the international role of the euro" & "When the inflation regime changes, we must be ready to respond swiftly".
- German VCI Chemical Industry Association: Q1 Production +0.6% Y/Y; Revenue +1.8% Y/Y; notes that production is expected to stagnate this year and industry sales will decrease slightly.
FX
- After a contained start, DXY has extended on Monday's downside which was largely attributed to the Moody's downgrade on the US on Friday. Newsflow on the trade front has been non-incremental aside from a Reuters sources piece noting that the US Treasury does not anticipate any trade deal announcements at the G7 Finance Meeting in Canada this week.
- PBoC set USD/CNY mid-point at 7.1931 vs exp. 7.2112 (Prev. 7.1916). Today's speaker slate includes Fed's Bostic, Barkin, Collins, Musalem, Kugler, Daly & Hammack. DXY is just about holding above the 100 mark.
- EUR fractionally firmer vs. the USD with not a great deal in terms of Eurozone newsflow aside from ongoing ECB speak with Executive Board member Schnabel noting that disinflation is on track, though new shocks could pose new challenges. EUR/USD sits towards the top end of Monday's 1.1169-1.1288 range.
- JPY at the top of the G10 leaderboard with some of the move attributed to moves in Japanese yields with the 30yr JGB yield hitting its highest level since its debut since 1999 following a soft JGB auction overnight. On the trade front, Japanese Economy Minister Akazawa said Japan and the US conducted working-level talks on bilateral trade on Monday. Note, Japanese Finance Minister Kato and US Treasury Secretary Bessent are expected to discuss exchange rates on the sidelines of the G7 meeting in Canada this week. USD/JPY has delved as low as 144.10 but stopped shy of the 144 mark.
- GBP is a touch firmer vs. the USD and steady vs. the EUR. This morning has seen remarks from BoE Chief Economist Pill, who dissented at the 8th May rate decision by voting for an unchanged rate vs. consensus for a 25bps cut. Pill noted that his dissenting vote stemmed from a concern that the pace of withdrawal of monetary policy restriction since last summer is too rapid, given the balance of risks to price stability. He added that his vote should be seen as a skip and not a halt to the withdrawal of the restriction process. The remarks had little follow-through to GBP; currently around 1.3370.
- Antipodeans are both softer vs. the USD with AUD lagging across the majors post-RBA. As expected, the RBA pulled the trigger on a 25bps cut whilst offering a cautious view on the outlook and lowering its inflation forecasts in its accompanying Statement on Monetary Policy. At the follow-up press conference, AUD/USD hit a session low at 0.6409 after Governor Bullock revealed that the board discussed cutting by 25bps or 50bps.
Fixed Income
- JGBs were initially firmer, in-fitting with peers after Monday’s eventual intraday recovery from Moody’s-driven pressure. However, upside in Japan was limited into supply. But a poor 20yr outing caused JGBs to slip from 134.40 to a 138.78 base - pressure which has since pared.
- USTs experienced a slight bearish blip on the above auction. However, Monday’s intraday recovery remained intact for USTs overnight and the benchmark has since extended to a 110-14+ high, eyeing 110-21+ from last week as the next point of resistance. Today's speaker slate includes Fed's Bostic, Barkin, Collins, Musalem, Kugler, Daly & Hammack.
- Bunds a little firmer today, in-fitting with peers. Early doors remarks from Schnabel this morning, though nothing that has fundamentally changed the narrative. Numerous speakers ahead incl. Cipollone, Knot & Nagel. Similarly, no move to German Producer Prices printing lower than expectations and the prior, driven primarily by energy prices for both Y/Y & M/M components. Continues to rebound from Monday’s pressure, at best has been 15 ticks above that session’s 130.60 peak. German 10yr and 30yr auctions were well received but had little impact on German paper.
- Gilts are firmer and currently outperforming. Outperformance which comes as Gilts didn’t get as much time to benefit from Monday’s late-door rebound and as the UK benchmark was that session’s underperformer, given EU-UK updates. As it stands, at the upper-end of a 91.45-91.91 band. BoE’s Pill outlined that his vote in May to leave rates unchanged was a “skip”. In fitting with his preference for “cautious and gradual” cuts and stemmed from a view that the recent quarterly pace “is too rapid given the balance of risks to price stability”. No move in Gilts to his speech.
- Hong Kong pension fund managers are reportedly sounding the alarm of potential forced selling of US Treasury holdings following Moody's downgrading US' rating, according to Bloomberg sources Hong Kong Investment Fund Association (HKFIA) has recommended that an exception to the maximum 10% holding rule is made for US Treasuries, to allow funds to invest above the limit even if the US is rated one notch below AAA, according to the sources. Japan's R&I still has an AAA rating (outlook stable) on the US, and is not considering a downgrade currently "don't believe the situation described there has significantly changed"
- UK price guidance for new 5.375% 2056 Gilt in sale via syndication seen +1.75bps to +2.25bps over 4.25% 2055 Gilt, orders over GBP 70bln.
Commodities
- Crude is lower this morning despite a softer dollar but amid a cautious risk tone in Europe and following some of the more sanguine tones from US President Trump regarding Russia, whilst upside was seen on less conciliatory commentary from the Iranian Supreme Leader. He said that he "does not think nuclear talks with the US will be successful", via Mehr news. Brent Jul'25 rose from USD 65.07/bbl to USD 66.00/bbl over three minutes - a move which has since mostly faded.
- Relatively flat and lacklustre trade across precious metals amid a lack of pertinent macro drivers this morning, and following a relatively contained session on Monday. Spot gold resides in a current USD 3.204.67-3.232.85/oz range.
- Mixed trade across base metals and in narrow ranges amid a lack of pertinent catalysts during the European session, whilst the broader risk tone remains cautious. 3M LME copper currently resides in a USD 9,443.05-9,520.90/t.
Geopolitics: Middle East
- Iranian Supreme Leader Khamenei says "I don't think nuclear talks with the US will be successful"; via Mehr news. Says to the US that they must remain from making outrageous demands. Saying that Iran will not be allowed to enrich uranium is excessive and outrageous.
- "Israel Broadcasting Corporation: Netanyahu extends the stay of the Israeli negotiating team in Doha for an additional day", according to Alhadath.
- Israeli PM Netanyahu says "Gaza war could end "tomorrow" if hostages return and Hamas leaders lay down their arms", via Sky News Arabia.
- Iran has received a proposal for the next round of indirect negotiations with the US, according to Iran International.
- "Iranian Foreign Ministry Spokesman: The time and place of the next round of nuclear negotiations with the United States have not yet been decided", according to Sky News Arabia
Geopolitics: Russia-Ukraine
- US President Trump said the US isn't stepping back from Russia-Ukraine negotiations and that it would be helpful to host Ukraine-Russia talks at the Vatican, while he repeated it is not his war and thinks something is going to happen with Russia and believes Putin wants to stop. Furthermore, Trump said he has a red line in his head on when he will stop pushing on Russia-Ukraine but won't say what that red line is and noted there could be a time when Russia sanctions will happen.
- Kremlin spokesman said US President Trump and Russian President Putin talked about a direct conversation between Putin and Ukrainian President Zelensky although there is no decision yet on the place for the next direct contact between Russia and Ukraine. The spokesman stated there cannot be a deadline for preparing a memorandum between Russia and Ukraine, as well as noted that everyone is interested in a speedy settlement in Ukraine and that Russia is interested in eliminating the root causes of the conflict.
US Event Calendar
- Philadelphia Fed Non-Mfg activity survey
Central Bank Speakers
- 9:00 am: Fed’s Bostic Gives Opening Remarks
- 9:00 am: Fed’s Barkin Gives Speech at Richmond Fed Conference
- 9:30 am: Fed’s Collins Hosts Fed Listens Event in New Hampshire
- 1:00 pm: Fed’s Musalem Speaks on Economy, Policy
- 5:00 pm: Fed’s Kugler Gives Commencement Address
DB's Jim Reid concludes the overnight wrap
Yesterday felt like we were somewhere along the line of a "death by a thousand cuts" with regards to the US fiscal situation. Hard to know where in that thousand we are but probably much nearer a thousand than at zero even as yesterday saw an initial sell off reverse as the session went on. At the end of the day the loss of the final US triple-A rating late on Friday night doesn't change anything much immediately but it keeps the drip, drip, drip of poor fiscal news building up against the debt sustainability dam in the background. Anyway, that's enough of the metaphors.
In yesterday's CoTD (link here) I highlighted that Moody's base case is now for US deficits to hit nearly 9% by 2035 and asked in a flash poll whether this would happen, or how it would be avoided or dealt with if it did. I'll keep the poll open for a couple of hours before publishing the results in my CoTD this London lunchtime. See it here. It should only take less than 5 seconds and all views very welcome.
We saw a large round trip in Treasuries around the news, with the 30yr yield briefly reaching its highest intraday level since 2023, at 5.035%, before paring back that move to close at 4.90%, -4.1bps lower on the day and virtually in line with where we were immediately before the news late on Friday. That recovery started shortly after the US open and continued as the session went on. It perhaps indicates the slow moving trend of overseas investors selling Treasuries but domestic investors increasing their holdings.
Earlier on, the cross-asset moves had seen a minor rerun of what happened after Liberation Day as US assets lost ground across the board. The S&P 500 recovered from -1.05% at the lows to end +0.09% higher. The US asset that struggled the most was the dollar, with the index (-0.72%) seeing only a modest recovery from its -1.02% intra-day low. That dollar decline repeated the early April parallels of capital flight scenarios often seen in emerging markets, where the currency struggles even though rates are going up.
This is coming at a delicate time, because the US administration are seeking to pass an extension to the 2017 Trump tax cuts, which are currently due to expire at the end of 2025. My CoTD showed that the CBO believe that the US federal debt held by the public will surge to 220% by 2055 if the tax cuts are extended, with the deficit reaching 12% of GDP. Again feel free to vote in the CoTD flash poll if you want to express a view as to whether something happens way before we get to these type of levels or whether we will take it in our strides like every other debt / deficit landmark in recent years.
In terms of that bond move in more detail, the selloff was initially very aggressive, with the 30yr yield reaching 5.035% and on track for its highest close since 2023 and actually higher for only six business days since 2007. However, that was then pared back, and it actually ended the day -4.1bps lower at 4.90%. Similarly, the 10yr yield hit an intraday high of 4.56%, but eventually closed -3.0bps lower at 4.45%. So the initial fears of the day ultimately didn’t materialise as US buyers stepped in, and at the front end, the 2yr yield fell -2.4bps to 3.98%. Overnight, yields are moving less than a basis point across the curve.
Similarly to the rates move, the S&P 500 rallied from more than -1% down at the open to +0.09% by the close, marking its sixth consecutive gain. Defensive sectors including healthcare (+0.96%) and consumer staples (+0.42%) posted the strongest advances. By contrast, tech stocks didn't fully recover, with the Magnificent 7 down -0.25% after its best weekly performance in over two years. The small cap Russell 2000 (-0.42%) also lost ground. And reflecting the pick up in volatility, the VIX index rose (+0.90pts) rose from Friday’s seven-week low to 18.14pts.
Whilst the US fiscal news dominated attention, in the geopolitical space we had President Trump holding a call with President Putin, but this delivered little new on resolving the war in Ukraine. Trump posted following the call that Ukraine and Russia would “immediately start negotiations”. However, Trump’s comments did not repeat earlier threats of new sanctions against Russia or put immediate pressure on Moscow to deliver a ceasefire and his post suggested that the US might now take more of a backseat in the talks. Meanwhile, Putin was rather vague on the upcoming talks, again referring to the “need to eliminate the root causes of this crisis.”
Otherwise yesterday, several Fed officials signalled they weren’t in a hurry to cut rates. For instance, Vice Chair Jefferson said “I believe that it is appropriate that we wait and see how the policies evolve over time and their impact”. Similarly, Atlanta Fed President Bostic said “I think we’ll have to wait three to six months to start to see where this settles out” and reiterated his expectation of only one more rate cut this year. Meanwhile, New York Fed President Williams said “It’s not going to be that in June we’re going to understand what’s happening here, or in July”. And Minneapolis Fed President Kashkari noted “It’s really just wait and see until we get more information.” So it was little surprise that investors continue to see a near-term rate cut as unlikely, with only a 35% chance of a cut priced by the July meeting.
Earlier in Europe, markets had put in a much steadier performance, with the STOXX 600 (+0.13%) just about posting a small gain. That was echoed on the rates side too, where yields on 10yr bunds (-0.2bps), OATs (-0.4bps) and BTPs (+0.1bps) all saw little change. In the meantime, the UK and the EU also reached an agreement that deepened ties between the two after Brexit. Among others, the UK agreed an extension of EU fishing rights, in return for the removal of most border checks on farm exports. That came alongside a defence and security agreement, along with a potential youth mobility scheme, although the latter will be subject to further discussion. Our UK economists looked at the deal yesterday (link here), and their estimates show the long-run benefits to be around 0.5% of GDP by 2040.
For those of us in the UK fed up by not being able to use e-gates in the EU the deal only refers to the "potential use of eGates where appropriate". I've been in so many long queues in the last couple of years when eGates have been empty.
In Asia risk sentiment has been helped after China’s central bank announced cuts to key lending rates for the first time since October reinforcing expectations of looser monetary policy to support the country’s economy (more below). Across the region, the Hang Seng (+1.29%) is leading gains while the CSI (+0.62%) and the Shanghai Composite (+0.38%) are also edging higher. Elsewhere, the Nikkei (+0.26%), the S&P/ASX 200 (+0.54%) are gaining but with the KOSPI (+0.05%) slipping back towards flat. S&P 500 (-0.29%) and NASDAQ 100 (-0.43%) futures are giving back some of yesterday's recovery from the lows.Coming back to China, the PBOC cut the 1-year loan prime rate (LPR), the reference rate for pricing all new loans and outstanding floating rate loans, to 3.0% from 3.1% and the 5-year LPR to 3.5% from 3.6%. Meanwhile the RBA have just cut rates 25bps (as expected) as I finish this off with the presser ongoing. So far it leans dovishly.
To the day ahead now, and data releases include Canada’s CPI and German PPI for April, along with the European Commission’s preliminary consumer confidence indicator for May for the Euro Area. From central banks, we’ll hear from the Fed’s Bostic, Barkin, Collins, Musalem, Kugler, Hammack and Daly, the ECB’s Wunsch, Knot and Cipollone, and the BoE’s Pill. Finally, earnings releases include Home Depot.
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Site: La Salette Journey
Here's a difficult question: Which of these two groups is celebrated for the entire month of June and which is largely forgotten except for about 30 seconds while people grill a hamburger or a hot dog?
"The nation which forgets its defenders will be itself forgotten." - Calvin Coolidge
"Those who have long enjoyed such privileges as we enjoy forget in time that men have died to win them." —Franklin D. Roosevelt
Duty, Honor, Country. The first as his guide, the second he applied, for the third he died.Related reading here -
Site: AsiaNews.itThe Tenaganita, an advocacy association, has criticised the Malaysian government for its decision to restart recruiting migrants from Bangladesh after thousands of foreign workers already present in the country were left without work, housing and legal protection, trapped in a corrupt system of exploitation, this according to the NGO's director, Glorene A Das.
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Site: Zero HedgeUS Senate Moves Forward With GENIUS Stablecoin BillTyler Durden Tue, 05/20/2025 - 08:05
Authored by Brayden Lindrea via CoinTelegraph.com,
The US Senate has voted to advance a key stablecoin-regulating bill after Democratic senators blocked an earlier attempt to move the bill forward over concerns about President Donald Trump’s sprawling crypto empire.
A key procedural vote on the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, passed in a 66-32 vote on May 19 local time.
Several Democrats, including Mark Warner, Adam Schiff and Ruben Gallego, changed their votes to pass the motion to invoke cloture, which will now set the bill up for debate on the Senate floor.
Republican Senator Cynthia Lummis, one of the bill’s key backers, said on May 15 that she thinks it’s a “fair target” to have the GENIUS Act passed by May 26 — Memorial Day in the US.
The US Senate voted 66-32 to advance debate on the GENIUS stablecoin bill. Source: US Senate
Several Democratic senators withdrew support for the bill on May 8, blocking a motion to move it forward, citing concerns over potential conflicts of interest involving Trump’s crypto ventures and the bill’s Anti-Money Laundering provisions.
Warner expressed concerns about Trump’s crypto ventures in a statement before the vote, but said the US couldn’t “afford to keep standing on the sidelines” while the crypto industry evolves.
“We cannot allow that corruption to blind us to the broader reality: blockchain technology is here to stay. If American lawmakers don’t shape it, others will — and not in ways that serve our interests or democratic values.”Warren says bill won’t stop Trump’s “crypto corruption”
Democratic Senator Elizabeth Warren, a longtime crypto skeptic, was one of the strongest opponents of the stablecoin bill, arguing before the vote that it failed to address Trump’s “blatant crypto corruption.”
Trump and his family have recently launched various crypto projects, which include memecoins, a crypto platform, a crypto mining company that plans to go public and a stablecoin that has quickly grown to be the seventh-largest by value, CoinGecko data shows.
”Trump and his family have already pocketed hundreds of millions of dollars from his crypto ventures, and they stand to make hundreds of millions more from his stablecoin, USD1, if this bill passes,” she said.
Senator Bill Hagerty introduced the GENIUS Act on Feb. 4, which seeks to regulate the nearly $250 billion stablecoin market, currently dominated by Tether and Circle’s USDC.
The bill requires stablecoins to be fully backed, have regular security audits and approval from federal or state regulators. Only licensed entities can issue stablecoins, while algorithmic stablecoins are restricted.
Hagerty’s stablecoin bill builds on the discussion draft he submitted for former Representative Patrick McHenry’s Clarity for Payment Stablecoins Act in October.
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Site: AsiaNews.itHow will the new Pope manage the relationship between Beijing and the VaticanThe faithful in mainland China hope that the bishops to be appointed and approved under the agreement will truly love the faithful and know their flock. That they will be skilled in pastoral care and enjoy the support of the faithful. Only in this way will a bishop be able to guide the faithful to love both their country and the Church.
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Site: southern orders
Catholic orthodoxy is the only way to heal the radical polarization that conservative and liberals have caused the church and their heated, ugly and mean-spirited rhetoric tossed at either side and to the pope himself and bishops in union with him.This is Catholic orthodoxy:
1. It is orthodox to embrace all the social teachings of the Church, especially those in papal enclyicals like Pope Leo XIII!
2. It is orthodox to allow migrants and those persecuted in their own countries to have access to countries when they can be safe and provide a standard quality of life for them and their families.
3. It is orthodox for countries to have laws that protect the integrity of their borders and allow controlled immigration verses an invasion of all kinds of people, even those with criminal records of violent crimes.
4. It is orthodox to ask secular governments who have allowed unbridled immigration to treat with respect and due process those who came in because the government allowed illegal immigration. It is orthodox to ask secular governments to allow those who have contributed to their new communities, are otherwise law abiding to have a way to be made regular without deportation.
5. It is orthodox to have a concern for the poor and marginalized and to promote the Church’s sexual morality without being mean spirited toward those who fail to follow Church teachings.
6. It is orthodox to crack down on bad and immodest behaviors in the Church by those who practice disordered sexual preferences by flaunting it and demanding that they be included in the Church’s public worship while committed sacrilege and insults toward our Lord and then toward orthodox Catholics present for prayer and the liturgies of the Church. It is orthodox to demand proper and modest dress in church according to the cultural norms concerning the only two biological genders male and female.
7. It is orthodox for a Catholic to prefer the TLM and its ancillary sacramental liturgies.
8. It is orthodox to prefer a rubrical correct Modern Vernacular Mass and its ancillary liturgies
9. It is orthodox to allow both forms of the one Roman Rite to co-exist in the same parish
10. It is orthodox to reject an ecclesiology that becomes a false god and obfuscates Christ by placing human elements of organization and who does what above an experience of the Risen Lord
11. It is orthodox to reject the deification of any Council of the Church or any Pope making these a false god
12. It is orthodox to develop pastoral theologies that assist pastors and others who minister to people who are in broken and dysfunctional lives and relationships as long as these are within the internal forum
13. Synodality is orthodox when it is relegated to the Faith, Morals and Canon laws of the Church and doesn’t become a false god that elevates walking together while neglecting the one who leads us, Jesus the Risen Lord.
I can go on and on!
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Site: Zero HedgeChinese Smartphone Exports To US Crashed In AprilTyler Durden Tue, 05/20/2025 - 07:45
New customs data from China shows that smartphone shipments to the U.S. collapsed 72% in April to below $700 million—the lowest level since 2011. The plunge coincided with the peak of the U.S.-China trade war, as the Trump administration imposed up to 145% tariffs on Chinese goods, disrupting tech supply chains. However, those levies have since been significantly scaled back to 30% as of May.
Using data from China's General Administration of Customs, Bloomberg reported that the 72% plunge in smartphone shipments to the U.S. far outpaced the 21% decline in overall exports to the U.S.
China's export data showed that handsets and laptops suffered the largest shipping declines in April.
April marked the peak of the trade war, with President Trump imposing tariffs of up to 145% on Chinese goods and Beijing retaliating with 125% tariffs on U.S. products. By mid-May, trade tensions had eased, with U.S. tariffs on Chinese goods reduced to 30% and China's tariffs on U.S. goods lowered to 10%.
However, the so-called "breakthrough" trade deal between the U.S. and China last week has Goldman analyst Philip Sun forecasting a surge in imports for U.S. ports. This has abruptly reversed the "empty ports" and "empty shelves" narratives; now, U.S. importers expect to pull forward.
Goldman's Sun explained: "China's exports will be RED HOT in the next 90 days. Frontrunning would be the keyword."
Meanwhile, Apple accelerated a shift of iPhone production to India in anticipation of the trade war.
Last week, President Trump, on his Gulf States tour, publicly called out Apple CEO Tim Cook for the massive expansion of iPhone production in India. Trump said after his conversation about 'Made in America', the CEO would be "upping their production in the United States."
Wedbush Securities recently estimated that a fully American-made iPhone could cost as much as $3,500, compared to the current average price of around $1,000. There are reports the next model could see the first price hike since the 2017 debut of the iPhone X.
Next lineup of iPhone...
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Site: PaulCraigRoberts.org
Hillary Endorses White Replacement
Paul Craig Roberts
In a recent speech to a Democrat audience Hillary Clinton reaffirms that it is Democrat Party Policy to Replace White Americans with Immigrant-invaders. Hillary blasted the Trump regime’s emphasis on “return to the family, the nuclear family, return to being a Christian nation, return to producing a lot of children.” It is all a dastardly right-wing trick to take away women’s rights to have careers instead of children. Having children, she said is the function of immigrant-invaders, not of white women.
She told the Democrat audience that “this very blatant effort to basically send a message most exemplified by Vance and Musk, and others, that, you know, what we really need from you women are more children. And what that really means is you should go back to doing what you were born to do, which is to produce more children.” Now that feminists have taught women to take over the male role, here are the vile Trump Republicans trying to roll back the liberation of women from the home and children.
The question is, where can an American male find a female life partner? That is not what an indoctrinated feminist wants to be. She wants to be independent, not constrained by a supportive relationship. Perhaps white American males can find wives among the female immigrant-invaders. The resulting miscegenation destroys both races, thus the result is to eliminate diversity. Funny, isn’t it, that the dumbshit liberal-left is so stupid that they don’t realize that the result of multiculturalism is the elimination of racial diversity.
Hillary, in her unbridled ignorance, actually said that unlike Europe, America’s welcoming of immigrant-invaders has caused our economy to do “so much better than comparable advanced economies across the world.” Hillary says, “we actually had a replenishment, because we had a lot of immigrants, legally and undocumented, who had, you know, larger than normal by American standards, families.”
Does Hillary not know that all of Europe and the formerly British are overrun with immigrant invaders, and that these invaders are protected by the EU and UK governments? So what is the basis of Hillary’s claim that the US, unlike “comparable advanced economies,” is the beneficiary of illegal immigration?
Don’t ask the stupid Hillary. She doesn’t know.
Will the morons who vote Democrat notice these revelations? Are they willing to turn their country over to immigrant-invaders in exchange for the right of white women to appropriate the male role?
It is absolutely clear that the achievement of feminism will be the elimination of white ethnicities. Already corporate advertisers are pushing miscegenation. Seldom do you see a white family in a corporate ad. Miscegenation is a two-edged sword. It replaces both races with a new rootless being without a race, a history, and a culture.
America is being erased, both whites and blacks, but Americans are too insouciant to notice.
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Site: Catholic ConclaveThe people who made the video say they are scared.Catholic Conclavehttp://www.blogger.com/profile/06227218883606585321noreply@blogger.com0
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Site: Zero Hedge"They Want War" - Martin Armstrong Slams European Leaders Reinstating Military DraftsTyler Durden Tue, 05/20/2025 - 07:20
Via Greg Hunter’s USAWatchdog.com,
Legendary financial and geopolitical cycle analyst Martin Armstrong is back with an update on his big turn toward war in Ukraine with Russia.
Two weeks ago on USAW, Armstrong predicted, “After May 15, war is turning up (in Ukraine) and it will be turning up into 2026.”
That prediction paid off to the exact day as peace talks between Russia and Ukraine ended on May 15 after just two hours, and neither side agreed to meet again.
War is already here, and there is no stopping it with peace talks. Armstrong says, “Putin knows and understands this is not a just a war with Ukraine, this is a war with NATO..."
"If Putin agrees to a 30-day ceasefire with Ukraine, what’s that going to do? Absolutely nothing.
You have every European country reinstituting drafts. In Germany, even people 60 years old have been told to report. Poland has ordered every able-bodied man to show up for military training. They want war. Their economy is collapsing. You hear about this de-dollarization, and it’s not happening. The capitalization of just the New York Stock Exchange is worth more than all of Europe combined. That’s just the New York Stock Exchange...
You’ve got Macron in France, they call him the ‘Petite Napolean.’. . . Without war, Europe is going to collapse. It’s in a sovereign debt crisis . . . They have done everything against the economy.”
Armstong thinks Russia will finish off Ukraine sometime in 2027 and Europe a year or two after that. And, Yes, Armstrong still thinks Ukraine will disappear from the map.
Armstrong urged his contacts in Washington to “Get the hell out of NATO.” It seems some in the US government are considering this warning as this headline breaks today: “US to Begin European Troop Withdrawal Talks, NATO Ambassador Says.” Armstrong says,
“I have been told by some very influential people on Capitol Hill ‘you’re right, we agree.’ That’s what I have been told. . . . I have been complaining about this for months, and my view is Europe is committing suicide, and let’s not be part of it this time.”
Is President Trump getting this message? Armstrong says, “Yes, I believe so. . . . Trump also said a peace deal does not seem likely, the hatred is too great on both sides.”
The neocons back home also want war with Russia and have wanted it for a very long time. Trump is either going to make peace or walk away and not participate. Maybe this is why former FBI Director James Comey put out his not-so-cryptic call to assassinate President Trump with his “86 47” now deleted Instagram post. Comey was the man who held Armstrong in prison illegally for contempt for 7 years.
Armstrong says, “Comey has always been part of it. Just for the record, he was the US Attorney in New York. He’s the one who kept me in contempt until the Supreme Court said what the hell is going on? Then, they had to release me.”
How did Armstrong land in jail?
Armstrong says, “They asked me to put in 10 billion dollars . . . to take over Russia, and I refused..."
" It was Comey that was the US Attorney for New York, and he kept me in civil contempt, which has a maximum sentence of 18 months, and he kept me in for 7 years.
He kept rolling it and rolling it and rolling it. . . . I was told if I put in $10 billion, I would get $100 billion back.
They intended to have all the assets of Russia going through the trading desk of New York. All the oil, gold, diamonds, platinum, you name it, they would have it all. And I said, no, I’m out. I am not into regime change.”
Fast forward to today, and the powers in Europe still think they can take Russia and steal their assets to fix the extreme financial problems in Europe.
Pensions, banks and bonds are in deep financial trouble in Europe.
Stealing from Russia and gaining control of $75 trillion in natural resources is why they want and need war. Armstrong says,
“They went to negative interest rates in 2014. I warned them. I said listen; you are out of your minds.
You are syphoning money out of the bank reserves and pension finds. It’s a basket case. It really is. They have no appreciable economy. . . it’s shrinking, the number of actual businesses has shrunk in Germany. (Germany is 25% of the EU economy.) This is why they need war.”
Armstrong says Europe is going to lose and lose badly in a war with Russia.
Armstrong says if Trump gets out of NATO, the US will thrive and do much better financially than Europe.
Let’s all hope President Trump gets us out of NATO before it’s too late.
There is much more in the 60-minute interview.
Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Martin Armstrong as he gives his analysis on war, default, depression and unpayable debt that will make a huge mess for the world for 5.17.25.
To Donate to USAWatchdog.com click here
There is free information, analysis and articles on ArmstrongEconomics.com.
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Site: Mises InstituteRobert Kennedy‘s Make America Healthy Again (MAHA) crusade is being promoted as a government-led effort to eliminate health hazards in food and medicine. However, MAHA depends upon government overreach, which ultimately will undermine any good MAHA does.
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Site: Zero HedgeBuy Now, Pay Never? Klarna's Losses Double As US Consumers Fall Behind On PaymentsTyler Durden Tue, 05/20/2025 - 06:55
In an absolute shocker that you'll never believe (unless you read ZeroHedge) - Klarna, the Swedish financial technology firm known for its "buy now, pay later" (BNPL) offerings, reported a sharp increase in losses for the first quarter, driven by a rise in consumer defaults and economic unease in the United States.
The company posted a net loss of $99 million for the three months ending in March, more than double its $47 million loss during the same period a year earlier. The deterioration comes amid a rise in customer credit losses, which climbed 17 percent year-on-year to $136 million, underscoring mounting concerns about the financial health of U.S. borrowers.
Klarna’s business model - providing interest-free installment loans for retail purchases - has grown rapidly in recent years, especially in the United States, where the company has partnered with major retailers such as Walmart, eBay and DoorDash. But the surge in unpaid loans and shifting macroeconomic conditions have intensified scrutiny of the company’s exposure to economic headwinds, according to the Financial Times.
The results also follow Klarna’s decision to halt its long-anticipated initial public offering in New York, after recent tariff announcements from President Donald Trump roiled markets. The administration’s trade policy has heightened inflation expectations and dampened consumer sentiment, with one widely watched confidence index falling to its second-lowest level on record last week.
Despite the growing defaults, Klarna emphasized the short-term nature of its loan book, noting that 83 percent of its balances refresh within three months. The company said in a statement that it's "closely monitoring changes in the macroeconomic environment," and "remains well-positioned to adapt swiftly if required."
Klarna’s credit loss rate as a share of total payment volume remains relatively modest at 0.54 percent, a slight uptick from 0.51 percent a year earlier.
Revenues for the quarter rose 13 percent to $701 million, as the platform reached 99 million active users. The company has leaned heavily on artificial intelligence to streamline operations, delivering Monday’s earnings through an AI-generated avatar of its chief executive.
Klarna has also pursued aggressive cost-cutting, reducing its headcount by 39 percent over the past two years. Customer service expenses declined 12 percent year-on-year in the latest quarter. At the same time, the company is grappling with a 15 percent rise in funding costs, now totaling $130 million.
Last month we noted that Americans are increasingly tapping Buy Now, Pay Later (BNPL) financing to pay for daily essentials -- even groceries -- according to a Lending Tree survey, in which 41% of those polled say they were late on payments over the past year, which is up from 34% in last year's survey. About three-quarters of the late-payers say they were late by no more than "a week or so." However, where that and other numbers are concerned, it's important to note that these stats are based on survey responses -- not the hard data of their BNPL providers. Given human nature, it's reasonable to think respondents would understate subpar behavior.
The top two categories of BNPL purchases are clothing, shoes and accessories (41% of BNPL users) followed by technology devices (39%). However, there's been a surge in people who've used BNPL for groceries -- 25% versus 14% last year. A whopping one-third of Gen Z BNPL-tappers say they've used the financing for groceries. Similarly, 16% of users have tapped BNPL for food delivery or takeout.
"Have you ever used BNPL services like Affirm or Klarna?" (via Lending Tree)
Other findings:
- Nearly half of the respondents have used a BNPL loan, with 11% saying they've used them 6 or more times. 23% have had three or more of them running simultaneously.
- 53% of men have used BNPL, versus 46% of female respondents.
- 64% of Gen Zers (age 18 to 28) have used BNPL, compared to 29% of Boomers (61 to 79)
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Site: AsiaNews.itLow turnout in some areas (a meagre 21% in the capital) and the absence of a national vision on decentralisation stand out as key challenges. These factors continue to hinder the emergence of a truly autonomous local authority. Nonetheless, the vote marks a positive step in view of the 2026 parliamentary elections.
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Site: OnePeterFive
Above: modern Nicaea. Today marks the 1700th anniversary of the first Ecumenical Council—the Council of Nicaea (now İznik, Turkey), convened in 325. This historic gathering took place just a few years after Constantine’s Edict of Milan in 313, which granted the Church freedom of worship. Summoned by Emperor Constantine on May 20 of that year, approximately three hundred bishops assembled at…
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Site: Real Investment Advice
Over the last fourteen years, as we share below, the US government credit rating has slipped from AAA to AA. Moody's was the first to cut the USA from AAA to AA in 2011. Fitch followed in 2023, and Moody's did the same last weekend. Now that the USA government is fully rated AA by the three major bond rating agencies, let's consider a better-rated alternative: Johnson & Johnson (JNJ). JNJ is AAA, and alongside Microsoft, it is one of the only two large domestic companies rated AAA by S&P. As of the Monday morning open, JNJ's 10-year notes are opening at 5.08%, up from 4.97% on Friday. The ten-year US Treasury note is opening at 4.54%, up 10 bps from 4.44%. The yield changes are similar despite the rating action only directed at the USA.
If the market were genuinely concerned about Moody's downgrade of the USA, one would expect the spread between the two bonds to tighten, not stay the same or even slightly widen. Thus, might this pop-in yield be more a function of Scott Bessent's renewal of tariff threats this past weekend? The market still believes that tariffs will result in inflation. Thus, higher tariffs might lead to more inflation, which would impact all bond yields.
As an aside, the downgrade will not impact liquidity in the capital markets. Treasuries are essential regulatory liquid assets for banks and provide high-quality collateral in repo transactions. Basel banking regulations assign 0% risk weights to bonds rated AAA to AA-, rendering the downgrade inconsequential for capital requirements. The collateral status of Treasuries in repo markets is also unaffected, as AAA through AA- bonds fall in the same haircut category.
What To Watch Today
Earnings
Economy
- No notable economic releases.
Market Trading Update
In yesterday's commentary, we noted that the market was very overbought and needed a short-term correction. One would have suspected that the Moody's downgrade would have done the trick, but the bulls immediately rushed in to buy the early morning dip. For now, the "bears" can't catch a break as every dip is quickly met with buyers. As discussed previously, with stock buybacks in full swing and professional investors underexposed to equities, the need to chase the rally remains. Such is problematic from two standpoints. First, if you are out of the market, trying to figure out how to get back in is painful. Secondly, it is hard to justify making profits and reducing risk if you are in the market. Both are equally problematic, as this rally will eventually correct, but usually just at the point where investors tend to make the most mistakes.
That said, there is building evidence that the April correction is over. Sentiment Trader posted an excellent analysis on Monday, which confirms much of the same data we have discussed with you over the last two weeks. Most notably, despite the concerns about a recession, debt downgrade, and tariffs, there has been a sudden bullish shift in market momentum. To wit:
"This trend score surge occurs when the composite increases by four or more points over five days, proving to be a timely signal for momentum regime changes, often preceding sustained directional moves. Further supporting the shift from a downtrend to an uptrend, the S&P 500 and Nasdaq 100 saw notable increases in trend scores, marking their first net change signals since the recovery from the 2022 bear market. Two additional conditions are required to trigger the signal: the trend score must reset below 2, and the index must show positive short-term momentum alongside the net change surge."
Of course, the obvious question is how the market has performed historically following the trend score buy signal.
"Whenever the S&P 500's trend score climbed by four points over five days, the world's most benchmarked index displayed excellent returns and consistency over the next year. Furthermore, four out of seven horizons exhibited significance relative to random returns. Of the five instances when the S&P 500 declined a year later, all but one,1965, occurred during a well-established downtrend, with signals emerging 169 to 584 days after the peak. By contrast, the latest signal emerged just 61 days from the high."
While the historical data is very bullish and suggests that investors remain focused on maintaining equity risk, it does not preclude the market from short-term corrections to relieve overbought conditions as we have currently. However, the data does suggest that those dips should be bought, and equity exposure should be increased to target levels. As Sentiment Trader concluded:
"A composite incorporating ten trend-following indicators recently experienced a significant upward shift, triggering a buy signal for the S&P 500. Comparable signals have led to favorable outcomes, with the world's most benchmarked index rising 86% of the time over the following year and posting a median gain of 13%. A similar signal was also triggered for the Nasdaq 100, which has shown even more compelling forward returns. In past instances, the Nasdaq 100 advanced in all but one case over the next 12 months, highlighting the strength and consistency of this trend-based setup across major equity benchmarks. The weight of the evidence continues to build in favor of the bulls."
We agree.
Finally, In Overbought Territory
1,100 S&P 500 points in six weeks, and the market is firmly in overbought territory. While other indicators like MACD and RSI have already marked the overbought condition, the SimpleVisor absolute analysis finally concurs. As highlighted in the red box and circle below, over half of the sectors have decently overbought scores. In particular, communication, utilities, and financial stocks are most overbought. The overbought condition is more evident on the factor page shown in the second graphic. 17 of the 22 factors have absolute scores over 50, with foreign markets and large-cap growth stocks being the most overbought.
Moody's Debt Downgrade- Does It Matter?
This morning, markets are reacting to Moody’s rating downgrade of U.S. debt. For those promoting egregious amounts of “bear porn,” this is nirvana for fear-mongering headlines that gain clicks and views. However, as investors, we need to step back and examine the history of previous debt downgrades and their outcomes for both the stock and bond markets. Let’s start with what the Moody’s rating agency stated about its rating change.
“This one-notch downgrade on our 21-notch rating scale reflects the increase over more than a decade in government debt and interest payment ratios to levels that are significantly higher than similarly rated sovereigns.”
Moody’s had been a holdout in keeping U.S. sovereign debt at the highest credit rating possible, and brings the 116-year-old agency into line with its rivals. Standard & Poor’s downgraded the U.S. to AA+ from AAA in August 2011, and Fitch Ratings also cut the U.S. rating to AA+ from AAA in August 2023. We will review these previous downgrades momentarily. However, the reason for Moody’s debt downgrade is unsurprising.
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Site: Real Investment Advice
The FIRE movement—short for Financial Independence, Retire Early—has gained popularity among those who want more control over their time and financial future. Unlike traditional retirement models, FIRE encourages aggressive saving and disciplined financial planning to reach financial independence far earlier than the typical retirement age.
Whether you dream of leaving the 9-to-5 grind in your 40s or simply want to build more freedom into your life, understanding the FIRE retirement strategy and how to build a financial independence plan is essential.
What Is the FIRE Movement?
FIRE is built on a simple but powerful concept: if you save and invest a significant portion of your income, you can build enough wealth to live off your investments and retire decades earlier than traditional timelines suggest.
While not everyone pursuing FIRE wants to stop working entirely, many aim to reach a point where work becomes optional. This flexibility offers the freedom to pursue passion projects, travel, spend time with family, or transition to part-time work.
There are several variations of FIRE, including:
- Lean FIRE – living frugally on a smaller budget
- Fat FIRE – maintaining a more traditional or higher-cost lifestyle
- Barista FIRE – reaching partial financial independence while working part-time or freelance jobs to cover essentials
Strategies to Achieve FIRE
Aggressive Saving
FIRE enthusiasts typically aim to save 50%–70% of their income. While this level of saving isn’t feasible for everyone, the principle is to live well below your means and prioritize long-term freedom over short-term spending.
Some methods to boost savings include:
- Downsizing housing and transportation
- Cutting non-essential spending
- Increasing income through side hustles or career growth
- Automating contributions to savings and investment accounts
Smart Investing
To grow your savings quickly, investing is a cornerstone of any financial independence plan. FIRE strategies often rely on a mix of:
- Low-cost index funds and ETFs
- Tax-advantaged accounts like 401(k)s, IRAs, and HSAs
- Taxable brokerage accounts for flexible, early access
A key part of FIRE is letting compound growth work in your favor by investing early and consistently.
Frugal Living
Living below your means is essential in both the accumulation and post-retirement phases of FIRE. This doesn’t mean deprivation—it means aligning your spending with your values and eliminating excess.
Building habits around intentional spending, budgeting, and avoiding lifestyle inflation can help sustain your plan long after you’ve reached financial independence.
How Much Do You Need to Achieve FIRE?
One of the most common benchmarks in the FIRE community is the 4% rule, which suggests that you can safely withdraw 4% of your investment portfolio annually to cover living expenses without running out of money.
To calculate your FIRE number:
Annual Expenses x 25 = Target FIRE Portfolio
For example, if you plan to spend $50,000 per year, you’ll need a $1.25 million portfolio.
However, it’s important to adjust this number based on:
- Market volatility
- Healthcare costs
- Taxes
- Lifestyle changes
- Inflation
Creating a Withdrawal Strategy
Once you’ve reached your FIRE number, having a sustainable withdrawal plan is essential to ensure long-term financial stability. A few things to consider:
- Use taxable accounts first to bridge the gap until you can access retirement accounts penalty-free.
- Roth conversion ladders can help access retirement savings earlier while managing taxes.
- Flexible withdrawals allow you to adjust spending during market downturns or periods of low returns.
Working with a fiduciary advisor can help tailor a withdrawal strategy that supports your lifestyle and protects your nest egg.
Ready to Build Your Financial Independence Plan?
Achieving FIRE takes discipline, strategy, and a clear plan. Whether you’re just getting started or looking to refine your path, working with a trusted financial advisor can make the difference between dreaming about financial independence and living it.
Contact RIA Advisors today to schedule a personalized consultation and build a financial independence plan designed for your goals.
FAQs
How do I know if FIRE is right for me?
FIRE is ideal for individuals who value freedom, can save aggressively, and are willing to live frugally in exchange for more control over their time.
Is the 4% rule still valid?
The 4% rule is a common starting point, but it should be adjusted based on your risk tolerance, investment strategy, and market conditions.
Can I pursue FIRE with a family?
Yes, many families pursue FIRE by budgeting carefully, increasing income, and planning for education and healthcare costs early.
What happens if I retire early and the market drops?
A diversified portfolio, emergency fund, and flexible withdrawal strategy help manage risk during market volatility.
What accounts should I invest in for FIRE?
A combination of tax-advantaged retirement accounts and taxable brokerage accounts offers growth and flexibility.
The post How to Achieve Financial Independence and Retire Early (FIRE) appeared first on RIA.
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Site: AsiaNews.itToday's Headlines:Trump, after call with Putin: 'Talks with Ukraine imminent'; Moscow bans Amnesty International. After a decade, direct flights resume for Iranian pilgrims to Saudi Arabia. Influencer arrested in Vietnam for consumer fraud. Japan's agriculture minister apologises after saying he's 'never had to buy rice'.
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Site: Crisis Magazine
The speculations about what kind of pope Leo XIV will be range from outrageous scurrility to overenthusiastic embrace. I have read terrible things on the far end of the ultra “conservative” enclaves on the Internet and ridiculous things from the official liberal “Catholic” who seems to be whistling past the cemetery. Not only do some of the modernist voices chant “santo subito” about the recently…
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Site: Crisis Magazine
Perchance, you haven’t noticed. But for the past sixty years or so a pitched battle has been waged in the Church, something close to Jacobin revolution. Of course, its birth was simultaneous with a most prominent event. But even mentioning it would earn immediate censure, so, I will not. (So much for Synodal listening. I suspect Orwell was correct in Animal Farm: “All animals are equal…
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Site: The Remnant Newspaper - Remnant ArticlesWithout a doubt, if Leo XIV continues synodality and ecumenism in the same way that Francis did, we should expect grave harms. Although he may ultimately do this, it is worth taking a closer look both at what Leo XIV has said and at the true evils of ecumenism and synodality. As we will see, Leo XIV has already shown signs that he is inclined to abandon the worst aspects of Vatican II’s false ecumenism regime.
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Site: AsiaNews.itThe effects of climate change are becoming more pronounced year after year on the Crimean Peninsula, intertwining with a worsening water shortage following the halt in the flow of Dnipro River water after the region's separation from Ukraine. This has had serious consequences for local agriculture, which blames the water usage in swimming pools and tourist resorts—an attempt to support a tourism sector in deep crisis due to the ongoing war.
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Site: Catholic ConclaveThe Jesuits of the Spanish Province Pray to PachamamaThe Society of Jesus in Spain, the ever-vigilant vanguard of sustainable Christianity, celebrated Earth Day this year with a spiritual display worthy of the Amazonian liturgical calendar itself. And as could not be otherwise, they have given us a liturgical-poetic gem in the form of a prayer to Mother Earth, to whom they refer—tenderly, of Catholic Conclavehttp://www.blogger.com/profile/06227218883606585321noreply@blogger.com0
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Site: Mises InstituteThe "dark enlightenment" is simply a variation on the technocracy of "sustainable development" or the "great reset." Technocratic control is the goal in both cases.
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Site: Mises InstituteCentralizing electricity management is probably a mistake. It makes us collectively vulnerable to a single failure or attack and also inefficient.
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Site: Zero HedgeAtlanta Remains The World 's Busiest AirportTyler Durden Tue, 05/20/2025 - 02:45
In 2024, global air travel hit 9.5 billion passengers— a five billion increase since 2021.
Together, the 10 busiest airports transported 855 million passengers, or 9% of traffic globally. While air traffic has finally surged past pre-pandemic levels, it is not without its challenges of staffing crises, tech outages, and aircraft incidents.
This graphic, via Visual Capitalist's Dorothy Neufeld, shows the busiest airports in the world, based on data from the Airports Council International.
The Top 10 Busiest Airports in the World in 2024
Below, we show the airports with the highest number of passengers globally as air travel increased 9% over the year:
Represents total passengers enplaned and deplaned, with passengers in transit counted once.
As we can see, four of the top 10 busiest airports in the world are in the U.S.—led by the Hartsfield-Jackson Atlanta International Airport
Notably, Atlanta serves as a connecting hub to domestic and international travelers, owing to its position between North America, Europe, and Latin America. Adding to this, it has 150 non-stop destinations in six continents.
Ranking in second is the Dubai International Airport, with a record 92 million passengers in 2024. Overall, 106 international airlines fly into this hub, reflecting Dubai’s growing prominence as a center for business and investment.
Meanwhile, Shanghai’s Pudong International Airport saw the largest rise in the rankings, up from 21st in 2023 to 10th overall. Driving its 41% surge in passengers was the resumption of international flights and visa policy expansion.
To learn more about this topic from a travel perspective, check out this graphic on the cheapest and most expensive places to visit in 2025.
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Site: Zero Hedge'De-Brexit'? UK PM Starmer Accused Of "Surrender" As Britain Pens New Agreement With BrusselsTyler Durden Tue, 05/20/2025 - 02:00
Authored by Thomas Brooke via Remix News,
The United Kingdom and the European Union have reached a wide-ranging agreement aimed at expanding cooperation across key areas such as defense, energy, migration, law enforcement, and youth mobility — a deal that critics argue is a flagrant rowback on Brexit.
Announced following the U.K.–EU summit on Monday, the so-called Common Understanding outlines both sides’ intention to build on existing post-Brexit frameworks, including the Withdrawal Agreement and the Trade and Cooperation Agreement.
While the agreement does not constitute a new treaty, it signals a shift toward closer integration in several sectors that effectively bring the U.K. back into alignment with EU rules and institutions, undermining national sovereignty.
The agreement reconfirms reciprocal access to fishing waters until June 2038 and extends bilateral cooperation on energy. It also launches a new Security and Defense Partnership covering topics such as support for Ukraine, cyber defense, military mobility, peacekeeping, and space security. Dialogue is also planned in areas like maritime safety and international disaster response.
Access to fishing waters has been a bone of contention since the 2016 Brexit vote and is seen as a major concession by the U.K. Ahead of the news breaking, rumors had been swirling in Westminster that fishing rights were on the table, leading Reform UK leader Nigel Farage to warn, “If true, that will be the end of the fishing industry.”
Starmer has surrendered to Brussels.
— Reform UK (@reformparty_uk) May 19, 2025
Labour can’t be trusted with their weak leadership. pic.twitter.com/Fl2j7kgyPeLeader of the Opposition Kemi Badenoch also remarked, “Twelve years’ access to British waters is three times longer than the government wanted. We’re becoming a rule-taker from Brussels once again. And with no details on any cap or time limits on Youth Mobility, fears of free movement returning will only increase. This is very concerning.”
The new mobility framework proposed is for young people, allowing limited-duration travel between the U.K. and EU for work, study, volunteering, and other cultural purposes. In parallel, the U.K. and EU will begin discussions about associating the UK with the EU’s Erasmus+ program, including negotiation over financial terms. These discussions are framed as promoting “people-to-people” ties, especially among younger generations.
Why would a Labour Brexit deal be hard to agree?
— Julia Hartley-Brewer (@JuliaHB1) May 19, 2025
Usually when two sides negotiate, they have different priorities & aims.
With Keir Starmer's negotiations with the EU, both sides have exactly the SAME priorities and aim: the total surrender of British sovereignty to Brussels. pic.twitter.com/zpIB2gUwDNIn the area of internal security, both sides committed to strengthening cooperation under the Trade and Cooperation Agreement. This includes information-sharing with Europol, improved coordination on terrorism and serious crime, and the potential expansion of biometric and vehicle data exchange. There is also intent to address difficulties faced by law enforcement in accessing electronic communications data across jurisdictions.
In economic and environmental matters, the agreement outlines plans to explore U.K. participation in the EU’s internal electricity market and to establish a link between the U.K. and EU emissions trading systems. Both initiatives would require the U.K. to align with EU rules in relevant areas, such as state aid, environmental protections, and trading mechanisms. This alignment would be monitored through dispute mechanisms, with the European Court of Justice acting as the final authority on EU law. The move effectively reintroduces the ECJ as the supreme arbiter in such areas.
This has been an amateur negotiation from the start, ending in a total sellout. pic.twitter.com/BwbhqiiGWE
— Kemi Badenoch (@KemiBadenoch) May 19, 2025On agri-food trade, the two sides agreed to work toward a Sanitary and Phytosanitary (SPS) Agreement that would remove many current barriers to the movement of animals and plants between Great Britain and the EU. However, this too would involve dynamic alignment with EU regulations and limited exceptions subject to EU approval. The agreement specifies that the U.K. would be consulted during the EU policy-making process but would have no vote or participation in formal decision-making bodies. Again, issues of sovereignty arise, with the United Kingdom signing up to align with regulations without having a seat at the table.
The deal also includes plans to deepen cooperation on illegal migration. Areas of focus include upstream control efforts, information-sharing on visa abuse and migrant smuggling, and coordination with EU agencies such as Frontex and the EU Agency for Asylum. Practical measures to prevent Channel crossings and improve return mechanisms are also under discussion.
Though the agreement repeatedly emphasizes mutual benefit and respect for each side’s legal framework, many of its proposals rely on U.K. adherence to EU rules and oversight structures. The European Commission is explicit in its expectation that the U.K. will align dynamically with changing EU legislation in areas covered by the agreements, while contributing financially to relevant EU programs and databases.
Former Conservative Home Secretary Suella Braverman called the deal a surrender. “The government has let down our fishing community. This capitulation is unforgivable for our coastal communities and fishermen. The British people won’t forget this. The beginning of the end for Brexit.”
Starmer, however, took to social media to defend the deal, telling Brits they “deserve better than the last government’s deal. It wasn’t working for anyone.”
He claimed that while previous governments had “dithered and delayed,” his was “getting on with the job and delivering in the national interest.”
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Site: The Unz ReviewA range of strategic factors help explain why America is destined to lose a trade war with China, why a western coalition can’t overcome Russia in Ukraine and why external pressure probably can’t alter Israel’s atrocities unless the U.S. pulls the plug. Let’s look at those factors in more detail. Sovereignty will always trump collective...
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Site: The Unz ReviewFor all the alarming seriousness of two South Asian nuclear powers coming to the razor’s edge of a lethal exchange, the 2025 India–Pakistan war could not but contain elements of a Bollywood extravaganza. Frantic dancing indeed, which risked getting out of control pretty fast. Forget dodgy, plodding UN mediation or any serious investigation of the...
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Site: The Unz ReviewLast December, 100-year-old Jimmy Carter died after lingering for more than a year in hospice care. This happened as the presidential administration of an old man with dementia was approaching its end. A couple days ago, it was revealed that this feeble old man with brain damage also has aggressive cancer in his prostate and...
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Site: The Unz ReviewYou could have spotted this from a mile away. President Trump---who sabotaged the most stringent and comprehensive nuclear agreement in history (The JCPOA)---ordered his special envoy to make a surprise announcement that crosses all of Iran's "red lines" and makes war between the US and Iran inevitable. Anyone with half a brain could see that...
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Site: AntiWar.comOn May 13, U.S. President Trump announced he is ordering the removal of sanctions on Syria. Some of the U.S. sanctions can be quickly terminated because they were issued by Executive Order. Other sanctions, including the extremely damaging 2019 “Caesar” sanctions, were imposed by Congressional legislation and may require Congressional action to terminate. The Syrian … Continue reading "The Human Cost of Syria Sanctions"
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Site: AntiWar.comThere was yet more shameful reporting by BBC News at Ten last night, with international editor Jeremy Bowen the chief culprit this time. He prefaced an interview with Philippe Lazzarini, head of United Nations refugee agency UNRWA, with an utterly unwarranted disclaimer – as though he was talking to a terrorist, not a leading human … Continue reading "Jeremy Bowen’s interview with Gaza aid chief was shameful – and he knows it"
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Site: The Unz ReviewIn a recent speech to a Democrat audience Hillary Clinton reaffirms that it is Democrat Party Policy to Replace White Americans with Immigrant-invaders. Hillary blasted the Trump regime’s emphasis on “return to the family, the nuclear family, return to being a Christian nation, return to producing a lot of children.” It is all a dastardly...
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Site: The Unz ReviewIs it MAGA or is it MEGA? When President Donald Trump negotiated with President Vladimir Putin on Monday, May 19, was he aiming to lower the cost of the Ukraine war to the domestic US economy, or to enrich it by transferring the war cost to the Europeans, particularly Germany, so that most of their...
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Site: The Unz ReviewPARIS – The UN’s Under-Secretary-General just warned that 14,000 Palestinians children risk starving to death in the coming hours due to the total Israeli blockade of food, medicines and water. Thousands of other adults will also die due to famine or Israeli bombing in coming days. No amount of running old documentaries on Auschwitz or...
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Site: AntiWar.comLast week, Moody’s Ratings lowered the United States credit rating. Fitch Ratings and S&P Global Ratings had already lowered the US rating. This new downgrade was driven by Congress’s failure to make any efforts to reduce the almost 37 trillion dollars national debt. When Moody’s made its announcement, the House Budget Committee was scrambling to … Continue reading "Cutting Military Spending Would Make for a Big and Beautiful Bill"
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Site: The Unz ReviewOn Monday President Donald Trump telephoned President Vladimir Putin and they talked for two hours before Trump put lunch in his mouth and Putin his dinner. On the White House schedule, there was no advance notice of the call and no record afterwards. The White House log is blank for Trump’s entire morning while the...
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Site: Zero HedgeHow Long Can Lies & Control Supplant Reality & Free Markets?Tyler Durden Mon, 05/19/2025 - 22:35
Authored by Matthew Piepenburg via VonGreyerz.gold,
The facts of a surreal yet broken (and hence increasingly controlled and desperate) financial system are becoming harder to deny and ignore.
Below, we look at the evidence of control rather than the words of dishonest policy makers and ask a simple question: How long can lies supplant reality?
The Great Disconnect: Tanking Growth vs. Supported Markets
It’s becoming harder to keep up with the increasingly downgraded GDP growth estimations from the Atlanta Fed.
As recently as August, its GDPNow 3q21 estimates for the quarterly percentage change were as high as 6%.
But within a matter of weeks, this otherwise optimistic figure was cut embarrassingly in half.
Last month, their GDP forecast sank much further to 0.5%, and as of this writing, it has been downgraded yet again to 0.2%.
Needless to say, 6% estimated growth falling to effectively 0% growth is hardly a bullish indicator for the kind of strengthening economic conditions which one might otherwise associate with risk asset prices reaching all-time highs for the same period.
The growing yet steady disconnect between market highs and economic lows is getting harder to explain, ignore or deny by the architects of the most artificial, rigged and dishonest market cycle in modern history.
In short, it is no longer even worth pretending that stock markets are correlated to such natural measurements as a nation’s economic productivity.
After all, who needs GDP in the New Abnormal?
By now, even Fed doublespeak can’t hide the fact that the only market force which the post-08 markets require is an accommodative central bank—i.e., a firehose of multi-trillion liquidity on demand.
But as for this most recent GDP downgrade, it is being blamed on tanking US export data.
More Fantasy: Bogus or Real Taper?
The question facing investors heading into year-end is whether any of the foregoing realities will place pressure on the Fed to continue the now normalized fantasy of unlimited QE or stick to its equally fantastical “taper-talk.”
Toward this end, Powell could delay the planned “taper” or, as is likely, simply move ahead with what is essentially a bogus taper involving a nominally insignificant reduction in money printing offset by ongoing yet deliberately hidden liquidity from the Standard Repo Facility and FIMA swap lines.
Thus, whether we see a delayed taper or a bogus taper, the net result is still more fiat liquidity flooding the always dollar-thirsty (and QE-addicted) financial system.
This, of course, translates to increased currency debasement and thus rising tailwinds for gold, BTC, industrials and commodities.
Should, however, the FOMC announce a genuine taper, the net result for gold is still positive.
Yes, a real taper means slightly higher rates and increased volatility (bad for risk assets) along with a stronger dollar, but inflation rates will still supersede interest rates, favouring gold anyway you look at it.
Again, and as discussed in prior reports, gold can and will rise if rates rise, so long as inflation rises faster, which for all the reasons we’ve addressed elsewhere, convinces us that a future of negative real rates is the only future central banks can allow.
More Inflationary Tricks (i.e., Fantasy)
Why?
Because short of default, the only and time-tested trick left up the sleeves of debt-soaked policy makers to dig their way out of a nightmarish and historically unprecedented debt hole (which they alone created) is by pursuing policies of deeply negative real rates.
This twisted inflationary playbook, so familiar to rigged insiders yet unknown to the vast majority of retail investors, boils down to a policy play by which our “experts” solve debt with more debt and hide the truth behind more complex policy adjectives (i.e., lies).
Specifically, this means the “experts” will: 1) deliberately seek more inflation while 2) lying about true inflation levels and then 3) repress interest rates in order to partially inflate their way out of debt with 4) increasingly debased currencies.
Take the U.S. Dollar’s purchasing power, for example…
Keeping the Serfs Down—The Policy of the New Feudalism
Needless to say, more inflation is a direct tax on the increasingly poorer middle class.
Sadly, too many are too busy trying to make sense of months of lockdowns, vaccine mandates, movement restrictions, crime waves and inflating rent payments to notice that they have been made into serfs in a Brave New World where greater than 80% of the stock market wealth is held by the top 10% of the population.
Let’s be clear: I’m a screaming capitalist, but a pandemic world in which Bezos, Musk and other billionaire wealth has increased by 70% while 89 million Americans have lost their jobs is NOT capitalism, but a symptom of a rigged system in which the anti-trust rules I learned in law school, or the social and economic principles I learned in economics are simply gone.
Then again, when I was in school, we were once taught how to think, not what to think.
With each passing day, we see increased evidence of what I wrote (and described) elsewhere as a new feudalism marked by grotesquely distorted notions of truth, reporting, data, natural market forces and political/financial accountability.
In order to keep this report objective rather than an op-ed, let’s just consider the facts and case studies right before us.
Yellen & Dimon—Two Classic Lords Spinning Familiar Yarns
Take, for example, the aforementioned tanking of GDP, now being attributed to openly tanking export data out of the U.S. and the undeniable supply chain disruptions impacting the global economy.
To address this, none other than two of the most media prolific “lords” of the new feudalism, Fed Chairwoman-turned-Treasury-Secretary Janet Yellen and current JP Morgan CEO and 2008 bailout-beneficiary-turned-Fed-Crony, Jamie Dimon, assure us not to worry.
How nice.
Yellen, for her part, has recently said:
“I don’t think we’re about to lose control of inflation.”
“As we make further progress on the pandemic, I expect these bottlenecks to subside. Americans will return to the labor force as conditions improve.”
Again: How nice.
But let’s not let warm words get in the way of cold facts.
Yellen, like every Fed Chair since Greenspan, has a long history of buying time with comforting words that have nothing to do with hard reality:
“You will never see another financial crisis in your lifetime.”
– Janet Yellen, spring 2018“I do worry that we could have another financial crisis. ″
– Janet Yellen, fall 2018Despite a long and well-documented history of outright dishonesty spewing from the mouths of financial media darlings and policymakers like Yellen and Dimon, both are now pushing a bullish “be calm and carry on while we profit and control” meme.
They recently seized upon Biden’s move to run the Ports of Los Angeles and Long Beach on a 24/7 schedule to alleviate bottlenecks, which increased throughput by roughly 15% (3,500 containers/week v. 950,000 containers per month.)
That’s nice, and sure, it helps.
But despite such band-aid measures, supply chains won’t normalize until early 2023, at the earliest…and that assumes no further disruptions, which frankly, is a naive assumption.
Folks, it’s not up to Yellen or Dimon to give us honest guidance as to whether supply chains will normalise in 2021. It is up to China and Biden’s entirely Orwellian vaccine mandate.
Speaking of Yellen, Dimon et al, aren’t we all a bit curious about the now undeniable marriage of the Federal Reserve (an illegal private bank) and the U.S. Treasury Department?
And as for bank CEO’s like Dimon, have we not forgotten other bank CEOs like Goldman’s Hank Paulson, who made a similar “marriage” to the Treasury Department just in time to bail his former bank out of the Great Financial Crisis that it helped create?
Are these the honest brokers we want deciding our economic fates or signaling/controlling our economic future?
Vaccine Passes and Mandates—The Great Smokescreen
And as to the mandate… Note Yellen’s careful yet semantic magic of hiding autocracy behind humanitarian lingo.
Her comment above regarding bottlenecks “subsiding” once “we make further progress on the pandemic” is very comforting, no?
But it’s just another veiled way (i.e., smokescreen) of pushing a vaccine mandate which defies every principle of the social contract our founding fathers achieved in that silly document I revered as a 1L and known otherwise as the U.S. Constitution.
As I’ve said many times before, I’m no source for medical advice, and my circle includes many who are vaccinated and un-vaccinated alike—with equal respect for the choices we’ve made and equal disgust for the notion that such choices should be imposed rather than voluntary.
Simple Questions, Cold Math, Global Control
But should we not at least be asking ourselves if the pandemic discussion is less about global health and more about global control?
Without seeking to offend anyone’s COVID stance, can we nevertheless agree that C.J. Hopkins makes an undeniably clear and common-sensical point by simply asking a few basic questions?
For example, why has so much political, social and economic power been given to a minority of policy makers to scare/distract the world into ignoring a now obvious global power-shift justified by a virus which causes mild-to-moderate symptoms in 95% of the infected and whose case fatality rate is quantifiably somewhere in the range of 0.1% to 0.5%?
Yet despite such simple math, tens of thousands of firemen, police officers, nurses and military personnel—the very heroes who have placed themselves on the front lines of our increasingly criminalized, sick and psychologically damaged population– are now being forced out of work for not agreeing to a forced jab imposed by anti-heroes?
One has to at least wonder why so much effort has been made by a government-influenced/co-conspired media to spend its time criminalising the unvaccinated rather than making front-page noise pointing out the obvious criminalisation of our global financial system?
The Real Criminals
By that, I’m thinking of the years of recently revealed insider trading at the Fed, the anti-trust violations of the non-tax-paying Amazon robber-baron or the open media-censorship and just plain shady that occurs daily at Facebook—an entity so blatantly shameful that it thinks a name-change can hide its dark past?
Or how about years of open price manipulation by bullion banks, the BIS and other dark corners of the OTCto deliberately force the natural price of gold and silver to the floor in order to illegally price-fix and protect globally debased currencies from the embarrassment of what a natural gold price would otherwise confirm, namely: Your currency has died, thanks to the white-collar criminals otherwise touted as experts.
In case you think this is mere sensationalism or speculation, I’ve written hundreds of pages and countless reports of graphical/mathematical/objective evidence of the same, and even an entire book on the rigged-to-fail system otherwise passing as normal to make this clear distortion of economic rules and political laws objective rather than pejorative.
Nor am I/we alone in pointing out the obvious. From the honest minority in markets to an honest minority in politics, plain-spoken truth is fighting for free expression.
More Honest Voices
Take, for example, the recent press conference (ignored, of course, by the main/muddy stream media) held by key members of the European Parliament to openly defy the insanely autocratic notion of a health pass to distinguish the compliant from the free or the “safe” from the “unsafe”.
As one brave parliamentary member from Germany, Christine Anderson, candidly observed, if you think the vaccine pass was made because the government cares about you, you are clearly ignoring its real motive, which is to control you.
And this is straight from the European Parliament.
Control, of course, only works if enough people are scared, tired or uninformed enough to be controlled.
As for the financial system, signs of its increasingly obvious attempt at more controls to mask increasingly shameful policies are literally everywhere.
And yet… and yet…the media, the masses and the majority of investors continue to follow their murky and shady lead.
Again, just keep it simple and factual rather than partisan or medically controversial.
Criminal Evidence
In the last 20 years, for example, policy makers have tripled the global debt levels yet made no commensurate progress with global GDP, which is literally 1/3 of this embarrassing debt pile.
That is shameful. Debt like this always destroys economies. Always.
Instead, those same “experts” have mouse-clicked more instant money out of thin air in the last decade than all the money ever created by all the combined central banks since their inception.
They actually want you to believe that a debt crisis can be solved with alas…more debt.
Such staggering money creation has led unequivocally and directly to the greatest and most inflated risk asset bubble in the history of capital markets.
Yet rather than admit to the open failure of such monetary expansion, which has simply crushed the natural purchasing power of fiat currencies…
…the architects of this failed experiment will now try to blame such excessive debt and currency destruction on a pandemic rather than years of their own pre-COVID policy crimes.
Today, politicians and their central bank masters are literally comparing the Pandemic’s 4.9M death toll to the unthinkable disaster which was the +75M killed in World War 2.
They then employ this pandemic narrative to justify another Bretton Woods-like reset.
To those who have studied, or far worse, experienced the Second World War, do you think it’s even remotely fair to compare it to the “war on Covid”?
The Carefully Telegraphed “Reset”
And what is this “needed” reset?
In a nutshell, it’s more fake money in the form of CBDC or even digital SDR’s from that shameless control center of failed monetarism otherwise known as the IMF and a central bank near you.
Those Who Control Money & Information
In an open and free system, rather than criminalising police officers, nurses, or even athletes who refuse a jab, should we not be pointing our headlines, adjectives and subpoenas at the bankers, experts and policy makers who put the global financial system at this horrific, debt-soaked and socially destructive turning point?
Are you waiting for Mark Zuckerberg, Don Lemon, Wolf Blitzer or the censorship boards at YouTube or Google to guide you?
Sadly, those who control money as well as information have immense and undeniable power.
Thus, a media that controls deliberate COVID distraction, supported by the lords who created this financial serfdom, continues.
That is, the feudalists responsible for such grossly mismanaged financial markets are all too aware (and nervous) that they have equally created the greatest wealth transfer and wealth disparity ever witnessed, akin to the pre-revolutionary era of Bourbon France, Romanov Russia, Batista Cuba or Weimar Germany.
Such otherwise immoral and corrupt wealth disparity, wealth transfer and wealth creation explain why the very architects of the same would rather have the masses fighting about jabs, school boards, and “woke” SJWs gone wild rather than at themselves–the root cause of the fracturing we see all around us.
Why?
Because controlling serfs with lies, fear, and division is better than letting those serfs replace you with truths.
Truth Still Matters – Fundamentals, Too
For that select yet blunt and independent-thinking minority who thankfully prefer candor over propaganda, reality over fantasy and genuine rather than hyped solutions to the problems and problem-makers all around us, al l we can do is trust history, truth, natural market forces and each other.
As for us, our candid solution to the foregoing string cite of distortions, controls and historical tipping points remains the same.
Regardless of the tricks, resets, and digital new bluffs of the new feudalism, enough free-thinkers, nations, informed investors, and wealth managers understand that they hold a better (and golden) hand to combat the dirty hands and dirty currencies unravelling all around us.
If there’s one thing history and free market forces have taught us it’s this: In the end, broken systems die and real money returns.
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