NY Empire Index, Foreign Capital Inflows
May NY Fed Empire Index DOWN @ 12.4 vs prior 15.8, the lowest reading since June 2005.
Inside the number: new orders index @ 16.4 vs prior 14.1. shipments @ 17.3 vs. prior 14, unfilled orders @ 2.1 vs prior -2.9, employment index @ 9.1 vs prior 17.4, average work week @ 8.82 vs prior 5.44, prices paid index 42.6 vs prior 37.9.
Translation: higher costs, new orders, shipments and unfilled orders with a reduction in the number employed, but an increase in the hours worked. Employers are attempting to squeeze out every last bit of margin with stagflated rising input costs; and yes, inflation is building. Full Report
March Captial Inflows DOWN at $69.8 Billion vs prior $90.5 Billion.
Inside the number: Central banks sold $6.3 billion in Treasurys in March after buying $11.1 billion in February, it's the most they've sold in a year. Furthermore, Private investors bought $15.2 billion worth of bonds & notes vs prior $28.8 billion.
Translated: everyone is backing away from and unloading our Treasuries, hence the fall off in the dollar, a rise in bond yields & interest rates, and a large spike in gold. Full Report
The real question is, who the hell is buying the older bonds that are being dumped at a discount? There is no secondary market for these notes and bonds and frankly, no one is their right mind would touch them, not even emerging markets. That is, except the issuing party itself, to retire the debt. Ssshhh, don't tell.
Inside the number: new orders index @ 16.4 vs prior 14.1. shipments @ 17.3 vs. prior 14, unfilled orders @ 2.1 vs prior -2.9, employment index @ 9.1 vs prior 17.4, average work week @ 8.82 vs prior 5.44, prices paid index 42.6 vs prior 37.9.
Translation: higher costs, new orders, shipments and unfilled orders with a reduction in the number employed, but an increase in the hours worked. Employers are attempting to squeeze out every last bit of margin with stagflated rising input costs; and yes, inflation is building. Full Report
March Captial Inflows DOWN at $69.8 Billion vs prior $90.5 Billion.
Inside the number: Central banks sold $6.3 billion in Treasurys in March after buying $11.1 billion in February, it's the most they've sold in a year. Furthermore, Private investors bought $15.2 billion worth of bonds & notes vs prior $28.8 billion.
Translated: everyone is backing away from and unloading our Treasuries, hence the fall off in the dollar, a rise in bond yields & interest rates, and a large spike in gold. Full Report
The real question is, who the hell is buying the older bonds that are being dumped at a discount? There is no secondary market for these notes and bonds and frankly, no one is their right mind would touch them, not even emerging markets. That is, except the issuing party itself, to retire the debt. Ssshhh, don't tell.
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