Two Italian banks, Veneto Banca and Banca (Un)Popolare di Vicenza, have shut down due to lack of capital.
Like in politics, there is also a tremendous divergence between the rate hawks (who want to raise the Fed Target rate) and doves (who want to keep rates where they are).
After a bad showing in April, new home sales rebounded in May and rose 2.87% to 619K units SAAR.
According to the Federal Housing Finance Agency, the regulator for Fannie Mae and Freddie Mac, has released its home price indices for April.
The Illinois fiscal crisis continues. But it goes beyond the State. The Chicago Board of Education is also having trouble raising funding.
Yes, the US public debt is temporarily frozen at the statutory debt limit (with the exception of fiscal shenanigan with public debt held by investors versus intragovernmental lending).
US Treasury Secretary Steve “The Munchkin” Mnuchin said on Bloomberg News today that Treasury is still considering issuing ultra-long sovereign debt.
Today is a day of little economic news (other than serial bond defaulter Argentina seeing strong demand for its new 100 year sovereign bond issue).
The US Treasury yield curve (30Y-5Y) slope has flattened to the lowest level since December 2007, before The Great Recession.
Robert Shiller, the Nobel Laureate in economics from Yale University, has a cyclically-adjusted price-earnings ratio termed the CAPE ratio. And it just rose to the same level as Black Tuesday of 1929, the famous stock market crash.