The European Union Consumer Price Index for May increased 0.83% m/m and 8.10% y/y.
Eurozone Inflation Rises to 8.1% in May
Energy prices rose 39.2%, compared with 37.5% in April… Food, alcohol and tobacco prices rose 7.5% year-on-year in May, compared with 6.3% in April… The core consumer price index--which excludes the more volatile categories of food and energy--rose 3.8% on year in May after rising 3.5% the previous month. This figure was above the 3.5% forecast by economists in a Wall Street Journal poll…
Home prices surged at record pace in March despite higher mortgage rates
U.S. home values jumped 20.6% in March from the year before, according to the S&P CoreLogic Case-Shiller national home price index… https://yhoo.it/3PSLdFn
@MNIIndicators: Chicago May Biz Barometer's special question asked firms what their three greatest challenges to conducting business are. (Increased Costs 80.85%, Delivery & Lead Times 68.09%, Material Shortages 61.7%, Labor Shortages 46.81%, Declining Economic Sentiment 21.28%, Increased Demand 8.51%) https://t.co/vpPbU84uvm
Biden Seek to Deflect Inflation Blame with Rate Fed Meeting – BBG
Biden has been attempting to show he’s maximizing efforts to curb the hottest inflation in 40 years heading into November midterms… https://themediacoffee.com/biden-seeks-to-deflect-inflation-blame-with-rare-fed-meeting/
Bloomberg Economics (@economics): Biden will use his meeting Tuesday with Fed Chair Jay Powell to stress that he’s giving the central bank “space to operate” independently to address the inflation crisis https://t.co/deav05mwLq
For over 100 years, Americans were told that the Fed operated independently from politicians. The Big Guy and his handlers just dispelled that notion.
Boston Univ. issues largest tuition increase (4.25%) in 14 years, blames inflation https://t.co/ArVhilbxm1
WTI Oil surged to 119.98 at 9:27 ET. It then plunged to 114.15 at 14:00 ET on this from the WSJ:
OPEC Weighs Suspending Russia from Oil-Production Deal
Exempting Russia from its oil-production targets could potentially pave the way for Saudi Arabia, the United Arab Emirates and other producers in the Organization of the Petroleum Exporting Countries to pump significantly more crude… https://www.wsj.com/articles/opec-weighs-suspending-russia-from-oil-production-deal-11654019943
USMs cratered when the US cash bond market opened at 8 ET. USMs tumbled to 138 22/32, a 2 8/32 decline from Friday’s close.
ESMs traded higher during early Asian trading but commenced a decline at 20:16 ET. ESMs sank to a session low of 4102.75 at 10:09 ET (-99.50 from the high of 4202.25). Then, as we have seen repeatedly over the past few years, someone forced ESMs higher. It was yet another instance of equities tumbling during early US trading and then rallying sharply thereafter. Part of the rally was manipulation to game dreadful May performance. Part of the rally might be due to someone forcing stocks higher ahead of The Big Guy’s inflation-related meeting with Powell.
ESMs peaked at 14:00 ET, 15 minutes prior to meeting. ESMs then sank to 4125.00 at 14:53 ET, a 41.25 tumble from the 14:00 ET top.
@LizYoungStrat 14:50 ET: Intraday breadth is uninspiring today. Despite the S&P 500 only being down 0.2%, 70% of stocks in the index are down. Cons Discretionary and Communications are being propped up by AMZN & GOOG/GOOGL
The critical manipulation to embellish May performance commenced at 15:03 ET. ESMs jumped 25 handles in 14 minutes. Another 7 handles were tacked on by 15:33 ET. Alas, traders that bought stuff for the expected late manipulation had to dump stuff when there were few late buyers. ESMs sank 27.00.
BBG’s @SalehaMohsin: (Biden chief econ advisor) Deese gives a readout on the Biden-Powell meeting:
"It was a very constructive meeting focused on the outlook for the US and the global economy. I won't go into detail of the private meeting..."
CNBC host pushes back against Biden admin's plan for inflation: 'None of those will fix things' in short term - CNBC host told Biden economic adviser his plan wouldn't address 'skyrocketing' prices
WSJ: Joe Biden: My Plan for Fighting Inflation - I won’t meddle with the Fed, but I will tackle high prices while guiding the economy’s transition to stable and steady growth.
My plan has three parts: First, the Federal Reserve has a primary responsibility to control inflation…Second, we need to take every practical step to make things more affordable for families during this moment of economic uncertainty—and to boost the productive capacity of our economy over time…That is why I led the largest release from global oil reserves in history…We can also reduce the cost of everyday goods by fixing broken supply chains, improving infrastructure, and cracking down on the exorbitant fees that foreign ocean freight companies charge to move products…
Third, we need to keep reducing the federal deficit… (No WIN (Whip Inflation Now) buttons?)
Toyota misses April global production target due to COVID, parts shortage
The world's largest automaker by sales produced 692,259 vehicles last month, a 9.1% drop from the same month last year, and falling short of an earlier plan of making about 750,000 vehicles worldwide…
China faces a nearly $1 trillion funding gap. It will need more debt to fill it.
“The latest wave of Omicron and the widespread lockdowns in place since mid-March have resulted in a sharp contraction in government revenue, including land sales revenue,” …
Positive aspects of previous session
Another robust rally, abetted by May performance gaming, after an early equity tumble in the US
Negative aspects of previous session
Despite the manipulation, major equity indices declined sharply for the day
Ambiguous aspects of previous session
WTI Oil soared then collapsed – WHY?
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Down; Last Hour: Down
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4135.12
Previous session High/Low: 4168.34; 4104.88
@Dollarlogic: The top 10% of Chinese earn 14.5x the bottom 50%. The top 10% of Americans earn 5x the bottom 50%. Sources: South China Morning Post, Tax Foundation, and Policy Advice
Fauci, Harvard and the CCP - Was a Fauci-endorsed Chinese donation part of the lab-leak cover up?
The Chinese real estate firm on whose behalf George Daley had contacted Fauci pledged a $115 million donation to Harvard Medical School…
No more than two days after the Fauci-Gao call and the announcement of Evergrande’s donation, Daszak began asking prominent scientists to sign a letter condemning the lab-leak hypothesis as a conspiracy theory and affirming a scientific consensus on the pandemic’s origins… the letter would be frequently cited by media outlets that sought to discredit the lab-leak theory for over a year…
There is little doubt that George Daley and Anthony Fauci… would have understood the distinction between working with a Chinese lab or vaccine program and taking enormous sums from a private real estate behemoth with ties to the CCP. Yet not only did Daley apparently seek to involve Fauci in this deal but Fauci — as Daley himself would later go on record to say — went so far as to “endorse” it. The question all this provokes is, again, why?...
“Harvard has a special, extremely special status in China,”… The $115 million donation to Harvard Medical School came at a critical moment. For nine of the previous ten years, HMS had run a staggering deficit. Despite Harvard’s gargantuan endowment, the university famously uses a financial practice known as “every tub on its own bottom”, meaning each school is responsible for its own bottom line… https://spectatorworld.com/topic/fauci-harvard-and-the-ccp/
Biden sees exodus of Black staffers and some frustration among those who remain (racism alert!)
At least 21 Black staffers have left the White House since late last year or are planning to leave soon…
NBC: Inside a Biden White House adrift (NBC makes excuses for Joe’s woeful presidency)
Amid a rolling series of calamities and sinking approval ratings, the president’s feeling lately is that he just can’t catch a break — and that angst is rippling through his party… President Joe Biden is pressing aides for a more compelling message and a sharper strategy while bristling at how they’ve tried to stifle the plain-speaking persona that has long been one of his most potent assets…
Biden is unhappy about a pattern that has developed inside the West Wing. He makes a clear and succinct statement — only to have aides rush to explain that he actually meant something else. The so-called clean-up campaign, he has told advisers, undermines him and smothers the authenticity that fueled his rise. Worse, it feeds a Republican talking point that he’s not fully in command.
The issue came to a head when Biden ad-libbed during a speech in Poland that Russian President Vladimir Putin “cannot remain in power.” Within minutes, Biden’s aides tried to walk back his comments, saying he hadn’t called for Putin’s removal and that U.S. policy was unchanged. Biden was furious that his remarks were being seen as unreliable, arguing that he speaks genuinely and reminding his staff that he’s the one who is president…
Biden’s angst is rippling through the party. Democratic lawmakers are sparring among themselves and blaming the White House for their dim prospects in November. Rep. Stephanie Murphy, D-Fla., said the White House has failed to put forward what she called an “intellectually honest” plan to combat inflation — a burden that ranks first among Americans’ economic concerns, polling indicates…
NBC does NOT mention all the stupid stuff Biden utters or his ‘moments’ of incoherence. NBC appears to be trying to make the case that The Big Guy’s problems are due to his handlers preventing Joe from speaking freely – despite the WH dressing an aide as the Easter Bunny to save Joe from himself!
Jill and Joe Biden reveal 'Fexting' — but may not know term's obscene roots (Peril of acting cool!)
Jill, 70, told Harper’s Bazaar Monday that she and her hubby hash out their “occasional” fights via text message, describing the act as “fexting.” But while the Bidens might think the slang term is a cute amalgamation of the words “fighting” and “texting,” Urban Dictionary defines the word as a crude colloquialism that actually means “f –ing while texting.”… https://trib.al/I2QMp6S
Biden's June agenda: convince Americans the economy is healthy (Heed Joe, not your checkbooks!)
Biden is planning a media blitz to lift his sagging opinion poll numbers before November's congressional election, promoting his management of America's recovery from the coronavirus pandemic and efforts to cool spiraling inflation… https://finance.yahoo.com/news/bidens-june-agenda-convince-americans-190320077.html
@RNCResearch: "I’ll take responsibility instead of blaming others." — Joe Biden, 2020
Top-Paid LA Lifeguards Earned Up To $510,283 In 2021
@HumOnTheMarkets: SPX ended up 0.22 POINTS this month. That's up 0.0053% - it's smallest monthly pct move (up or down) since it was exactly unchanged in Sept 1979. But May was hardly a snoozer. At its peak, SPX was up 4.3% for May. At its low, it was down 7.8%.
Today – Some traders will play for expected start-of-June buying near or on the close. Some traders might be concerned that the Fed is scheduled to commence quantitative tightening (QT) today.
The absence of buyers to absorb traders’ longs near the end of May close is a warning for bulls. 4100 on the S&P 500 Index is important support. The low yesterday was 4104.88.
ESMs are +20.75 at 20:30 ET on buying for the expected rally to start June.
Expected Economic Data: May ISM Mfg 54.5, Prices Paid 80.5; April JOLTS Job Openings 11.3m; May Wards Vehicle Sales 13.7m; Fed Beige Book 14:00 ET, NY Fed Pres Williams 11:30 ET, StL Fed Pres Bullard 13:00 ET
S&P 500 Index 50-day MA: 4270; 100-day MA: 4351; 150-day MA: 4457; 200-day MA: 4455
DJIA 50-day MA: 33,594; 100-day MA: 34,066; 150-day MA: 34,641; 200-day MA: 34,707
S&P 500 Index - Trender trading model and MACD for key time frames
Monthly: Trender and MACD are negative – a close above 5023.97 triggers a buy signal
Weekly: Trender and MACD are negative – a close above 4359.32 triggers a buy signal
Daily: Trender and MACD are positive - a close below 3939.45 triggers a sell signal
Hourly: Trender is positive; MACD is negative – a close below 4083.24 riggers a sell signal
51 people shot over Memorial Day weekend in Chicago, the most violent in five years
@ArtValley818_: Did the media report what type of guns were used to shoot over 50 people over the weekend in Chicago?
Chicago is beset with unimaginable gun violence despite strict gun laws – because existing laws are not enforced; the urban family structure has collapsed; and judges are exceedingly lenient on sentencing and bail. New laws would be futile. Most of the gun violence is committed by juveniles and criminals (many out on bail) that are banned from owning guns. Where is the MSM, Dem & Big Guy outrage?
Armored car driver (Chgo) who stole $537,000 worth of coins gets probation (skewed risk/reward)
Video shows shoplifters brazenly clearing shelves of LA Sephora store (skewed risk/reward)
@JoeBiden: It’s long past time we take action to end the scourge of gun violence in America. As president, I’ll ban assault weapons and high-capacity magazines, implement universal background checks, and enact other common-sense reforms to end our gun violence epidemic. 1:00 PM Nov 1, 2020
Biden says gun control up to Congress: ‘I can’t dictate this stuff’
@ChadPergram: McConnell on guns: We have a group led by Senator Cornyn and Senator Murphy on the Democratic side discussing how we might be able to come together to target the problem, mental illness and school safety. We’ll get back at it next week and hope to have a result.
@PhilipWegmann: White House dismisses GOP calls to boost school security post Texas shooting: @PressSec tells reporters "I know there's been conversation about hardening schools--that is not something he believes in."
@mattdizwhitlock: Not helpful. “Hardening schools” is a likely piece in any potential legislative package and Biden’s team is blowing up negotiations they’re not even involved in.
Americans blame mental health more than guns for mass shootings
"40% of likely U.S. voters believe mental health is more to blame for mass shootings by young men in America," whereas 30% blame "access to firearms."… 10% "think family problems are more to blame for mass shootings," while another 10% "blame social media."…
Uvalde cops DID know kids were alive in classroom with gunman: Damning footage captures child victim saying they had been shot and shooter had entered class - when police chief insisted the kids were dead - contradicts previous claims that police didn't enter the building because they considered Ramos 'a barricaded subject' who didn't pose a risk to students…
Fox: Pete Arredondo, the Uvalde school district police chief, has reportedly not responded to Texas Rangers in two days for a follow-up interview
@JackPosobiec: They’re covering something up in Uvalde. Everyone knows it.
Canada introduces law to freeze handgun sales, ban look-alike toys http://reut.rs/3z23Pgm
Canada to decriminalize cocaine and MDMA for three years amid an overdose crisis: Move aims to encourage drug addicts to seek help and free up police time (Ban guns, anesthetize the masses)
@newsmax: BILL BARR: "I think whatever you think of Trump the fact is the whole Russiagate thing was a grave injustice." https://t.co/ndt3eCroVO
@DineshDSouza: If cell phone geotracking can be reliably used by the Biden DOJ to establish if a January 6 defendant was inside or outside the door of the Capitol, why can’t it be reliably used to establish if mules were within a few feet of 10 or more ballot dropboxes? #2000Mules
Teacher used LGBTQ flash cards to educate preschoolers about colors https://trib.al/5EOinOb
A North Carolina teacher used LGBTQ-themed flashcards – including one depicting a pregnant man – to teach preschoolers colors, lawmakers and district officials said… (Indoctrination & grooming)
I Listened to 43 HOURS of Joe Biden Clips From 1986-2018 Looking for His “Childhood Stutter”
After all, Joe’s cognitive issues have weighed heavily on the country. Polling here and here shows most Americans believe Joe Biden isn’t mentally fit to hold office. But the media and Dems repeatedly tell us it’s just a “childhood stutter”…
He can also be very warm, and extremely kind, but look out if you say the wrong thing and make him mad — he will go “Jekyll and Hyde” on you so fast, it’ll make your head spin. Joe’s always had a quick and hot temper…
Back in the 80s, Joe was a really affable, idealistic guy who was popular on the left and right… “The longer Joe stayed in politics, the more crass and cynical he became. His charming self-deprecating humor gave way to a braggadocios persona and his wide-eyed idealism turned into narcissistic entitlement…
Joe Biden, while not the most eloquent or inspiring speaker, was actually a pretty good talker… When Joe spoke, he was prepared. He had his facts straight, and he always addressed or acknowledged all the people he needed to in the room…
Joe actually talked extensively about his childhood stutter… By 1960 Joe says he was nearly cured of the childhood stutter… After watching 43 hours of clips, had I not known Joe Biden had a “childhood stutter,” I would have never pegged him as a guy with a stuttering problem in his past. But the media has relentlessly pushed this “stutter story” since Joe’s cognitive issues came to light during the 2020 campaign… https://www.revolver.news/2022/05/joe-biden-supposed-childhood-stutter/
Ex-Hillary Clinton campaign lawyer Sussmann found not guilty of lying to FBI (DC/Dem jury)
@TomFitton: Why did DC jury acquit Sussmann? Politics aside, simplest answer is the evidence-which suggested the Obama FBI leadership knew full well the Clinton gang was behind the Alfa Bank-Russia smears of Trump. Durham tried to pretend Obama FBI was a victim. It was a co-conspirator.
@bennyjohnson: Durham did not push for the recusal of Judge Chris Cooper in Sussman case despite:
- Cooper being professional friends with Sussmann, - Cooper’s wife represented former FBI lawyer Lisa Page, - Cooper and his wife were married by Merrick Garland (!!!) - Cooper appointed by Obama
@UndeadFoia: One juror said she hates Trump and couldn’t be impartial if it related to him…
@EricMMatheny: How did the DOJ allow the Judge to seat Clinton donors on the Sussman Jury? When I was a prosecutor, we used to cause challenge anyone who had a relative who was a police officer just to avoid the possibility of bias. Did Durham want to lose? Was this just for show?
The acquittal is no surprise. This is a DC jury, after all. In the Roger Stone case, for example, we documented how a juror lied to get on the panel. (That judge didn’t care.) Making matters worse, the Sussmann judge wrongly allowed for a woman to remain on the jury, despite the fact that her daughter and Sussmann’s are on the same high school crew team… On the facts, there was more than sufficient evidence to prove Sussmann’s guilt… https://technofog.substack.com/p/michael-sussmann-has-been-acquitted
@JeffMordock: Juror to media after Sussmann verdict: “I don’t think it should have been prosecuted,” she said of the case. “There are bigger things that affect the nation than a possible lie to the FBI.”
@HansMahncke: It is complete insanity that the residents of a city where Democrats outnumber Republicans by 20 to 1 have the exclusive right to decide over guilt or innocence when the alleged crime was committed against all Americans.
@MZHemingway: Allowing a continuation of two standards of justice, one where friends of the regime can do anything and get off scot-free and one where opponents of the regime will have their lives destroyed for things that friends of the regime can do, is an existential threat to the country.
@shipwreckedcrew: Durham knew prior to bringing the case on the very last day prior to the SOL running out that the case was going to be difficult to win given the evidence and the venue. But he brought it anyway. But thru the case he established in the public record the existence of the plot.
The fact that he brought it thru a long speaking indictment in the manner in which he did, and then spent a lot of time tying the three components together – Dem Campaign operatives, Oppo Researchers, and FBI – suggests that was really his goal all along.
Trump on Truth Social: “Our Legal System is CORRUPT, our Judges (and Justices!) are highly partisan, compromised or just plain scared, our Borders are OPEN, our Elections are Rigged, inflation is RAMPANT, gas prices and food costs are "through the roof, our Military "Leadership" is Woke, our Country is going to HELL, and Michael Sussmann is not guilty …”
@ElectionWiz: When Republicans win back the Congress, they should use their constitutional power to disestablish the U.S. District Court for the District of Columbia. Send the cases to the federal courts in VA and MD. Giving D.C. its own district court has been a disaster for justice. It's sad that the location of where Sussman was tried changed the outcome of the case. But that's Washington D.C. courts and D.C. jury pools. They're tainted to the point where fair trials don't exist. Reform is needed.
@AjitPai: A California appeals court has ruled that bees are "fish" for purposes of the state's endangered species act. https://www.courts.ca.gov/opinions/documents/C093542.PDF
Compton city councilman, 5 others charged with election fraud in runoff that was decided by 1 vote
Prof. @wil_da_beast630: A good way to sum up the modern left is that, as racism has decreased 90% (Kaufman 2021), mass media discussion of it has increased 1,000+% (Goldberg 2019-20).
@chasbottom: Oak Park & River Forest in Illinois to implement race-based grading system in 2022-23 school year. "Students of color can't be expected to compete with the current grading systems." https://t.co/NWZdHjZef6