With the Dow surging back above the 26,000 level, what is happening in the U.S. hasn’t been seen in 50 years.
We Haven’t Seen This In 50 Years
September 13 (King World News) – Here is a portion of what Peter Boockvar wrote today as the world awaits the next round of monetary madness: Initial jobless claims totaled 204k, 6k less than expected and little changed from 205k last week. These are the lowest levels since the late 1960’s. The 4 week average is now down to 208k for reasons we all know in the context of an extremely difficult labor market in terms of finding the right employee for the positions available.
Jobless Claims At Lowest Level Since 1960s
As expected, Mario Draghi slightly trimmed its GDP forecasts for this year and next by one tenth. The 2018 estimate is now 2% and the 2019 is 1.8%. They did though hold their inflation forecasts at 1.7% for this year and next. He was pretty confident in achieving these forecasts as he said “domestic costs pressures are strengthening, broadening” and that “uncertainty around inflation outlook is receding.”…
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He also cited rising wages. At the same time he laid out the economic risks in response to tariffs and emerging market weakness. The ECB repeated that QE will get cut again by 50% in a few weeks and end by year end. The current level of negative interest rates will remain in place thru the summer.
Here is a chart again of the Euro STOXX bank stock index.
Scorched Earth Policy
Banks are supposedly the transmission mechanism for Draghi’s policy but he can’t seem to acknowledge the broken connection. He said today it’s not the central banks job to protect bank and insurance company profits. Scorched earth monetary policy in order to achieve ‘price stability.’
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