from Zero Hedge
Just as we warned was probable, The PBOC sent a message loud and clear to the newly hawkish Fed following today’s surge in the dollar after the minutes were released. With the 2nd biggest daily devaluation since the August collapse, China pushed the Yuan fix against the USD down to its lowest since early February – barely above the January lows. As we warned earlier, the China-Panic trade looms loud now as turmoil appears all that is left to stop The Fed unleashing another round of liquidity-suckiong rate hikes sooner than the market wants.
I tuned out the Fed’s annoying blather long ago rather than get sucked into remotely caring about something as stupid as quantitative easing. Over the years, I’ve posed the rhetorical question here many times: When will the Fed raise rates? My answer was always the same: “Never!” I batted 1.000 with this prediction for nearly a decade — until the Fed actually raised the federal funds rate by a token 25 basis points last December. Now they are talking about doing it again in June but I somehow can’t convince myself they’re serious.
Prepare to be shocked at just how little most Americans know about even the most basic financial concepts. No wonder we devote the entire month of April to boning up on financial literacy.
DUBLIN – The Dow dropped 180 points yesterday – or about 1%.
Japan’s GDP showing today finally provided signs of life when the expected number of 0.1% was put to shame with a 0.4% print. However, it was only enough to rescue the Nikkei from the selling but did help to provide the days highs. By close of business the index had drifted back only to close the day almost unchanged. Neither the Hang Seng nor the Shanghai benefited from Japans positive sentiment and both closed a little over 1% lower. The JPY lost ground upon the announcement and has continued its weakness into late US trading, currently with a 110 handle. The Nikkei futures has bounced slightly on the back of the currency sell-off but is only just 0.25% higher than the cash close. Both China and HSI remain weak and have extended their losses an additional 0.35%.
“It doesn’t mean the market is going to crash tomorrow.”
With continued uncertainty in global markets, here is something everyone in the world should think about in the tumultuous weeks, months, and years ahead.
Pensions are impossible to understand and are harming Britons’ efforts to save the right amount of cash for later life, the Bank of England’s chief economist admitted on Wednesday night.
I spent the early days of my career at The Wall Street Journal — this is the mid to late ‘90s we’re talking about — in the paper’s Dallas bureau. It was there that I learned all I need to know about the oil market and how to make a small fortune.
In 2011 NATO rained bombs on Libya to remove the Gaddafi government from power. Openly backing known terrorists in their push to oust Gaddafi, the NATO powers, led by Obama, Cameron and Sarkozy, ended up supporting, fostering and equipping battle-hardened jihadis that they then sent off as a proxy army to begin the destabilization of Syria. But now that proxy army is coming home to roost, with recent reports claiming as many as 6,500 Islamic State fighters are operating in Libya. 
One of America’s key industries just gave us another warning sign…
After seeming so “dovish” last month in the bland, edited April policy statement, the FOMC meeting minutes reveal supposedly a different vibe. Today’s release has to this point given “markets” more to assume that a second hike will be coming in June. The statement itself leaves little doubt about what is actually dictating their (irrelevant) policy gestures.
Very few precious metals investors realize how recent trend changes will greatly impact the gold market going forward. The reason many investors fail to grasp the huge change in the gold market is that they look at data or information on an individual basis. To really understand what is going on, we must look at how all segments of the market compare to each other… a BIRD’S EYE VIEW.
The big tickle today was the Fed minutes release at 2 PM.
In a “Trading Floor” interview, Saxo Bank CIO and chief economist Steen Jakobsen, discusses the role of central banks in the global economy with Saxo Bank’s Michael McKenna.
Most Americans are filled with regrets — financial regrets.
I vividly recall stating to friends and colleagues in the summer of 2008 that W was the worst President in history. At that point I was welcoming the idea of Obama: a guy who seemed completely detached from Washington’s inside mafia and Wall Street’s never-arraigned felons. I was ecstatic over his promise to clean up the fraud and corruption that had been engulfing Wall Street and Capitol Hill over the past couple of Presidents.
On the heels of gold trading down more than $20 and the HUI Mining Share Index plunging nearly 8 percent, today one of the greats in the business discusses today’s action, and also included is a note about the mining shares.