Credit Bubble Bulletin

Three-month Treasury bill rates finished the week at 31 bps. Two-year authorities produces gained three bps to 0.91% (down 14bps y-t-d). Greek 10-12 months yields fallen 24 bps to 7.07% (down 25bps y-t-d). Japan’s Nikkei equities index increased 0.6% (down 11.6% y-t-d). Japanese 10-yr “JGB” yields slipped a basis indicate 0.13% (down 39bps y-t-d). The German DAX equities index rallied 3.7% (down 4.3%). Spain’s IBEX 35 equities index jumped 3.8% (down 4.6%). Italy’s FTSE MIB index retrieved 2.1% (down 15.1%). EM equities were mainly higher. 562 million (from Lipper). Freddie Mac 30-year fixed mortgage rates rose six bps to 3.64% (down 33bps y-o-y).

1.620 TN, or 58%, over the past 185 weeks. 793bn, or 6.6%, year over the past. 30bn. Small Time Deposits were changed little. May 25 – Bloomberg: “China’s central bank weakened its currency fixing to the lowest since March 2011 as the dollar strengthened. The reference rate was established 0.3% weaker at 6.5693 per buck.

The U.S. dollar index increased 0.4% this week to 95.7 (down 3.0% y-t-d). The Goldman Sachs Commodities Index gained 1.2% (up 19.3% y-t-d). May 23 – Bloomberg (Tracy Alloway): “Bond investors appear to have placed their beliefs in commodities exceptionalism, with many positing that the recent pick-up in U.S. New research from Deutsche Bank or investment company AG pours cool water on that idea, arguing that we now have already symptoms of contagion in junk-rated debt outside of the commodities space. A look at prior peaks in default rates shows the potential for more pervasive commercial stress.

May 24 – Financial Times (Eric Platt): “The triple A rated company is almost extinct. Only a couple of companies in the world retain the coveted ranking from Standard & Poor’s after ExxonMobil was downgraded last month. In the US, the quantity has fallen to two – Johnson & Johnson and Microsoft. In 1992, there were 98 US companies that held the best credit history from S&P. May 25 – Associated Press (Stan Choe): “CEOs at the biggest companies got a 4.5% pay increase this past year.

That’s almost double the typical American worker’s, and a complete lot more than investors earned from owning their stocks – a big fat zero. 10.3 million the same group of CEOs made a season previously. 468,449, is more than 10 times what the typical U.S. May 25 – Bloomberg (Elizabeth Campbell): “Illinois lawmakers have been occupied in the last week of the regular legislative session. They moved to determine a youth-only turkey hunting season, established standards on where podiatrists can perform amputations and allowed for the adoption of retired law enforcement dogs. May 26 – Financial Times (Joe Rennison): “Global equity markets experienced further strong outflows this week, despite calming financial data and rising stock prices.

  1. New Project Investment Feasibility Analysis of Coin Sorting Machine industry
  2. Building proper alliances and systems
  3. Property Investment Strategies
  4. Investment amount is in $100 chunks
  5. Canceled/postponed/overbooked flights – 98
  6. Two or three adults can open up a joint account

May 23 – CNBC (Jeff Cox): “That American companies have been wadding up huge amounts of cash is no key. What may be less well-known is that they are also accumulating debts at a considerably faster speed. 1.84 trillion in cash on the balance sheets, relating to a research… by S&P Global Ratings. The ratio of cash to personal debt is the cheapest it has been in about 10 years, or prior to the global financial meltdown just.

As financial markets emerged to grips with the chance of higher rates forward, corporate America went on a debt bonanza. May 26 – MarketWatch (Ciara Linnane): “First-quarter profits season is near to over, and the numbers it’s produced are as gloomy as they have been since the Great Recession. Overall revenue for S&P 500 companies was the weakest in 6 1/2 years. The financial sector showed a double-digit percentage decrease, while even stodgy resources saw earnings fall in to the red as unusual weather weighed. May 25 – Bloomberg (Jeanna Smialek): “A substantial share of Americans lacked retirement cost savings and fewer households were self-confident in the perspective for his or her income by the end of this past year.

That’s according to a Federal Reserve statement on the financial well-being of U.S. 2015… The findings show that while respondents more and more reported that they are ‘doing OK’ or ‘living easily,’ a smaller share said they expected income growth than in the prior year’s study. May 26 – Wall Street Journal (Jesse Newman): “Banks are tightening up credit for U.S. May 27 – Bloomberg (Romy Varghese): “California’s three-year boom run is displaying signs of fatigue. Shaking off recession-era evaluations to Greece, the most-populous U.S.