dChan
Anonymous ID: bfab10 May 7, 2021, 6:48 a.m. No.51509   🗄️.is đź”—kun   >>1522 >>1572

Nasdaq Explodes Higher, Gold Gains, Dollar & Bond Yields Crash After Dismal Jobs Data

 

Well that escalated quickly. The dismally disappointing payrolls data has sparked chaos across capital markets as investors consider 'tapering the taper' talk. Market-implied Fed Rate expectations collapsed with the odds of a rate-hike before Dec 2022 now less than 50%.

 

The equity market is very mixed as the rotation back to 'growth' explodes with Nasdaq soaring and Small Caps plunging...Treasury yields have crashed to two-month lows-cap#3...The dollar is puking back to its weakest since February-cap #2. But as a reminder, BofA notes that US payrolls release has been a highly risk-on even over the last 12 months. Get back to work Mr.Powell.

https://www.zerohedge.com/markets/nasdaq-explodes-higher-gold-gains-dollar-bond-yields-crash-after-dismal-jobs-data

 

April Employment Report: 266 Thousand Jobs, 6.1% Unemployment Rate

 

Total nonfarm payroll employment rose by 266,000 in April, and the unemployment rate was little changed at 6.1 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains in leisure and hospitality, other services, and local government education were partially offset by employment declines in temporary help services and in couriers and messengers.

The change in total nonfarm payroll employment for February was revised up by 68,000, from +468,000 to +536,000, and the change for March was revised down by 146,000, from +916,000 to +770,000. With these revisions, employment in February and March combined is 78,000 lower than previously reported. n March, the year-over-year change was 14.147 million jobs. This was up significantly - since employment collapsed in April 2020.

 

Total payrolls increased by 266 thousand in March. Private payrolls increased by 218 thousand. Payrolls for February and March were revised down 78 thousand, combined. The current employment recession was by far the worst recession since WWII in percentage terms, but currently is not as severe as the worst of the "Great Recession". The Labor Force Participation Rate increased to 61.7% in April, from 61.7% in March. This is the percentage of the working age population in the labor force.

 

The Employment-Population ratio increased to 57.9% from 57.8%. This was well below consensus expectations, and February and March were revised down by 78,000 combined.

So let's just sky the markets anyway

https://www.calculatedriskblog.com/2021/05/april-employment-report-266-thousand.html

https://finance.yahoo.com/quote/%5EIXIC

https://www.marketwatch.com/investing/index/dxy

https://www.marketwatch.com/investing/bond/tmubmusd10y

https://www.kitco.com/charts/livegold.html

Anonymous ID: bfab10 May 7, 2021, 6:56 a.m. No.51511   🗄️.is đź”—kun   >>1522 >>1534 >>1560 >>1572

SAM349 USAF G5 on ground at Miami Int'l from JBA depart

 

SAM282 USAF G5 nw from JBA depart

This is the 'ghost' AF2 AC from 0322-where we had two AF2 call signs...one on 'dis and one on Kneepads' 757 to Jacksonville. FL

Also used as AF2 when Kneepads had an AC issue at Los Angeles Int'l and had to have this AC flown out overnight to replace the 757 on the trip to Denver

Anonymous ID: bfab10 May 7, 2021, 7:32 a.m. No.51520   🗄️.is đź”—kun

Ezra A. Cohen Retweeted

NRO

@NatReconOfc

On #NationalSpaceDay @NatReconOfc

 

would like to recognize all those who love and are inspired by space. From those in the backyard starring at the stars, to the space professionals who have been launching rockets for decades, stay inspired and keep innovating.

 

https://twitter.com/NatReconOfc/status/1390640209163866112

Anonymous ID: bfab10 May 7, 2021, 8:51 a.m. No.51552   🗄️.is đź”—kun   >>1572

Kashkari Slams Fed Critics, Pretends Stimulus Isn't Helping Wall Street

 

After Dallas Fed President Robert Kaplan spooked stocks by repeatedly suggesting that it was time to start discussing tapering of the Fed's asset purchases, Friday's job number offered doves on the Fed just the ammunition they needed to push back.

 

So we weren't surprised to see Minneapolis Fed President Neel Kashkari appear on Bloomberg TV Friday morning just minutes later to defend the Fed's dovish approach, while implying that hawks like Kaplan and Kashkari's other "critics" on Wall Street may secretly be trying to sabotage the recovery. After the 3.7-sigma miss from the 1MM+ projections (one of the biggest in history and the biggest in decades), Kashkari insisted that Friday's jobs number is the latest evidence that the US post-pandemic economic recovery "has a long way to go".

 

"For all those people who have been saying 'oh my gosh, the Fed needs to normalize quantitative easing,' today’s job report is just and example of – we have a long way to go" Kashkari said. He added that he was "firmly in the camp" for maintaining the Fed's policy stance, which presently entails buying $120 billion in assets every month, while keeping the Fed funds rate close to zero. "Let's not just forecast that the labor market will recover, let's actually wait for the labor market to recover. As Chair Powell said a week ago, we've had one great jobs report, let's not declare victory yet." It's certainly convenient that just as dissenting voices on the FOMC were starting to speak out, Fed doves like Kashkari and Powell got essentially the perfect reading to justify their actions. But even more notable than his defense of the Fed is the fact that, when confronted about the role that unemployment benefits may have played in depressing job gains, Kashkari openly acknowledged that the government is essentially paying people to stay home. Kashkari acknowledged that generous unemployment benefits are keeping workers out of the labor market, because workers are confident jobs will still be there in three or four months when the government money runs out.

 

"We hear all the same anecdotes...yes of course there are people who are on the sidelines and who are getting generous unemployment and they're saying 'yes we understand the labor market will be strong in three or four months...we know that dynamic is there," Kashkari said. But there are other factors at work, he argued, citing women unable to return to work for child-care reasons, and people who are still afraid of contracting the virus, as examples of workers who must still be coaxed back into the labor market before stimulus can be safely withdrawn. But these will likely be resolved on their own as the virus wanes.

 

But in trashing those who would dare to criticize the Fed, Kashkari - as he often does - set up a straw man opponent: the market participants who are purportedly angry with the Fed for sabotaging their business. In the interview, he insisted he had "zero sympathy" for his critics on Wall Street. "For my friends on Wall Street, and I have a lot of them, I hear from them all the time complaining about the Fed’s policies that are mucking up their trading strategies," the former Goldman Sachs Group Inc. and Pacific Investment Management Co. executive told Michael McKee on Friday in an interview on Bloomberg Television. "I have zero sympathy -- because there are still 8 to 10 million Americans who want to work, who ought to be working."

 

Of course, in an age where anybody can seem like an investing genius simply by observing the mantra that "stocks only go up", we certainly don't hear too many complaints. Yet, Kashkari insists on criticizing Wall Street, while ignoring the fact that the Fed's policies have driven one of the most lucrative bull markets in history (while sending stocks back to record highs on Friday).

https://www.zerohedge.com/economics/kashkari-slams-hawkish-critics-while-pretending-stimulus-isnt-helping-wall-street

 

Fuggen retard though he wuz gonna be Gov. of CA. too.

Also put in charge of the TARP bailout as interim Assistant Secretary of the Treasury so Hank Paulson could continue doing his bullshit with Alan Greenspan to "save the economy"

Anonymous ID: bfab10 May 7, 2021, 9:20 a.m. No.51562   🗄️.is đź”—kun   >>1572

Pelosi says 'disappointing' jobs report calls for more government spending

 

House Speaker Nancy Pelosi, D-Calif., said she was disappointed by the April jobs report and called for the federal government to respond by passing President Biden's spending plans.

 

The April jobs report released Friday showed the US economy heavily missed Wall Street’s mark, adding a measly 266,000 new jobs as the country continues to recover from the COVID-19 pandemic. The unemployment rate also unexpectedly rose to 6.1%. While it's still well below the April 2020 peak of 14.7%, it's about twice the precrisis level, the Labor Department said in its monthly payroll report, released Friday morning. Economists surveyed by Refinitiv expected the report to show that unemployment fell to 5.8% and the economy added 978,000 jobs.

 

Pelosi called the April numbers "disappointing" but presented a solution to the lack of jobs created in America over the past month: spending more by passing Biden’s two multitrillion dollar spending packages.

 

"The disappointing April jobs report highlights the urgent need to pass President Biden’s American Jobs and Families Plans," the speaker said in a Friday statement. "We need to take bold action to Build Back Better from this crisis by investing in our nation, our workers and our families."

 

Pelosi said House Democrats are "already at work developing strong jobs legislation" to create "millions of good-paying jobs revitalizing our nation’s infrastructure and laying the foundation for a generation of economic growth."

 

"As we see continued evidence that women and working parents have been hit hardest in the economy, we must invest in human infrastructure with the American Families Plan which strengthens the child care and early education support that families need: children learning, parents earning," Pelosi continued.

 

The speaker ended her statement by saying that congressional Democrats "hope to work in a bipartisan spirit" to get Americans back on their feet.

 

"However, the evidence is clear that the economy demands urgent action, and Congress will not be deterred or delayed from delivering transformational investments For The People," Pelosi added.

https://www.foxbusiness.com/politics/pelosi-april-jobs-report-disappointing-more-spending

Anonymous ID: bfab10 May 7, 2021, 9:48 a.m. No.51570   🗄️.is đź”—kun   >>1572

New York hedge fund founder Kamensky sentenced to prison in Neiman Marcus fraud

 

The New York hedge fund founder who predicted he might “go to jail” for corrupting the sale of some assets during the bankruptcy of Neiman Marcus was sentenced on Friday to six months in prison. Daniel Kamensky, 48, had pleaded guilty in February to bankruptcy fraud for pressuring Jefferies Financial Group not to bid for securities belonging to the luxury retailer’s creditors so his now-closed Marble Ridge Capital LP could buy them at a lower price.

 

U.S. District Judge Denise Cote, who imposed the sentence, said she found Kamensky “deeply remorseful” but that he “came undone” from the pressures of running Marble Ridge.

 

“The bankruptcy process depends on trust and honest and good faith,” she said. “He betrayed his profession, his duty to others, his relationships. He broke the law.”According to prosecutors in Manhattan, Kamensky exploited his role as co-chair of a Neiman creditors committee last July to block Jefferies from bidding 30 cents per share for Neiman securities he wanted to buy for 20 cents per share. Prosecutors said Kamensky threatened to stop doing business with Jefferies if it pursued its bid, and quoted him asking an employee there to lie about what he had done.

 

“Do you understand... I can go to jail,” Kamensky was quoted as saying. “They’re going to say that I abused my position as a fiduciary, which I probably did, right?”

https://www.reuters.com/article/usa-crime-kamensky/update-1-new-york-hedge-fund-founder-kamensky-sentenced-to-prison-in-neiman-marcus-fraud-idUSL1N2MU1PQ

Anonymous ID: bfab10 May 7, 2021, 9:55 a.m. No.51571   🗄️.is đź”—kun

CFO Of World's Largest Hedge Fund Quits To Join Bitcoin Company

 

In early 2020, shortly after we correctly predicted that institutional buying of bitcoin would send the cryptocurrency soaring (and just before Elon Musk announced that Tesla had purchased $1.5 billion in bitcoin), we said that the next big catalyst for Bitcoin would be when Bridgewater, the world's largest hedge fund, announces it had started purchasing bitcoin.

 

Next catalyst higher: Bridgewater starts buying bitcoin. https://t.co/adixQWnpMv

— zerohedge (@zerohedge) February 8, 2021

 

The reason for this was a dramatic reversal by the formerly Bridgewater founder (and one-time bitcoin skeptic) Ray Dalio who in late January said that "I and my colleagues at Bridgewater are intently focusing on alternative storehold of wealth assets and expect Bridgewater to soon offer an alt-cash fund and a storehold of wealth fund in order to better deal with the devaluation of money and credit that we consider to be a major risk and opportunity, and Bitcoin wont escape our scrutiny." ranslated, we said, "this means that in the near future Bridgewater itself will be buying bitcoin."

 

And as wait for the official announcement, moments ago we got the clearest hint of what is coming when Bitcoin services firm NYDIG "a leading provider of investment and technology solutions for Bitcoin" announced it had hired John Dalby, who until today was CFO of Bridgewater (and previously was CFO at D.E. Shaw Renewables and had spent more than two decades at UBS Group AG) as its own Chief Financial Officer.

 

"Every day, more industries come to understand Bitcoin's potential and more clients seek ways to safely access it. Personally, I share NYDIG's vision for Bitcoin's ability to propel economic empowerment for all. I eagerly look forward to doing my part to help NYDIG deliver innovative Bitcoin solutions to institutions and individuals", Dalby said in a statement.

 

According to NYDIG, the appointment of Dalby "comes during a period of rapid growth for NYDIG. The firm recently raised more than $300 million from a group of strategic partners including Stone Ridge Holdings Group, Morgan Stanley, New York Life, MassMutual, Liberty Mutual, Starr Companies, and FIS. The firm also recently announced the launch of a global Insurance Solutions practice led by former Chief Executive Officer (CEO) of TransRe, Mike Sapnar, who will spearhead the creation of bitcoin-powered products and services for the global insurance industry." Dalby is hardly the first prominent CFO to embrace alt-currencies. In 2018, Alesia Haas left as CFO of Och-Ziff Capital or whatever it's called today, to join Coinbase.

 

Earlier today we reported that Goldman had relaunched its crypto trading desk and now offers Bitcoin derivatives to Wall Street investors.

Goldman Announces Formation Of New Crypto Trading Desk

https://www.zerohedge.com/markets/goldman-announces-formation-new-crypto-trading-desk

https://www.zerohedge.com/crypto/cfo-worlds-largest-hedge-fund-quits-join-bitcoin-company