Anonymous ID: 94672c Sept. 27, 2021, 6:41 a.m. No.95942   ๐Ÿ—„๏ธ.is ๐Ÿ”—kun   >>5944 >>5945 >>5956 >>5969 >>5996 >>6001 >>6002 >>6030 >>6044

>>95756 pb

White House schedule publishers are getting sloppy...

There was a tanker up and in the Not Af1 Joe is 'at Camp David' position for most of yesterday-see linky above- however the 'updated' schedule sez that Not AF1 Joe left for the WH on Saturday at 4:15pm EST and arrived at 5pm EST.

See updated schedule here: https://factba.se/biden/calendar

 

So why you habs a tanker up over that position for most of yesterday??

The tanker from cap yesterday was switched out later for another-A DC-10 that departed sometime in the early afternoon-giving the indication that Not AF1 Joe left on Sunday and only when the updated schedule was released-last night or at some point yesterday did it indicate the Saturday departure to the WH.

 

Yesterday morning this schedule indicated this: "Not AF1 Joe arrives at WH (Time TBD)"

 

Sloppy people...berry sloppy.

 

morning

Anonymous ID: 94672c Sept. 27, 2021, 6:59 a.m. No.95948   ๐Ÿ—„๏ธ.is ๐Ÿ”—kun   >>5969 >>5996 >>6030 >>6044

Boston Fed President Eric Rosengren To Retire After Ethics Issue

 

Boston Fed President Eric Rosengren, one of the senior Fed officials caught up in the trading disclosures scandal earlier this month, has abruptly decided to retire on Sept. 30, newswires report.

 

His first vice president, Kenneth Montgomery, will assume the role of interim president and CEO of the Boston Fed bank until a permanent replacement can be found. But crucially, as of now, Montgomery will be the one casting the Boston Fed's vote on the FOMC starting next year, unless a permanent replacement for Rosengren can be found more quickly.

 

While many have already likely assumed Rosengren's departure is related to the trading ethics scandal (and he was not the only senior Fed official to have been ensnared, with his colleague Robert Kaplan in Dallas and even Powell to an extent), according to Rosengren, he has a kidney condition, and staving off dialysis is dependent on him making "lifestyle changes". Previously, he had planned on retiring in June 2022, in according with the mandatory retirement at 65 rule. In a message to the Bankโ€™s staff, Dr. Rosengren revealed for the first time that he qualified for the kidney transplant list in June of 2020, during the pandemic, upon the worsening of a kidney condition he has had for many years. Delaying the need for dialysis might be improved if he makes lifestyle changes now to lessen the risks of his condition. Rosengren said, โ€œIt has been an honor to serve at the Federal Reserve System, in a job where one can be constantly engaged in pursuing the economic and financial well-being of the country and New England. I know that my colleagues will build on our progress, and continue making a difference for the public we serve.โ€ There were notably calls from some for the officials involved to step down from the Fed in the wake of the ethics scandal. Chair Powell has already ordered a formal review.

 

Fed Chairman Jerome Powell has already released a statement: "Eric has distinguished himself time and again during more than three decades of dedicated public service in the Federal Reserve System. He led the Fed's work in managing several emergency lending facilities in two separate periods of economic crisis. In addition to his monetary policy insights, Eric brought a relentless focus on how best to ensure the stability of the financial system. My colleagues and I will miss him."

 

And as for Rosengren's kidney issue, we can't help but wonder: is this a recent development? It's not for us to speculate but the timing certainly seems...curious.

 

Rosengren retires because of health issues. From a week ago: He "made as many as 37 separate trades in the four REITS while the Fed purchased almost $700 billion in mortgage backed securities". https://t.co/81ubXGqmOIโ€” Quoth the Raven (@QTRResearch) September 27, 2021

 

As far as succession goes, the Boston Fed's search committee will consist of the six non-banker board of directors members, and will be chaired by Dr. Paxson. According to US = law, only directors not affiliated with regulated banks or financial institutions are eligible to help select a Federal Reserve Bank president. The choice must be approved by the Federal Reserveโ€™s Board of Governors.

https://www.zerohedge.com/markets/boston-fed-president-eric-rosengren-retire-after-ethics-issue

Anonymous ID: 94672c Sept. 27, 2021, 7:27 a.m. No.95950   ๐Ÿ—„๏ธ.is ๐Ÿ”—kun   >>5969 >>5996 >>6030 >>6044

West Coast Port Congestion Doesnโ€™t Show Any Signs of Letting Up

 

Congestion on the West Coast ports does not appear to be showing any signs up letting up. As of last week, there were nearly 70 container ships waiting to offload their cargo either at anchor or drifting off the ports of Long Beach and Los Angeles. Last week the waiting period at the Port of Los Angeles hit an all-time high of nine days, which is about 2.5 days longer than average wait times experienced in August. During an operational update, Executive Director of the Port of Los Angeles, Gene Seroka said that the congestion equates to โ€œsqueezing 10 lanes of freeway traffic into five lanes.โ€ The Los Angeles and Long Beach ports have both indicated that steps are being taken to help remedy the issue, with both planning to expand operational times with a goal of hitting 24/7 operational capacity. At the same time, the Port of Oakland has reported that the number of container ships has dropped 40 percent compared to last year. However, as the number of ships has declined the amount of cargo entering the port actually increased, while exports decreased by nearly six percent from last year.

https://agnetwest.com/west-coast-port-congestion-doesnt-show-any-signs-of-letting-up/

Anonymous ID: 94672c Sept. 27, 2021, 7:55 a.m. No.95963   ๐Ÿ—„๏ธ.is ๐Ÿ”—kun   >>5969 >>5996 >>6030 >>6044

Japan to lift COVID emergency on Thursday

 

The Japanese government will lift the COVID state of emergency covering Tokyo and 18 other prefectures on Thursday, prompted by progress in vaccinations and a decline in new infections.

 

The government is expected to make a formal announcement on Tuesday following discussions with an expert panel. Prime Minister Yoshihide Suga told reporters on Monday: "The number of new infections has declined significantly." However, he added that restrictions on restaurants will need to be eased "gradually while maintaining a high level of caution." The capital has been under the decree since July 12 and the prospect of the reopening of businesses fueled stock trading on Monday. Shares in travel agencies, karaoke chains and wedding operators surged as hopes rise for pent-up demand to revive pandemic-hit industries.

 

Shares in Japanese tour agency H.I.S. soared 8%, while Take and Give. Needs, a wedding and banquet organizer, saw its stock price jump 9%. Limits on serving alcohol and other pandemic restrictions have dealt a lethal blow to travel and retail businesses, as well as the restaurant industry. Companies in these sectors have suffered major revenue losses, as well as lackluster performance in the stock market. However, more investors are eyeing the end of the emergency as a dip-buying opportunity and are even mulling the potential impacts from further domestic reopening. The government has laid out plans to relax some restrictions aimed at curbing the spread of COVID-19, such as allowing restaurants to serve alcohol and permitting vaccinated people to travel, from this autumn. The four candidates vying to become president of the ruling Liberal Democratic Party, and thus prime minister, have also expressed agreement toward resuming the country's Go To Travel campaign once infections are contained. The domestic tourism campaign aims to prop up regional economies by offering consumers various discounts and vouchers. It was suspended in December following a resurgence in infections.

 

Former LDP policy chief and second-place presidential contender Fumio Kishida has proposed "Go To 2.0" in a bid to support the tourism sector. He says his policy would utilize vaccine passports to ensure safe travel.

moar

https://asia.nikkei.com/Spotlight/Coronavirus/Japan-to-lift-COVID-emergency-on-Thursday2

Anonymous ID: 94672c Sept. 27, 2021, 8:49 a.m. No.95982   ๐Ÿ—„๏ธ.is ๐Ÿ”—kun   >>5996 >>6030 >>6044

Gruesome 2-Year Auction As Markets Start To Freak Out About Tigher Fed

 

With 2Y TSY yields rising to the highest level since March 2020 amid a broad move higher in the Treasury curve which sent 10Y yields briefly above 1.50% today amid growing concerns about the Fed's tightening intentions, trader attention was naturally primed on today's 2Y auction (the first of two with the 5Y later in the day) to see if the secondary market weakness would spread to auctions.

 

And it did: in an auction that can at best be described as gruesome, moments ago the US sold $60 billion in two year paper which priced at 0.31%, the highest yield since March 2020 (certainly above August's 0.242%) and tailing the When Issued 0.302% by 0.8bps.

 

The Bid to Cover was shockingly bad, plunging from 2.649 in August to just 2.28 in September, the lowest since the days of the Lehman bankruptcy, or December 2008 and far below the six-auction average of 2.55.

 

The internals was just as ugly: Indirects plunged from 60.53% in August to just 45.32%, the lowest since April, and with Directs taking down 21.7% or in line with recent auctions, Dealers were left with a whopping 33%, the highest since December 2020.

 

Overall, this was a remarkably ugly auction and judging by the wholesale flight of buyside demand, suggests that concerns about the Fed's tightening, and higher rates on the short end. will lead to a lot of pain in the coming months as the US seeks to fund its ever growing deficits.

https://www.zerohedge.com/markets/gruesome-2-year-auction-markets-start-freak-out-about-tigher-fed

 

Bond market demanding higher rates nao...

 

U.S. 10-Year Treasury Yield Tops 1.5%

The yield on the benchmark 10-year U.S. Treasury note topped 1.5% for the first time since June on Monday, lifted by optimism about the economic outlook and the prospects of tighter monetary policy.

 

The 10-year yield, which helps set borrowing costs on everything from corporate debt to mortgages, traded above 1.5% early in the session before recently trading around 1.484%, according to Tradeweb. That compares with 1.459% Friday

https://www.wsj.com/articles/u-s-10-year-treasury-yield-tops-1-5-11632756798

Anonymous ID: 94672c Sept. 27, 2021, 11:16 a.m. No.96042   ๐Ÿ—„๏ธ.is ๐Ÿ”—kun   >>6044

Wells Fargo Tumbles After DoJ Lawsuit Over Fraudulent FX Services

 

After the initial headlines hit, it has been reported that Wells Fargo reached a $37 million settlement with the U.S. Justice Department over claims it overcharged commercial customers who used the bankโ€™s foreign exchange services.

 

Just days after Senator Elizabeth Warren demands the bank be broken up, Wells Fargo is facing yet another fraud. Bloomberg reports that the U.S. claims that from 2010 through 2017, Wells Fargo defrauded 771 customers - many of which were small or medium-size businesses and banks - by charging more than they claimed for foreign exchange transactions. The government is seeking unspecified civil penalties in the suit, filed Monday in federal court in Manhattan. WFC shares are down over 3% on the headlines...And that is on a day when financials are outperforming as rates rise. We suspect Senator Warren will be writing another letter soon.

https://www.zerohedge.com/markets/wells-fargo-tumbles-after-doj-lawsuit-over-fraudulent-fx-services