TyB
>>19746384 pb marketFag on markets
To the anon who asked yesterday what else is worse than just inflation #s and I provided a list…moar proof it’s fuggen broken and ded. Muh comments in (). This is still the one thing ZH does well. https://cms.zerohedge.com/s3/files/inline-images/bfmE9A7.jpg?itok=GCt-kxU4 https://cms.zerohedge.com/s3/files/inline-images/bfm76FB_0.jpg?itok=F9V_sFPi
US Manufacturing Production Lower YoY For 7th Straight Month
Ok, you can't make this up but both Industrial Production and Manufacturing Output bothtumbled on a non-seasonally-adjusted basis…
Industrial Production rose 0.3% MoM (SA)… but plunged 1.7% MoM (NSA) Manufacturing Output rose 0.35% MoM (SA)… but tumbled 0.5% MoM (NSA)
US industrial production unexpectedly jumped by 0.3% MoM in September (0.0% exp) as capacity utilization picked up modestly (from 79.5% to 79.7%). This is the 3rd straight month of increased industrial production (and IP remains marginally higher on YoY basis)… Utilities slid 0.3% MoM in Sept after rising 0.7% MoM in Aug.
On the manufacturing specific sector, production rose 0.4% MoM (better than the 0.0% exp).
Manufacturing production, however, remains lower on a YoY basis for the seventh straight month.
Once again, seasonal-adjustments saved the day as Manufacturing output fell 0.5% NSA (+0.4% SA)… Seasonals saved Bidenomics…
One thing of note - ahead of the UAW strikes - is that Business Light Vehicles-Autos production plunged 6.2% MoM in September (after a big jump in August)…(good luck there as the UAW has played right into the hands of the auto mfgs since they were already looking at drastic production cuts cuz ain’t no one buying EVs and $100k trucks and domestic mfgs don’t really make non-EV small cars any longer)
Presumably this will be an utter shitshow next month as the factory closures hit.
(Again the UAW leadership fugged its workers as this will not get settled anytime soon and instead of waiting for the mfgs to admit the strategy of moving to EVs and $100k trucks is THEIR fault the newish UAW President handed all three domestics an excuse on a plate…nuffin to see here)
https://www.zerohedge.com/economics/us-manufacturing-production-lower-yoy-7th-straight-month
On Bank of America earnings. Yet more “lower than expected credit losses and higher revs on fixed income and higher interest payments” and as mentioned for years the amount of loan loss reserves set aside earlier this year they did not use was applied back to balance sheet as earned income. They ALL do this from big 6 to regional banks and Schwab/PNC is next to be “saved”
You can read all about Bank of Italys PR spin based results and although not as bad as the steaming pile of shit delivered by JP Moran, Citi, Wells and PNC-this is yet another farce.
Bank of America profit beats estimates on higher interest income, investment banking gains
Lenders have seen their interest income swell as they have more room to charge higher rates on loans after the Federal Reserve raised borrowing costs in its fight against inflation.(this has nuffin to do with its strategy as they still sit on billions of mark to market because they use mark to model and hold to maturity bond losses.)
(To witness)The March crisis also brought into focus banks' securities holdings, as paper losses on bond portfolios accumulate.BofA said it had unrealized losses of $131.6 billion on securities held until maturity in the third quarter, growing from nearly $106 billion in paper losses in the second quarter.Analysts say it is unlikely that the lender will be forced to sell the securities at a loss. Yet the low-yielding assets have also constrained BofA's ability to put deposits to work elsewhere to make bigger profits.
https://www.foxbusiness.com/markets/bank-of-america-profit-beats-estimates-higher-interest-income-investment-banking-gains
(Almost there)
Volatility in the Treasury market likely isn't over and the 10-year yield could reach 5%, BlackRock says
https://www.msn.com/en-us/money/other/volatility-in-the-treasury-market-likely-isn-t-over-and-the-10-year-yield-could-reach-5-blackrock-says/ar-AA1imu8b
US 10 year Treasury
TNX - CBOE Interest Rate 10 Year T No ICE Futures
4.8280
+0.1160 (+2.4618%)
https://finance.yahoo.com/quote/%5ETNX
https://markets.ft.com/data/bonds/tearsheet/summary?s=US10YT
>>19750421
>>19750421
>>19750450