Living La Vida Biden! Fed Emergency Bank Bailout Facility Usage Hits New Record High (Regional Banks Still Suffering From Deposit Outflow) Bitcoin Above $30k, Gold/Silver Rise

The US is Living La Vida Biden (living the Biden life!) Which means you are making millions if you are a political elite, but suffering if you live on Main Street.

And regional banks (not the TBTF national banks) continue to suffer. The Bank Term Funding Program (1 of 2) is skyrocketing as The Fed cranks up rates to fight BidenFedflation (a combination of excessive monetary stimulus by The Fed and Biden’s lousy economic policies) and M2 Money growth crashes.

The regional banking index continues to fall as bank deposits shrink (like me when I used to jump in the Pacific Ocean in Santa Cruz).

Cryptos down this morning. But Bitcoin is above $30,000 … again.

Oil is down this morning but gold and silver are up slightly.

The 10Y-2Y US Treasury yield curve just dipped below -100 basis points (steep inversion) as M2 Money growth crashed and burned.

Living la vida Biden!

US Mortgage Rates UP 144% Under Biden’s Reign Of Error (Fed Likely To Pause Today But Raise Rates At July Meeting)

Biden’s “reign of error” is horrific. The inflation caused by Biden’s policies, The Federal Reserve and insane Federal spending has caused mortgage rates to soar 144% since Biden took office.

While The Fed is likely to pause today, but Fed Funds are pricing in a July rate hike.

Banks are not going to like another rate hike!!!

The Fed And The Death Of Market Volatility, Bank Deposits Continue To Dwindle (VIX Down To 13.50)

The Federal Reserve doesn’t care if market volatility has collapsed, even though volaltility is necessary for a well-functioning capital market.

The VIX, volatility of the CBOE S&P 500 index, has declined to 13.5 as The Fed continues to slow M2 Money growth.

And with M2 money withrawal, so goes bank deposits.

Is Jerome Powell actually Uncle Limelight?

Bidenville Mortgage Depot! US Mortgage Purchase Demand Down -27% Since Last Year, Refi Demand Down -42% (Bidenflation, Stalling Economy = Bad News For Mortgage Market)

Welcome to the Bidenville Mortgage Depot! Where Bidenflation (caused by idiotic energy policies, crazy Fed money printing and insane Federal spending) has caused The Fed to raise rates crushing the US mortgage market.

Mortgage applications decreased 1.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 2, 2023. This week’s results include an adjustment for the Memorial Day holiday.

The Market Composite Index, a measure of mortgage loan application volume, decreased 1.4 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 12 percent compared with the previous week. The Refinance Index decreased 1 percent from the previous week and was 42 percent lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 2 percent from one week earlier. The unadjusted Purchase Index decreased 13 percent compared with the previous week and was 27 percent lower than the same week one year ago.

The rest of the story.

The East Palestine Ohio train wreck is symbolic of Biden’s economic programs. I don’t think the Vacationer in Chief (40% of time as President has been on vacation) has been there yet.

US Core Inflation Rises In April To 4.7% Despite M2 Money Growth Crashing To -4.6% YoY, More Rate Hikes Forecast (Damn It, Janet [Yellen])

Damn it, Janet (Yellen)!

So much for Treasury Secretary Janet Yellen’s proclamtion that inflation is transitory and would subside to under 2%. April’s core inflation (PCE Deflator) rose to 4.7% YoY. Despite M2 Money growth crashing to -4.6% YoY.

Today’s Fed Funds Futures data is pointing to another rate hike or two.

With Core PCE at 4.7%, the Taylor Rule suggested Fed Funds Target rate is now 10.57%. So, The Fed is only about half way there.

Damn it, Janet, people are suffering from the ravages of inflation and you laugh.

Biden’s Peggy Lee Economy: Is That All There Is? GDP QoQ Prints At Anemic 1.3%, Core Inflation Prints Hotter At 5.0% QoQ Despite Trillions In Federal Spending

Peggy Lee sang it best about the US economy under Biden: Is that all there is?

According to the Bureau of Economic Analysis (BEA), US GDP QoQ rose slightly to an anemic 1.3%. Actually, this is a terrible print given the trillions in Federal spending after Covid.

Even worse, Core Inflation (PCE core prices) rose to 5%. So, unlike what Treasury Secretary Janet “Transitory” Yellen said, core inflation remains high despite M2 Money growth crashing.

Here is the rest of the story.

Before conservatives have a meltdown over the comments that will be forthcoming from Biden’s Press Secretary Karine Jean=Pierre, bear in mind that she was senior advisor and national spokesman for hard-left progressive advocacy group MoveOn.org.

She will feel obligated to howl and scream about the debt ceiling and budget with idiocy like “the economy will crash and burn if you cut Biden’s proposed budget.” Gee, for the trillions that Biden has spent, we only got 1.3% GDP growth. So her logic will be “President Biden spent trillions and we got only 1.3% GDP growth! Imagine if we spend less????”

Yellen Doubts US Could Still Pay All of Its Bills by June 15 (Treasury Cash Balance Drops To Dangerously Low $57 Billion As M2 Money Growth Crashes)

Its May 21st and Biden still refuses to budge on paring back his massively bloated budget of green energy payoffs. Yet Biden laughingly stated it isn’t his fault if the US defaults on its debt. It is absolutely 100% Biden’s fault and he should be impeached if he fails to meet Republicans half way.

(Bloomberg) Treasury Secretary Janet Yellen said the US is unlikely to reach mid-June and still be able to pay its bills, underscoring the urgency of the White House reaching a deal with Republicans to raise the debt limit.

“Well, there’s always uncertainty about tax receipts and spending,” Yellen said on NBC’s “Meet the Press” on Sunday. “And so it’s hard to be absolutely certain about this, but my assessment is that the odds of reaching June 15 while being able to pay all of our bills is quite low.”

Biden and McCarthy have been at an impasse since January over raising the government’s $31.4 trillion borrowing limit. The Treasury has been deploying special accounting measures since January to stay within the statutory ceiling.

“On June 15, there are tax payments that are made that are substantial,” Yellen told NBC. “But early June, I interpret as before that, and it would be very difficult to get to that date.”

This is coming from the former Federal Reserve Chair who raised interest rates once while Obama was President, then raises rates 8 time after Trump won the election.

Surprisingly, cryptos are down today despite Biden’s incompetence and Yellen’s dire warning. Atleast TRON is up!

Yes, Yellen is the same person who raised interest rates just once under Obama, then 8 times after Trump was elected. And Yellen is the same person who said inflation was transitory, yet remains elevated. Yellen is truly The Deep State’s fuiancial manager.

US Treasury Cash Balance Down To $68 Billion As Fed Crashes M2 Money Growth (Clock Is Ticking With One Day Of Spending Left!)

Yes, the clock is ticking on a possible debt default and Biden is off in Hiroshima Japan instead of negotiating with House Speaker McCarthy.

The treasury cash balance is only $18 billion away from Yellen’s minimum balance redline of $50 billion. That’s one day of spending in crazy spending Washington DC.

Doge Coin Versus Venerable Bitcoin, Is The Thrill Gone From Dogecoin? (US CDS 1Y Rises Again On Democrat Failure To Control Budget)

Is the thrill gone from Dogecoin?

In the crazy world of Cryptocurrencies, two “coins” stand out: the venerable Bitcoin and Billy Markus and Jackson Palmer’s Dogecoin (aka Dog Coin based on a Shiba Inu dog.

After a jolt of popularity, likely related to Elon Musk’s tweets, dogecoin has dropped -46.5% since November 1, 2022 while Bitcoin has gained 34% over the same period.

In the highly volatile world of cryptos, XRP is today’s leader at +4.81%. Today’s biggest loser is Polygon at -2.31%. Dogecoin is down almost -1% while Bitcoin is up slightly.

With Washington DC completely out of control (see the Durham report on the attempted coup by Hillary Clinton, Adam Schiff, Liz Cheney, etc., the FBI. CIA and the rest of the Deep State), don’t be surprised if dim bulbs like Liz Warren and AOC try to make alternatives to the US Dollar illegal.

Speaking of DC being out of control, the CDS for the US rose again on the failure of Biden/Yellen/Schumer to agree on a sensible Federal budget.

Unaffordable Joe! Housing, Food, Autos Are More Expensive Under Biden (Car Prices Rise 19% And Food UP 44% Under Biden, Interest Rates On Cars Highest Since 2008)

Biden’s approval ratings are terrible. Okay, Biden is the worst President in history, weak, can’t speak coherently and is letting chaos reign on the southern border. But from a consumer standpoint, he and crazy spending Congress have helped make America simply unaffordable for miillions.

Once again, Biden’s obsession with foolish green energy, Congress using Covid to spend trillions, then the green energy subsidy Act (aka, Inflation Reduction Act) where Biden and Congress agreed to make massive payoffs to big donors (the donor class). All this resulted in 40 year highs in inflation leading The Federal Reserve to raise interest rates to combat inflation.

For autos, the interest rate on an auto purchase has soared to it highest level since 2008. And car prices at up 19% under Biden’s Reign of Error.

And when we consider that US Real Average Weekly Earnings growth continues to be negative under Unaffordable Joe.

Housing? At least home price growth is slowing and even negative in some cities. But housing is still unaffordable for millions of Americans.

The housing situation will only get worse as Title 42 expires and millions of illegal immigrants invade the US. Texas Governor Abbot should ship all of them to Wilmington Delaware, home of Unaffordable Joe Biden. Let him suffer for once from his own folly.

Food? Don’t get me started. The Commodity Research Bureau is up 44% under Unaffordable Joe.

Okay, Biden is a useful idiot for BIG banks, BIG Pharma, BIG tech, BIG defense, and BIG government. He is popular with the 1% and people who watch “The View.” But many of the 99% are suffering under Unafforable Joe.