Facebook Vice President David Marcus is the face of the company's Libra digital currency, but the original driving force was a 26-year-old female engineer named Morgan Beller.Technologyread more
After a year of flooding, Midwest farmers face a stifling heat wave that's spreading across the U.S.Agricultureread more
There is no end in sight to the Boeing 737 Max grounding after two fatal crashes, prompting airlines to rethink their growth plans.Airlinesread more
A quarter of the S&P 500 companies report earnings next week, and that could buffet the market as investors await the July Fed meeting.Market Insiderread more
Iran's Revolutionary Guard claims a British tanker it still holds, Stena Impero, failed to follow international maritime rules.World Newsread more
Moving lots of data to a public cloud over the internet can take months or years. CNBC got an inside look at how AWS transfers data to the cloud for its clients.Technologyread more
The president also said he "offered to personally vouch" for Rocky's bail. Sweden, however, does not have a bail system.Politicsread more
CoinShares Chief Strategy Officer Meltem Demirors discusses Facebook's Libra project and its impact on the cryptocurrency market after testifying to the House Financial...Fast Moneyread more
Some 40% of Americans would struggle to come up with even $400 to pay for an emergency expense. Just how are so many Americans so short on cash? Blame debt.Personal Financeread more
Amazon hires Trump-allied lobbyist Jeff Miller as battle for Pentagon contract heats up.Politicsread more
In a series of tweets, the president addressed an unusual controversy stemming from a speech delivered Thursday by New York Fed President John Williams.Marketsread more
I was unaware that machines took vacation, but that's what appeared to happen as we hearkened back to pre-quant driven markets of late summer when it appeared that paint would dry quicker than prices would change on my Quotron. Sure there were some notable exceptions and crude kept us on the edge of our seats — not really, it's sort of part of the fabric by now — but for the most part, the markets were so slow that television market commentary lost out to men's water polo and women's field hockey.
From a sector standpoint, energy was the clear winner as traders continued to reverse near record short exposure and add substantial long exposure in advance of OPEC's September meeting. In all, it was a down week for global markets, but it could have been worse as Fedspeak picked up a more hawkish tone and the uneventful FOMC minutes, stale at the time of release, gave little indication of change in commitment either way. Currency traders remain confused, active investors depressed, yield investors feeling the first signs of vulnerability and bond traders bored, having already shortened the duration of their entire portfolio.
The ECB minutes on Thursday were a clear disappointment to the markets as they sold off and followed down on Friday. It was reasonable to assume that there would be more actionable language, but after all, it is August in Europe and why not wait until they see what September brings and what the Fed does since any strengthening in the dollar and tightening in the US is a de facto easing in Europe.
Money, like water, finds its own level, shifting until achieving a state of equilibrium, usually defined as value. However, that has not been the case for some time as artificial forces, defined here as unusual and unprecedented global central bank policy, have driven valuations to levels that have, in prior cycles such as with HY spreads, clearly presaged trouble ahead. As with water flowing down a mountain side, temporarily detoured by a pile of leaves and branches, tributaries form until they eventually come together and the flow resumes its predestined normal path. That will happen with markets as well, but the timing remains unknown. This is not to say I would be short since it has been incredibly difficult to get paid, even when correct, and incredibly painful when wrong. The markets will grind higher, pending Friday of course (see below) but vol is so low there is no excuse for not owning protection.