If only there was a way to preserve and export all the hot air we generate… 
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You mean that their primary concern isn’t “how could Trump have seen this coming years ago and warned us about it”? 
Germany shouldn’t really worry. Since they were the primary funder of the PIGS, it’s now time for payback. I can hear already hear the Italians - “Germania, Germania, Vaff…”
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Looks like someone got strong armed and the strike is off and the workers are getting what they want.
Maybe the railroad owners were told by Dear Leader they would be the first target of his new 87,000 strong IRS force if they didn’t cave until at least after midterms. That would be the Chicago Way.
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Argentina reminds us about where socialism ends…
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Be aware Biden and his troops are doing everything in their power right now to keep these monthly inflation report numbers down.
That will not be the case after November eighth.
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EU woes
- ECB’S DE GUINDOS SAYS THE EURO AREA IS NOW FACING A CHALLENGING OUTLOOK.
- ECB’S DE GUINDOS SAYS HE VERY HIGH INFLATION IS DAMPENING SPENDING AND PRODUCTION
- ECB’S DE GUINDOS SAYS DEPRECIATION OF THE EURO ALSO ADDS TO THESE INFLATIONARY PRESSURES.
- ECB’S DE GUINDOS SAYS INFLATION IS PROJECTED TO BE UNACCEPTABLY HIGH THIS YEAR AND NEXT.
We’re somewhat lucky that this political and economic environment has pushed up the value of the dollar. Otherwise, our inflation would be even higher if our currency was weak relative to buying everything abroad.
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Not that it makes any difference but for August alone was about 7%. The government is printing and printing to give money to the poor and the party’s constituents. There is plenty of kickbacks and corruption involved in that safety net.
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Ah thanks, read too quickly.
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I wonder how long it will take the railroads to raise their rates to pay for the extra pay and bennies for the unions? Probably until after the election😃
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Starting with 10% to the big guy.
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Obsession or fixation? This is in Argentina.
I’m sure Argentina has thier own “big guy”. Goose’s only fault was thinking theirs only gets 10%.
Besides, we dont know what business ventures Hunter might have in South America, since everyone has been so forthcoming about his EurAsia dealings. 
Nah! Although the laptop story has been ignored, buried, and dismissed, I just want to keep the freedom flame alive. 
Mr. quick on the trigger, you stole my thunder. However, since my knuckles aren’t hurting, possibly because my brain is lubricated …
Since Heisenberg Hunter Biden is a master cooker agronomist, he must be a member of many Argentinian companies’ boards of directors. Also, his multiple petrochemical degrees and highly regarded research papers must make him highly sought after by Argentina’s “big oil” industry. Consequently, we can presume he’s kicking back 10% to the big guy, even though he would have easily acquired these jobs even if his father weren’t the family boss.
Biden dumping the Strategic Re-election Reserve into November. I guess he’s really running for a 2nd term and is going to keep selling all the way until 2024.
https://www.reuters.com/business/energy/us-sell-up-10-mln-bbls-oil-spr-nov-delivery-2022-09-19/
Sept 19 (Reuters) - The U.S. Energy Department said on Monday it will sell up to 10 million barrels of oil from the Strategic Petroleum Reserve, for delivery in November, extending the timing of a plan to sell 180 million barrels from the stockpile to tame petroleum prices.
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Railroad strike still may be in the cards.
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I suspect this was the plan (into November) all along, but were afraid that it would be undeniably political if originally scheduled that way. By flowing into November, there won’t be a big price increase prior to the election, in anticipation of the taps being turned off.
Fortunately, we’ll be able to refill the “strategic” tanks with $100 oil directly from Iran. Iran will no longer need oil as we’ve helped them to develop nuclear energy. We’re such humanitarians. :>
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Fed +0.75% it is, as expected, although markets sold off a bit.
- FED HIKES INTEREST RATE BY 75BPS TO 3.25% VS 2.50% PREVIOUS
- FOMC: Voted 12-0 For Fed Funds Rate Action
- Fed Officials See Fed Funds Rate at a Median of 4.4% at End of 2022
- Fed Median Forecast Shows Rates at 4.6% In '23, 3.9% In '24
- Fed Is ‘Highly Attentive to Inflation Risks’
- Fed Officials See Inflation of 5.4% at End of 2022; 2.8% for 2023; 2.3% for 2024; 2.0% for 2025
- Fed Officials See 0.2% GDP Growth at End of 2022; 1.2% for 2023; 1.7% for 2024; 1.8% for 2025
- Fed Sees Path of Rate Increases Continuing Through 2023
- Fed Raises Interest Rates to Highest Level Since 2008
market reaction on the fixed income side -
- FUTURES AFTER FOMC DECISION IMPLY TRADERS SEE 89 PCT CHANCE FED RAISING RATES ANOTHER 75 BASIS POINT AT NOVEMBER MEETING
- US TWO-YEAR TREASURY YIELDS JUMP TO 4.121% AFTER FED, HIGHEST SINCE 2007
- US FIVE-YEAR TREASURY YIELDS RISE TO 3.861%, HIGHEST SINCE 2007
- US 10-YEAR TREASURY YIELDS RISE TO 3.64% AFTER FED MEETING STATEMENT, HIGHEST SINCE 2011
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So did the market sell off because 1% was seen as potentially being the last big rise, but 3/4% means it’s likely there will be another significant increase next meeting?
The odds of 
0.75% today were at 80% and another 0.75% in November were at 50% for a few days already, so none of it is a surprise.
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Not a significant increase, no, but perhaps +25bp more than was expected. Here’s a good recap:
https://wellsfargo.bluematrix.com/links2/html/f8e86a3f-a3c7-4c42-8c4b-309827888761
The Committee hiked the fed funds target range by 75 bps, as was widely expected, but delivered a more hawkish projected path for short-term rates through this year and next. The median FOMC participant now expects the fed funds rate to rise an additional 125 bps in the two remaining meetings of this year. The FOMC sees rates staying high through next year, with the median estimate for the fed funds rate ending 2023 at 4.6%.
At some point, the FOMC will feel comfortable enough to slow the pace of tightening from 75 bps per meeting to 50 bps or 25 bps. We expected a downshift to 50 bps at the November FOMC meeting, but with today’s dot plot in hand and just one CPI report between now and the November meeting, another 75 bps rate hike is squarely on the table. The balance of risks are clearly tilted to the upside for our current forecast of a peak fed funds rate of 4.00%-4.25%.
If you look at the current market odds, they’re saying 1/3 for +50bp in Nov and 2/3 for +75bp. And then another +50bp on top of that for Dec, and then probably staying flat in the mid 4%’s range going forward.
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