From Zero Hedge

  • Psaki Out: White House Spox Signals She'll Step Down Next Year

    Psaki Out: White House Spox Signals She'll Step Down Next Year

    White House press secretary Jen Psaki on Thursday all but announced that she plans to step down next year. 

    "I think it’s going to be time for somebody else to have this job, in a year from now or about a year from now," she told longtime Democratic operative David Axelrod on his CNN podcast, "The Axe Files."

    This, despite being hit with nothing but scripted softball questions when she can avoid Fox News' Peter...


  • "Paying People Not To Work" Is Killing The Recovery, US Chamber Of Commerce Urges Biden To End Pandemic Handouts

    "Paying People Not To Work" Is Killing The Recovery, US Chamber Of Commerce Urges Biden To End Pandemic Handouts

    Update (1055ET): Right on cue, just after Minneapolis Fed chief Neel Kashkari admitted that expanded unemployment insurance was keeping workers out of the labor market, contributing to Friday's disappointing employment number, the US Chamber of Commerce released a statement calling for ending the $300 weekly supplemental benefit.

    Executive Vice President and Chief...


  • Tesla Admits Its Still "Firmly In Level 2" Autonomy, Won't Have Full Self Driving By Year's End

    Tesla Admits Its Still "Firmly In Level 2" Autonomy, Won't Have Full Self Driving By Year's End

    Elon Musk said in January of this year that he was "highly confident [a Tesla] will be able to drive itself with reliability in excess of human this year."

    To many of us, we knew it was nonsense. Musk has been crowing about Full Self Driving in Tesla vehicles - a feature that neither exists, per what its name claims, nor has been proven to be reliably safe - for years. On top of that,...


  • Who's Hiring And Who's Firing In April: A Golden Age For Waiters And Card Dealers

    Who's Hiring And Who's Firing In April: A Golden Age For Waiters And Card Dealers

    It goes without saying: today's massive jobs report miss - the biggest since 1998 and the second biggest in history - was not pretty: with just 266K jobs added, this was a nearly 4-sigma miss to expectations of a 1 million print.

    The reality is that the number could have been even worse: had it not been for some 187,000 workers added in food service and drinking places (i.e. waiters and bartenders)...


  • Derek Chauvin, Three Other Ex-Cops Indicted On Civil Rights Charges In Death Of George Floyd

    Derek Chauvin, Three Other Ex-Cops Indicted On Civil Rights Charges In Death Of George Floyd

    The Biden DOJ has indicted former police officer Derek Chauvin and three other former Minneapolis police officers on federal civil rights charges for their roles in the death of George Floyd.

    The indictment alleges that Chauvin, along with J. Alexander Kueng, Tou Thao and Thomas Lane violated Floyd's rights when they saw him lying on the ground "in clear need" of medical attention, but...


  • Kashkari Slams Fed Critics, Pretends Stimulus Isn't Helping Wall Street

    Kashkari Slams Fed Critics, Pretends Stimulus Isn't Helping Wall Street

    After Dallas Fed President Robert Kaplan spooked stocks by repeatedly suggesting that it was time to start discussing tapering of the Fed's asset purchases, Friday's job number offered doves on the Fed just the ammunition they needed to push back.

    So we weren't surprised to see Minneapolis Fed President Neel Kashkari appear on Bloomberg TV Friday morning just minutes later to defend the Fed's dovish approach,...


  • Peter Schiff: The Fed Can't Tell The Truth About Inflation

    Peter Schiff: The Fed Can't Tell The Truth About Inflation

    Via SchiffGold.com,

    Inflation is the word of the day.

    We’ve been talking about inflation for months, but now the mainstream is starting to pay attention to rising prices. In corporate board rooms, board members are talking about passing along their increased costs to their customers. Consumers are trying to tighten budgets. But the Federal Reserve keeps telling us there isn’t a problem. Inflation – so we’re told – is...


  • April Payrolls Miss Huge, Just 266K Jobs Added Below Expectations Of 1 Million

    "Literally Shocking Data" - April Payrolls Miss Huge, Just 266K Jobs Added Below Expectations Of 1 Million

    With expectations of today's payroll print soaring, consensus expecting a whopping 1 million number and some forecasters calling as high as 2+ million, few were prepared for a miss (just 2 forecasters out of 79 were calling for a sub 800,000 print). And of course the market gods made sure to inflict the most possible pain on as many as possible, with the BLS reporting an April...


  • Goldman Announces Formation Of New Crypto Trading Desk

    Goldman Announces Formation Of New Crypto Trading Desk

    2018 was not a good year for bitcoin, and for cryptos in general: after hitting an all time high of (only) $20,000 in December of 2017, much of the remainder of 2018 was spent with the crypto bubble deflating, with early crypto investors first casually than fervently taking profits and dragging the price of cryptos ever lower. The punchline came in September, when as we reported at the time Goldman - clearly disappointed with...


  • Are Stocks Cheap, Or Just Another Rationalization?

    Are Stocks Cheap, Or Just Another Rationalization?

    Authored by Lance Roberts via RealInvestmentAdvice.com,

    Are stocks “cheap,” or is this just another bullish “rationalization.” Such was the suggestion by the consistently bullish Brian Wesbury of First Trust in a research note entitled “Yes, Stocks Are Cheap.” To wit:

    “The Fed remains highly accommodative, there are trillions of dollars of cash on the sidelines, vaccines have reached over 50% of Americans, and the economy is...


  • Watch: Elon Musk Calls Crypto "Speculation", Says People "Should Not Invest Their Life Savings" In It

    Watch: Elon Musk Calls Crypto "Speculation", Says People "Should Not Invest Their Life Savings" In It

    With Elon Musk slated to host Saturday Night Live this weekend, the whole world's focus has been on whether or not Musk is going to use the platform to pump either Tesla stock or any number cryptocurrencies, which have rallied ahead of Musk's appearance. 

    The paparazzi professionals over at TMZ caught up with Elon Musk late this week and were able to lob the Tesla CEO a couple of...


  • Nasdaq Explodes Higher, Gold Gains, Dollar & Bond Yields Crash After Dismal Jobs Data

    Nasdaq Explodes Higher, Gold Gains, Dollar & Bond Yields Crash After Dismal Jobs Data

    Well that escalated quickly. The dismally disappointing payrolls data has sparked chaos across capital markets as investors consider 'tapering the taper' talk.

    Market-implied Fed Rate expectations collapsed with the odds of a rate-hike before Dec 2022 now less than 50%