Following the substantial rally seen in the previous session, stocks saw some further upside during trading on Wednesday. The major averages fluctuated over the course of
the session but managed to end the day modestly higher.

The Nasdaq inched up 9.45 points or 0.1 percent to a three-month closing high of 14,103.84, and the S&P 500 edged up 7.18 points or 0.2 percent to a two-month closing high
of 4.502.88.

The narrower Dow outperformed, climbing 163.51 points or 0.5 percent to 3,499.21, the blue chip index's best closing level in three months.

The continued strength on Wall Street came as the latest inflation data added to optimism about the outlook for interest rates.

Before the start of trading, the Labor Department released a report showing an unexpected decrease in U.S. producer prices in the month of October.

The Labor Department said its producer price index fell by 0.5 percent in October after rising by a revised 0.4 percent in September.

Producer prices were expected to inch up by 0.1 percent compared to the 0.5 percent increase originally reported for the previous month.

The report also said the annual rate of producer price growth slowed to 1.3 percent in October from 2.2 percent in September. Economists had expected the pace of price
growth to slow to 1.9 percent.

Following yesterday's tamer than expected consumer price inflation data, the latest report reinforced expectations that the Federal Reserve is done raising interest rates.

"The Fed will welcome the reprieve, after producer prices recorded a 4.9% annualized gain in Q3, and coupled with yesterday's CPI report, it bolsters the case for no
further rate increases," said Matthew Martin, U.S. Economist at Oxford Economics.

Meanwhile, a report released by the Commerce Department showed retail sales in the U.S. edged slightly lower in the month of October.

The Commerce Department said retail sales slipped by 0.1 percent in October after jumping by an upwardly revised 0.9 percent in September.

Economists had expected retail sales to dip by 0.3 percent compared to the 0.7 percent increase originally reported for the previous month.

Excluding a decrease in sales by motor vehicle and parts dealers, retail sales inched up by 0.1 percent in October after climbing by 0.8 percent in September. Ex-auto
sales were expected to come in unchanged.

Sector News

Airline stocks saw further upside after skyrocketing in the previous session, driving the NYSE Arca Airline Index up by 2.9 percent to its best closing level in well over
a month.

Significant strength was also visible among banking stocks, with the KBW Bank Index climbing by 1.4 percent to a two-month closing high.

On the other hand, oil service stocks moved sharply lower along with the price of crude oil, dragging the Philadelphia Oil Service Index down by 1.4 percent.

Pharmaceutical stocks also saw notable weakness on the day, resulting in a 1.0 percent drop by the NYSE Arca Pharmaceutical Index.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region moved significantly higher during trading on Wednesday. Japan's Nikkei 225 Index spiked by 2.5 percent,
while Hong Kong's Hang Seng Index skyrocketed by 3.9 percent.

The major European markets also moved to the upside on the day. While the German DAX Index advanced by 0.9 percent, the U.K.'s FTSE 100 Index climbed by 0.6 percent and
the French CAC 40 Index rose by 0.3 percent.

In the bond market, treasuries are giving back ground after skyrocketing in the previous session. As a result, the yield on the benchmark ten-year note, which moves
opposite of its price, is up 9.8 basis points at 4.539 percent.

Looking Ahead

Another batch of U.S. economic data is scheduled to be released on Thursday, including reports on weekly jobless claims, import and export prices, industrial production
and homebuilder confidence.

On the earnings front, retail giant Walmart (WMT) is among the companies due to report their quarterly results before the start of trading on Thursday.












Many Americans Could Run Out of Money by January 1st -NewsBreak

During the quiet days of the COVID-19 lockdown, American households, in an unexpected turn, piled up a mountain of extra cash, reaching a staggering $2 trillion.

But now, there's a twist in the tale that's as surprising as it was unforeseen. This financial cushion that seemed like a safe harbor during the pandemic storm is
evaporating faster than anyone predicted.

Where did all that money go, and what does this mean for families grappling with ongoing high inflation?

According to new research from the Federal Reserve Bank of San Francisco, U.S. households held less than $190 billion in excess pandemic savings as of June 2022, down
drastically from over $2 trillion ¹ in August 2021. The researchers estimate these remaining funds will dry up completely by the end of first quarter of 2023.

This is a worrying sign for family finances. The excess savings provided a buffer against rising prices over the past year. But with that cushion vanishing, many
households have little protection left against further inflationary shocks.

Surging costs for essentials like food, rent, and gas are largely to blame for the savings drawdown. Compared to pre-pandemic levels, grocery prices are up 13.5%, rents
have spiked 26%, and gas remains 40% higher despite recent declines.

Elite investor Jim Rogers touts gold and silver over stocks and real estate - and warns inflation will worsen and a recession is looming -Business Insider

by Theron Mohamed

Jim Rogers expects gold and silver to outshine other assets during a period of historic inflation and widespread worry about a recession.

"If you're in a world where prices are going higher, you want to own the things that are going higher in price," the veteran investor told "The Julia La Roche Show" in a recent interview.

Rogers is best known as George Soros' former business partner, and the cofounder of Quantum Fund and Soros Fund Management. He explained that fast-rising prices make fixed-income assets like bonds less attractive, and the higher interest rates that typically accompany them often weigh on the stock market and real-estate sector.

However, commodities like gold, silver, and rice tend to appreciate during inflationary times, meaning they're "usually a good place to ride it out and even perhaps make a lot of money," Rogers said. He singled out gold as a historical beneficiary of surging prices and raging wars, but hailed silver as the better bet today as its price is much more depressed.

Rogers also said he expects other currencies to threaten the US dollar's role as the world's reserve currency, but he hasn't found the likely winner from de-dollarization as yet. He noted that Washington's use of sanctions against Russia over its invasion of Ukraine has stoked concerns in several nations that the dollar isn't a neutral haven, and could become a liability if a country angers America.

Livin’ On A Prayer … And Credit! US Consumer Debt Hits $17.3 TRILLION As Credit Card Delinquency Growth Highest Since Covid Lockdown (UMich Inflation Expectations SOAR To Highest Since 2011!) -Confounded Interest

Under Bidenomics, with its high inflation rate and crushing negative wage growth, consumers are draining their savings and living on a prayer … and consumer credit to cope.

US consumer credit just rose to $17.3 trillion, up dramatically since Biden's inauguration as El Presidente of the United Banana Republics of America.

What is worrisome in the transition rates (like current to 90-days delinquent) Credit cards (blue) and auto loans (red).

A closer look at credit card delinquency rates on a year-over-year (YoY) basis, showing the fastest growth in delinquencies since the Covid economic lockdowns.

Then we have commercial real estate delinquencies are now the highest the have been since 2013.

Meanwhile, University of Michigan consumer sentiment about inflation spiked to 4.4%. That is the highest medium-term inflation expectation since 2011.





The President's Working Group on Financial Markets

known colloquially as the Plunge Protection Team, or "(PPT)" was created by Executive Order 12631,[1] signed on March 18, 1988, by United States President Ronald Reagan.

As established by the executive order, the Working Group has three purposes and functions:

"(a) Recognizing the goals of enhancing the integrity, efficiency, orderliness, and competitiveness of our Nation's financial markets and maintaining investor confidence, the Working Group shall identify and consider:

(1) the major issues raised by the numerous studies on the events in the financial markets surrounding October 19, 1987, and any of those recommendations that have the potential to achieve the goals noted above; and
(2) the actions, including governmental actions under existing laws and regulations (such as policy coordination and contingency planning), that are appropriate to carry out these recommendations.
(b) The Working Group shall consult, as appropriate, with representatives of the various exchanges, clearinghouses, self-regulatory bodies, and with major market participants to determine private sector solutions wherever possible.
(c) The Working Group shall report to the President initially within 60 days (and periodically thereafter) on its progress and, if appropriate, its views on any recommended legislative changes."

Plunge Protection Team
"Plunge Protection Team" was originally the headline for an article in The Washington Post on February 23, 1997, and has since been used by some as an informal term to refer to the Working Group. Initially, the term was used to express the opinion that the Working Group was being used to prop up the stock markets during downturns.[5 Financial writers for British newspapers The Observer and The Daily Telegraph, along with U.S. Congressman Ron Paul, writers Kevin Phillips (who claims "no personal firsthand knowledge" and John Crudele,[8] have charged the Working Group with going beyond their legal mandate.[failed verification] Charles Biderman, head of TrimTabs Investment Research, which tracks money flow in the equities market, suspected that following the 2008 financial crisis the Federal Reserve or U.S. government was supporting the stock market. He stated that "If the money to boost stock prices did not come from the traditional players, it had to have come from somewhere else" and "Why not support the stock market as well? Moreover, several officials have suggested the government should support stock prices."

In August 2005, Sprott Asset Management released a report that argued that there is little doubt that the PPT intervened to protect the stock market.[10] However, these articles usually refer to the Working Group using moral suasion to attempt to convince banks to buy stock index futures.

Former Federal Reserve Board member Robert Heller, in the Wall Street Journal, opined that "Instead of flooding the entire economy with liquidity, and thereby increasing the danger of inflation, the Fed could support the stock market directly by buying market averages in the futures market, thereby stabilizing the market as a whole." Author Kevin Phillips wrote in his 2008 book Bad Money that while he had no interest "in becoming a conspiracy investigator", he nevertheless drew the conclusion that "some kind of high-level decision seems to have been reached in Washington to loosely institutionalize a rescue mechanism for the stock market akin to that safeguard major U.S. banks from exposure to domestic and foreign loan and currency crises." Phillips infers that the simplest way for the Working Group to intervene in market plunges would be through buying stock market index futures contracts, either in cooperation with major banks or through trading desks at the U.S. Treasury or Federal Reserve.

The Exchange Stabilization Fund protects the FED.   

We already know the FED is lying that raising interest rates will reduce price inflation. The Exchange Stabilization Fund (ESF) is an emergency reserve account that can be used by the U.S. Department of Treasury to mitigate instability in various financial sectors, including credit, securities, and foreign exchange markets. The U.S. Exchange Stabilization Fund was established at the Treasury Department by a provision in the Gold Reserve Act of 1934.

Gold market manipulation: Why, how, and how long? (2021 edition)




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