“Fed rate hike pause in September may ‘make sense,’ Atlanta Fed’s Raphael Bostic says” (Page 2) “Amazon aims to sublet, end warehouse leases as online sales cool” (Page 3) “I fear something wicked this way comes…” (Page 5) “Truckload spot rates tank fast thanks to fuel costs” (Page 7) Global assets have fallen by ~34% of global GDP in just over five months (Page 9) New Home Inventories suggest the US is either near a

Monetary policy is 98% talk and only 2% action.-Former Fed Chairman Ben Bernanke, 3/30/15 (via DC) Summary: Mr. X: In my view, it is HIGHLY likely that US economic and corporate earnings data are about to weaken markedly, as the US economy appears to be not tapping on the brakes but slamming on the brakes.  This should become much more apparent over the next 1-2 months.  As it does, the Fed will either: Immediately get

Chinese economic growth falls sharply, contributing to biggest capital outflows since 1q20 (Page 2) “China insists Communist Party elites shed overseas assets, eyeing western sanctions on Russia” (Page 3) “Wall Street warns stock, bond liquidity is getting as bad as 2020” (Page 6) Corporate earnings and economic data releases point to more job cuts, lower US tax receipts, lower US growth (Page 8) “NY FED’S WILLIAMS: NOT SEEING SIGNS OF MARKET DYSFUNCTION IN THE TREASURY