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Administrative Update
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United States: Bloomberg’s report shows that Americans are much more upbeat about personal finances than the state of the economy.
There is a divergence between retail sales and consumer confidence.
United Kingdom: Analysts are skeptical about the latest job support scheme from the government.
• While the new program is relatively inexpensive, …
• … it relies on employers contributing to the scheme.
Why would companies pay part-time employees for hours they don’t work when they can hire full-time workers?
Emerging Markets: Turkey’s central bank surprised the markets with a massive rate hike to defend the lira.
The central bank has been spending a tremendous amount of F/X reserves to defend the currency, but it can’t afford to do so for much longer as reserves dwindle (without boosting the lira). So it opted for a rate hike instead.
Credit: Commercial real estate mortgages that are 90+ days past due have been rising.
Many retail properties have been struggling, and some are never coming back.
Rates: Recently, we’ve been getting conflicting messages from key Fed officials.
Food For Thought: Business loan fraud in the US:
Edited by Devon Lall
Contact the Daily Shot Editor: Editor@DailyShotLetter.com
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