Something weird happened on Tuesday, in that someone without collateral needed money overnight very badly. The Fed overnight rate is running between 0 and 0.25%; someone had to pay 7%. In this climate, someone needed to do that and was willing. Karl at Market Ticker thinks someone is in real trouble. No idea who, tho'.
US Consumer confidence unexpectedly fell in June (more here), and that was before the latest jobs report that I discussed earlier. Here's CNBC's story, and here's what Mish has to say about jobs. So does The Financial Post, which notes that every job gained over the last decade is now lost.
"Prime" home mortgage delinquencies doubled last month, with foreclosures topping 300,000 yet again. Prime mortgages >60 days late are up to 2.9% - a very large number for prime. CNBC was reporting a decline in the rate of price collapse as a sign of "stability", which I think not so much, but you just keep spreading that fertiliser, CNBC.
The June retail sales report (Redbook) was rather bad - worse than expected, with year-to-year declines worse than the previous month and worse than expected.
China is indicating that it's done stockpiling commodities - whether this is true or not, I can't say.
Sweden has gone negative, cutting the deposit rate to negative 0.25%. (-0.25%). The United Kingdom's GDP dropped 2.4% in the first quarter. That's actually a revision worse.
Zero Hedge is one of several people very upset with the NYSE over reductions in transparency involving automated/programme trading. I'm too sleepy to write up an explanation, go read the URL. It's a bad idea. Here's the NYSE's response to that complaint.
Watch your credit cards carefully: banks are raising rates and minimum payments abruptly ahead of a new low restricting how much they can do that.
That's all for now; g'night!