The GDP Illusion: Surging Statistics Hide Pain for Average Americans

Consumer Credit Jumps More Than Expected In June As Credit Card Debt Spikes One month after the May consumer credit posting a shocking decline - the first since late 2024 - driven by a plunge in revolving credit, things are mostly back to normal, with the Fed reporting in its latest G.19 report that in June, US consumer credit posted a healthy $14.17BN bounce - a full reversal of the May drop of $1.1 billion - and above the $11.9 billion median estimate.  The rebound was driven by a sizable reversal in...

The process of naturalization is a government-created "right" with no basis in property rights. In other words, there is no libertarian case for birthright citizenship.

US Treasury Sells $139BN In Two Polar Opposite Auctions: A Stellar 2Y And A Dismal 5Y Ahead of Wednesday's FOMC decision (where according to SOFR futures, the odds of a rate hike are a significant 38%, even as most traders expect no action by the Fed), we had the week's first two coupon auctions take place according to an abbreviated schedule, with the sale of $69BN in 2Y notes taking place at 11:30am, followed by $70BN in 5Y notes. And while the former was unexpectedly strong, the latter was one...