The Interesting Lies of Samuelson: How We Naively Believed the Case of Giffen Goods

Core US Factory Orders Better Than Expected In December While sentiment is sagging to multi-year lows, 'hard' data is helping support growth forecasts (GDPNOW) and holding stocks at record highs. This morning we get a fresh glimpse at America's manufacturing segment - hard data - with Orders data (which is expected to drop MoM in December). After surging higher in November (+2.7% MoM), analysts expected US Factory Orders to drop 0.6% MoM in December but the actual print disappointed, dropping 0.7% MoM Source: Bloomberg Interestingly, Core Factory Orders rose 0.4% MoM - better than...

Iran Blowback: At Least 22 Killed Trying To Storm US Consulate In Pakistan Mass anti-American protests have broken out in areas of the Middle East especially with large Shia Muslim populations. This is happening in parts of Pakistan, but also across Iraq - given the majority of Iraq is Shia, and shares deep sympathies with the Iranian religious establishment. The blowback to the Trump-ordered attacks on Iran has begun, especially in Pakistan, where at least 22 were killed after rioters tried to storm the US consulate in the Pakistani city of Karachi.  Outside the US...

Ford Carrier Group Enters Mediterranean To Join Biggest US Build-Up Since 2003 Iraq War Open source monitors as well as US and Middle East media have confirmed that the USS Gerald R. Ford, the world’s largest aircraft carrier, has entered the Mediterranean Sea, having sailed passed the Strait of Gibraltar on Friday. This is the second carrier strike group expected to soon operate directly in the CENTCOM area of responsibility, amid the massive military build-up and pressure campaign against Iran. It was sent from the Caribbean earlier this month, extending its planned...