Sabrin in WSJ: America Has a G-Man-Made Affordability Crisis

Japanic: Yen Suddenly Spikes Stoking Intervention Speculation Having collapsed to its weakest relative to the dollar in 40 years, it appears the Ministry of Finance and Bank of Japan has had enough and intervened. Having tagged 164/USD, the Japanese currency suddenly exploded stronger (below 160/USD, which was the prior level of intervention)... The scale of the move is commensurate with the last large intervention in April. Obviously, there is no confirmation, yet, but the timing, coming after the Fed and after Japan markets have closed, would certainly fit what we know about the...

Chinese Stocks, Yuan Drop After Dismal Data Dump: Worst Retail Sales Since COVID China’s consumer spending and investment slumped in May to levels unseen since the pandemic, exposing risks for an increasingly two-speed economy, as Bloomberg's Chang Shu and Eric Zhu noted: "The supply side remains robust, driven by faster-than-expected expansion in exports and AI tech sectors. The demand side has faltered, with consumption and private non-tech investment plummeting." Here's the details: Industrial Production Industrial production (IP) growth rose modestly to 4.5% yoy from 4.1% yoy thanks to stronger-than-expected exports, although automobile output growth remained...

Israeli media reported on Tuesday that Israeli National Security Minister Itamar Ben Gvir suggested at a security cabinet meeting that the Israeli military should kidnap women and children in Lebanon as a way to put pressure on Hezbollah. “Let’s start thinking outside the box about Hezbollah,” Ben Gvir said, according to The Jerusalem Post. “Also, […]