Housing Starts Surge To Highest Since 2024 As Permits Unexpectedly Crater

Starmer Faces 'Sleaze Inquiry' Vote Over Epstein Pal Mandelson's Appointment Trouble has been brewing for UK Prime Minister Kier Starmer over his appointment of Peter Mandelson as US ambassador - despite Mandelson's well-known past associations with the late convicted sex offender Jeffrey Epstein. Mandelson, a senior New Labour figure and former EU Trade Commissioner, has long faced questions over his friendship with sex-offender Epstein, and these ties were public knowledge when Starmer nominated him for the prestigious Washington role. While Starmer admitted he was aware of the relationship, he says Mandelson "lied repeatedly" about...

What If Warsh Shocks The Market And Keeps Rates On Hold Ahead of today's FOMC announcement at 2pm, the prevailing consensus is that Warsh will raise rates but he doesn't need to, as tariff inflation is now fading fast, the bulk of headline inflation is driven by one-time supply shocks from the Iran war which the Fed is powerless to fix, and the upcoming change to the PCE methodology will trim the YoY print by about 0.3%, suggesting that the Fed will be hiking at a time when core inflation...

Cracking Up And Joining Up By Michael Every of Rabobank Geopolitics is front and center, even in Argentina–England at the World Cup, where the contested Falklands/Malvinas, which could have oil reserves, saw jingoist 1980’s language. Yet it’s Hormuz, where 1980’s-style tanker wars are underway, that’s the penalty spot. The US is striking Iran again night and day, as Tehran warns of an “existential war”. Reports have Trump leaning towards expanding US military operations; others say what he’s been hitting widen his options for escalation; and Trump has stated Iran “will be defeated...