All Bubbles End In Deflation

Primoris Services Crashes Again As Guidance Cut And Mgmt Missteps Spook Wall Street Shares of Primoris Services crashed in premarket trading after the infrastructure contractor slashed its full-year earnings outlook (again) and announced the departure of its chief operating officer. The specialty construction and infrastructure contractor, which builds, maintains, and engineers critical infrastructure for utilities, energy, renewables, pipelines, power generation, industrial, chemical, oil and gas, civil infrastructure, and data-center power projects, blamed the guidance cut on weakness in its renewables business, where full-year revenue is now expected to fall about 30%...

Lowe's CEO Warns Housing Market "Most Difficult" Since Financial Crisis As DIY Project Demand Crumbles Home improvement retailers such as Home Depot and Lowe's warned this week that consumers remain reluctant to splurge on big-ticket home improvement items, as elevated mortgage rates, high home prices, energy inflation, weakening sentiment, and broader macroeconomic uncertainty weigh on demand. Let's begin with Home Depot, which on Wednesday reported mixed first-quarter results. At the same time, management said on the conference call that it is not expecting a "marked improvement in underlying demand." Bernstein analyst Zhihan...

Fed Holds Rates Unchanged (As Expected), 'Dots' Signal Hawkish Bias As Warsh Takes Over Tl;dr: No rate change (as expected) but a dramatically hawkish shift in The Fed's bias (9 members seeing at least one hike this year). Statement smilled down dramatically, also biases towards hawkish focus on price stability (inflation) over employment: "The Committee will deliver price stability". “The market is focused on the dot plot for now, with half the committee thinking there will be hikes. The bear flattening seems reasonable based on that. Those who looked for a...