😨 ELON FLOATS BLUEPRINT FOR A NEW "AMERICA PARTY” POWER PLAY
Forget the presidency - Elon’s idea? Flip just enough seats to become the kingmaker. He’s talking 2–3 Senate races, 8–10 House districts. That’s it. @elonmusk : "Given the razor-thin legislative margins, that would be enough to serve as the deciding vote on contentious laws, ensuring that they serve the true will of the people." ▶️ This can be seen as "Minority leverage". Not a party to win; a party to decide who does. All it "America party" ‼️ Source: @elonmusk thru Mario Nawfal on X
The sky is the limit... Hartnett BofA
Porky Big Beautiful Bill set to raise US debt ceiling $5tn to $41tn. Source: BofA thru Mike Zaccardi, CFA, CMT, MBA
U.S. Housing Market has reached its most unaffordable level in history 🚨🚨
Source: Barchart, re:venture
Only 16% of respondents in a recent Deutsche Bank survey believe the Fed is completely independent, with 25% seeing political pressure leading to lower rates.
Source: DB thru Liz Abramowicz
Notable: Coming back to yesterday's US non farm payrolls
-> The 147,000 job gains in June were almost all (over 75%) in healthcare and government. Government: +73,000 Healthcare: +39,000 The government job gains looked like this: State gov't education +40,000 State gov't non-education +7,000 Local gov't education +23,000 Local gov't non education +10,000 Federal gov't -7,000 Source: Heather Long on X
It seems the world is becoming MORE comfortable with USA sovereign risk once again...
(below US CDS) Source: Bloomberg, www.zerohedge.com
Key U.S. Economic Indicators Hitting New Highs
1. Stocks: all-time high 2. Home Prices: all-time high 3. Bitcoin: all-time high 4. Money Supply: all-time high 5. National Debt: all-time high 6. CPI Inflation: 4% per year since Jan 2020, 2x the Fed's "target" 7. Fed: expected to cut rates between 1x and 2x this year 8. The US Treasury is skewing issuance further to bills (Fiscal QE) Source. Charlie Bilello
Happy Independence Day!
Source: hedgeye
