Notes in the Margin

Inventory has been rising steadily over the past year, up 29% in June. Prices are still seeing big gains in the Northeast and Midwest.

"the 30-year yield neared the record high seen in May and the 20-year yield touched the highest since 2000." 

ZeroHedge summarizes the debate between David Beckworth and Bob Murphy on whether the Fed should be abolished.

"Attacks by Jewish settlers have been on the rise, and an unspoken policy of impunity for settler violence, arson and acts of intimidation appears to have taken hold."

Responding to the question, “Should the EU Bite the 10 Percent Tariff Bullet With the United States?”

"a return to near-zero rates 'remains significant over the medium to long term…due to recent elevated uncertainty.'" In Fedspeak, "uncertainty" means "bad economy."

Up over 30 basis points in 3 days, now above 3%. "Market concerns about fiscal policy....may be contributing to the rise in bond yields..."

As prices surge, loan amounts get bigger. "Larger mortgage balances have put pressure on homeowners and likely caused an increase in delinquencies."

Trump, et al want more inflation and want Powell to be the new Arthur Burns. Burns is arguably the actual worst Fed chair ever. 

“The Department of Defense continues to provide the President with robust options to continue military aid to Ukraine."