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White House Again Claims U.S. ‘Stronger Economically Than We Have Been In History’

Written on . Posted in PT Global Economy.

For the second time in as many months, White House Press Secretary Karine Jean-Pierre told reporters during a press briefing that the U.S. is now at a stronger point economically than it has been “in history.”

Jean-Pierre’s latest comment on the economy echoes her claim a month ago that the U.S. economy is doing better now than it has done historically. On Thursday afternoon, the press secretary referenced the unemployment rate and job growth in recent months, claiming those numbers prove the U.S. economy is strong, even as inflation and gas prices have hit record highs under President Joe Biden’s watch.

“When we look at where we are economically — and we are stronger economically than we have been in history,” Jean-Pierre said. “When you look at the unemployment numbers at 3.6%, when you look at the jobs numbers, more than 8.7 million of new jobs created, that is important.”

https://twitter.com/i/status/1545140752535228417

In early June, Jean-Pierre made the same claim to reporters when she attempted to explain that the economic state of the U.S. puts it in a “good position” to address inflation.

Read More @ Daily Mail HERE

U.S. Treasury yields extend gains as bond markets continue to flash recession warning

Written on . Posted in PT Global Economy.

U.S. Treasury yields were higher on Thursday morning, extending gains even as the closely watched 2-year/10-year yield curve remained inverted — a key recession signal.

The yield on the benchmark 10-year Treasury note rose over 6 basis points to 2.979%, while the yield on the 30-year Treasury bond was up 4 basis points to 3.165%. Yields move inversely to prices, and a basis point is equal to 0.01%.

Market pros track the spread between longer-duration Treasury yields and shorter-duration yields, with the former typically higher.

“Seven years of great abundance are coming throughout the land of Egypt, 30 but seven years of famine will follow them.” Genesis 41:29

However, the 2-year Treasury yield climbed 15 basis points to 2.967% on Wednesday, holding above the 10-year. That so-called inversion, particularly if sustained, is often interpreted as a warning sign that the economy may be weakening, and a recession could be on the horizon.

The 2-year to 10-year curve first inverted on March 31, then again briefly in June.

Treasury yields pushed higher on Thursday after moving higher in the previous session on the release of the latest Federal Reserve meeting minutes. The documents showed that the central bank was leaning toward another 75 basis point rate hike this month as it focuses on bringing down inflation.

Read More @ CNBC HERE