Zero Hedge: Powell was not concerned by higher yields early last week but he may change his tune on 4 March
Brainard has already admitted that more recent price action has caught her attention
We expect Powell to flag scope for a policy response if rising long-term yields threaten recovery
The key event for the market this week would usually be the US non-farm payroll report but focus is instead centred on Fed Chair Powell’s speech on 4 March. We doubt that he will signal near-term Fed policy action in response to the recent UST yield volatility. Given current yield levels and financial conditions, it is difficult to justify such a move without appearing to be driven solely by market developments. Read More
Breitbart: The U.S. House of Representatives on Wednesday passed H.R. 1, otherwise known as the “For the People Act,” which Republicans warn will compromise election integrity and ultimately lead to the federalization of U.S. elections.
The Democrat-led House passed the legislation on party lines, 220 to 210. A summary of the bill notes that it “expands voter registration (e.g., automatic and same-day registration) and voting access (e.g., vote-by-mail and early voting)” and imposes limits on removing voters from voter rolls.
Republicans have warned that the Democrat legislation would vastly reduce the power of the states to control and operate elections at the local level.
“If this bill passes, it puts in all these terrible provisions,” Hans von Spakovsky, manager of the Heritage Foundation’s Election Law Reform Initiative and a senior legal fellow of the Meese Center for Legal and Judicial Studies, said during a January appearance on Breitbart News Daily.
“It’s a federal micromanagement of the election process, and everything that folks on the left want to reduce the integrity [and] the security of the election process is in there,” he continued.
“If you’re a state like Alabama or Texas that has a voter ID law, you might as well forget it, Read More
Zero Hedge: There has been spreading chatter that during Jerome Powell’s upcoming appearance at a Wall Street Journal virtual event on Thursday at noon, the Fed Chair may unveil changes to Fed bond buying and potentially unveil Operation Twist 3.0. As DataTrek‘s Nicholas Colas asks, “will he preview a change in the central bank’s quantitative easing program, one that shifts purchases to the long end to bring down 10-year Treasury yields?”
In response, Colas says that the question sent him to the academic literature and historical record concerning the prior 2 times the Fed delved into implicit yield curve control:
The San Francisco Fed published an analysis in 2011 about the 1961 “Operation Twist”. It found that the net effect was to push long term yields down by 0.15 percentage points. The paper says this was “highly statistically significant, but moderate”. (Link to the full article.)
This is what happened to 10-year yields during the September 2011 – December 2012 “Operation Twist 2” period (chart from January 2010 to December 2013):
Colas’ takeaway is that “it is this more recent history – one that shows the Fed can absolutely suppress long term interest rates by 100 bp or more – that will be on investors’ minds as they tune in to hear Chair Powell on Thursday.” Read More
Zero Hedge: China is currently signaling the world that it has mapped out its post-COVID ascent, but crucially it is now openly naming the United States as its biggest global obstacle.
Then the sixth angel poured out his bowl on the great river Euphrates, and its water was dried up, so that the way of the kings from the east might be prepared. Revelation 16:12
Though Beijing and Washington now seem to have accepted their ongoing economic and financial rivarly as essentially commonplace across various industries, particularly tech and communications, as well as defense, a recent speech by President Xi Jinping upped the ante further, having as its central theme “the East is rising and the West is declining.”
“The biggest source of chaos in the present-day world is the United States,” Mr. Xi stated ultra-confidently in a speech that was published last week and recently translated. And according to an official cited in The New York Times as having been present at the speech, Xi said, “The United States is the biggest threat to our country’s development and security.” Read More
JNS: “The decision has no basis in law or precedent; rather, the ICC has become just another anti-Israel international organization,” Professor Eugene Kontorovich, director of International Law at the Jerusalem-based Kohelet Policy Forum, told JNS.
“My help comes from the LORD, the Maker of heaven and earth. indeed, he who watches over Israel will neither slumber nor sleep. the sun will not harm you by day, nor the moon by night. the LORD will watch over your coming and going both now and forevermore. Psalm 121.1
The chief prosecutor of the International Criminal Court in the Hague announced on Wednesday her intention to open an investigation into war crimes allegedly committed by Israelis and Palestinians since 2014.
The announcement was strongly denounced by Israel, but welcomed by the Palestinian Authority, which had requested the probe. It comes less than a month after the ICC ruled that it had jurisdiction to open an investigation.
“The investigation will cover crimes within the jurisdiction of the court that are alleged to have been committed in the situation since 13 June 2014, the date to which reference is made in the referral of the situation to my office,” said Chief Prosecutor Fatou Bensouda in a statement. “Any investigation undertaken by the office will be conducted independently, impartially and objectively, without fear or favor.”
By choosing June 13, 2014, as the start date for the investigation, it will not look into the murder of three Israeli Jewish teenagers—Eyal Yifrach, Gilad Shaar and Naftali Frenkel—that happened the day before. Read More
US News: A SPRAWLING AIRBASE IN Iraq that serves as one of the most consequential hubs for the U.S.-led military presence there came under attack Wednesday morning by 10 rockets, local officials said.
The perpetrator was not immediately clear and Iraqi authorities were still conducting an investigation as of Wednesday morning. However, Iraqi officials issued carefully crafted statements shortly afterward that indicate they believe Iran was behind the attack.
Pentagon spokesman John Kirby in a statement said one U.S. civilian contractor had a heart attack while sheltering during the strike and later died. No uniformed U.S. troops were injured, Kirby said. The U.S. cannot attribute responsibility for the attack, he said, deferring to the Iraqi investigation. Read More
Zero Hedge: Newly minted CDC Director Rochelle Walensky wants residents of Texas and Mississippi to continue wearing face masks despite the governors there lifting COVID-19 restrictions amid a decline in cases.
“I think we, the CDC, have been very clear that now is not the time to release all restrictions,” said Walensky during a White House pandemic briefing in response to a question about reopening Texas. “Every individual is empowered to do the right thing here, regardless of what states decide.”
“Let every soul be subject unto the higher powers. For there is no power but of God: the powers that be are ordained of God.” Romans 13:1
On Tuesday, Texas Governor Greg Abbott enraged the left after announcing that the state would lift its mask mandate and reopen businesses next week, while also banning counties from fining or jailing people who disregard local measures.
Effective March 10, all businesses will be allowed to open at 100% of capacity, Abbott said during a media briefing in Lubbock on Tuesday. His executive order allows county judges to reinstate anti-virus rules should hospitalizations surge.
“Too many Texans have been sidelined from employment opportunities; too many small-business owners have struggled to pay their bills,” the Republican governor said. “It is now time to open Texas 100%.” Read More
Daily Wire: Microsoft Corp. has teamed up with the Los Angeles Unified School District to bring students a Covid-19-related “comprehensive system” called “Daily Pass.”
“So they worshiped the dragon who gave authority to the beast; and they worshiped the beast, saying, “Who is like the beast? Who is able to make war with him?” Revelation 13:14
The system requires children to be scanned into school with their own unique QR code: their “Daily Pass.” If a student doesn’t have their barcode, they cannot get into school. And per the district, students will also still be wearing masks, staying six feet apart from one another and getting temperature checks outside the school.
There are nearly half a million students in the Los Angeles Unified School District, ranging from kindergarten to 12th grade.
To earn their safe-for-school Daily Pass, students and staffers must answer questions online and test negative for the novel coronavirus every week.
“He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads” Revelation 13:16
“Daily Pass generates a unique QR code for each student and staff member, and that code authorizes entry to a specific LAUSD location for that day only — as long as the individual receives a negative test result for COVID, shows no symptoms and has a temperature under 100 degrees, the district said,” NBC Los Angeles outlined. “Upon the individual’s arrival to a campus, their QR code is scanned by a district school-site leader, who takes the individual’s temperature.”
According to a statement released by the billionaire last March, Gates intended to “remain active at the company and would work closely with Satya Nadella, Microsoft’s chief executive.”
“Microsoft will always be an important part of my life’s work and I will continue to be engaged with Satya and the technical leadership to help shape the vision and achieve the company’s ambitious goals. I feel more optimistic than ever about the progress the company is making,” wrote Gates. Read More
