The market is definitely in an on-again, off-again romance with bank drama.  Today was already shaping up to be an "on-again" day before the open as Pac West's stock slid in pre-market trading.  Jamie Dimon is also on record saying commercial real estate could cause a few more banks to fold.  Markets aren't too surprised by the risk of a few more bank failures, but it helps drive a bit of bond buying.  AM econ data helped further that agenda with inflation cooling and jobless claims hitting the highest levels since late 2021.  Despite those tailwinds, 10yr yields are already shying away from a range breakout.
In other news, we're getting some questions this morning about the prospect of lower inflation numbers when July's CPI comes out.  It's safe to say that's old news and has been priced into current rate leve
US labor markets continue to be secularly tight, while advancements in the Fed funds rate is doing everything but fighting supply-driven inflationary pressures.
they left two men dead and a woman seriously injured. they re reporting that police have been questioning a person of interest. questions still remain. the person was found a block away from where that second stabbing happened there on the map. the police spokesman said the person went to officers, went with officers to the police headquarters. they were cautioning this person has not been yet linked to any of the stabbings. police are also announcing investigators have collected biological evidence from the three crime scenes. still, no suspects identified. pac west bank is well known, it confirmed a bloomberg news report that they re weighing strategic options including a sale. that is a question whether pac west could go under following the collapse of three other significant regional banks, silicon valley bank, signature bank and first republic on monday morning. this sent pac pwest stock
2023. russia baselessly accusing america of being behind the drone attack on the kremlin. ukraine denies any involvement in that. we called the white house and pentagon. waiting for their reaction. another regional bank may be in trouble. shares of pac west are plunging 50% after the bufrpg ank could seeking a sail. police arrested the gunman accused of shooting five women inside of a medical center. one was killed. the suspect caught after an hour s long manhunt. and jack smith is looking into how the trump organization handled surveillance footage from mar-a-lago. and may the 4th be with. carrie fisher will get a star on the hollywood walk of fame today.
that is nonnegotiable. let s talk about that in the context of the budget. but not threatening the country s economy. is there any chance republicans, some, could be persuaded to vote with democrats in your view? any number of republicans including many in california and in new york who are in biden won districts that would love a chance to not bring catastrophe to the country. they know that so that s a yes? yeah. if given the chance. que the question is, will mccarthy allow a vote and allow the members to support it? but if you re waiting for kevin mccarthy to do the right thing, you ll be waiting a long time. let me ask you about california and banks. pac west, oanother big californa bank is on the brink this morning. it may get bought. shares cut in half overnight. this following silicon valley bank closing. there are real questions about the regulators and the fed report, particularly the san