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Jim Bianco Profile picture
@biancoresearch
Nov 25, 2021 • 7 tweets • 3 min read • Read on X
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1/7
A thread about the latest with COVID.

Europe' case counts hit a new all-time, as did Germany.

Lockdowns, restrictions, and protests (sometimes violent) are everywhere in Europe.
2/7
The world hit a new 10 week high yesterday, and cases are going vertical (orange) line.
3/7
And the US is now moving up, no mistake about it (orange line in the last few weeks).

And, as we have noted before, whenever cases spike in one area, they eventually spike in other area.
4/7
Europe is spiking now even though they have higher vaccine rates than the US
5/7
Michigan has the highest case count in the US.

In fact it is making a new all-time high in cases per 100,000.
6/7
Why bring up Michigan?

Because in 1-hour the Detroit Lions play the Chicago Bears in front of 65,000 maskless screaming fans in DOME STADIUM (read: indoor) Ford Field in Detroit.

Remember a year ago, when case counts were LOWER, they had to play this game with no fans.
7/7
Oh ... and in 48 hours #6 Michigan plays #2 Ohio State in "The Big House" in Ann Arbor. So another 110,000+ maskless fans screaming in the state with the highest case count in the country, and higher than last year's lockdowns.

Are we still following the science???

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More from @biancoresearch

Jim Bianco Profile picture
Jun 26
1/4
I would argue that if the Fed cuts rates and you assume mortgage rates follow the federal funds rate lower (they may NOT be the case), home prices would rise, putting the monthly payment right back at $2,860.

Short 🧵
2/4
This is my favorite metric of home prices because it adjusts for the size of the house.

Redfin downloads every multiple listing service (MLS) across the country to calculate their median.

Prices are at a new all-time high. Image
3/4
Redfin's measure is not a fluke, as the national Case-Shiller Home Price Index is also at an all-time high.

Home prices are booming, benefiting homeowners/sellers. Image
Read 7 tweets
Jim Bianco Profile picture
Jun 14
1/8
Why are we not seeing a "flight-to-quality" into the dollar? Why are bond yields rising?

The answer, I believe, is the markets are NOT viewing Israel/Iran as a safe haven event, but rather a crude oil supply shock story.

IOW, this is NOT viewed as the start of WW III.
🧵
2/8
What is typical when events like happen is we get tables like this.

They are incredibly misleading.

They only highlight known historical events. They don't highlight events that everyone thought was the start of "WW III" but was not.

3/8
Do you remember last year's start of WW III?

The events sound familiar ... Israel attacked Iran and Iran retaliated.

(I'll bet you also forgot WW III also started last year.)

Read 8 tweets
Jim Bianco Profile picture
Jun 2
1/12

Polymarket recession odds peaked at 65% on May 1st, the April ISM release date, suggesting Liberation Day and the 20% stock market correction did not damage the economy, as the "soft data" warned.

Subsequent April data confirmed this.

Will May see more of the same?

🧵 Image
2/12

The prevailing narrative in the market for months has been that the labor market is going to fall apart, forcing the Fed to cut rates.

This has not happened, and so far, the "soft" (survey) data have been wildly off in predicting the economy.
3/12

ISM Employment upticked in May from April. The first monthly "May" data point suggests the labor market is still not weakening. Image
Read 12 tweets
Jim Bianco Profile picture
May 30
1/9
Why The Fed Is Not Cutting Anytime Soon

The economy is rebounding strongly, and prices are rising.

It would be reckless to cut rates under these conditions.

The market knows this ... see this chart.

🧵 Image
2/9
Collapsing Imports are Positive For GDP

*US GOODS IMPORTS FALL 19.8% M/M, BIGGEST DROP ON RECORD

The amount of imported goods declined in April, as expected. April 2 was Liberation Day, and the rise in tariffs slowed imports. Image
3/9
Slowing imports halved the Trade Deficit in April, also as expected. Image
Read 9 tweets
Jim Bianco Profile picture
May 26
1/5
Inflation Update:

May 1st estimated inflation at 1.35%. 25 days later, they are 0.72% higher at 2.07%.

Tariffs?
--
Truflaton measures more goods than services. Goods inflation is lower than services inflation.

So, the rate of change is more important than the level. Image
2/5
Before, Truflation was the Billion Prices Project, which is now called PriceStats and is owned by State Street Bank. The creator is @albertocavallo

On Thursday, the Financial Times featured some of their work. It says the same thing as truflation.

ft.com/content/b27e76…

See the red line on the right. With increased tariffs (red line to the left), the prices of goods originating from China are increasing rapidly.

Also note that the Chinese-originated price rise (red line to the right) began around May 1st, the same time truflation started its upward march.Image
3/5
From the FT:

The Yale Budget Lab says the average US family would pay $2,800 more for the same basket of products purchased last year, should tariffs remain at their current level, with lower-income homes more exposed.

Chinese products being sold in the US have already seen marked increases in retail prices, according to analysis of high-frequency data from PriceStats by Alberto Cavallo of Harvard Business School.
Read 5 tweets
Jim Bianco Profile picture
May 24
1/12

Is the consumer paying higher prices due to tariffs?

We don't know for sure, and will not for months, but some numbers suggest they are.

This will surge inflation and keep the Fed on hold for a long while.

Wall Street does not get this.

🧵
2/12

Customs collects tariffs daily and sends most to the Treasury around the 22nd.

On Thursday (May 22), $16B flowed into the Treasury's account.

Tariff collections are now ~$29B ahead of last year's. On Liberation Day, they were ~$5B ahead of last year.

+$24B in 7 weeks. Image
3/12

The US has been importing about $325B to $340B of goods monthly.

According to the latest data, imports have surged in the last few months (through March) as importers rushed goods ahead of Liberation Day. Image
Read 13 tweets

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