Connect with us

Futures Crash, Stocks At 2022 Lows; Yields, Dollar Explode As UK Stimulus Plan Sparks Global Market Panic

Futures Crash, Stocks At 2022 Lows; Yields, Dollar Explode As UK Stimulus Plan Sparks Global Market Panic

One week after stocks suffered their…



Futures Crash, Stocks At 2022 Lows; Yields, Dollar Explode As UK Stimulus Plan Sparks Global Market Panic

One week after stocks suffered their biggest drop since June, futures are in freefall on Friday with the dollar soaring to the now default daily record high...

... 10Y yields exploding higher, surging more than 10bps so far today...

... in what appears to be the latest bond market flash smash which has pushed 10Y yields to the highest level since 2010...

... and S&P futures plunging over 1.4%, and the S&P set to open at a fresh 2022 low...

... with futures set to drop nearly 5% (or more) for a 2nd consecutive week, and down 5 of the past 6 weeks!

Besides the soaring dollar, two other drivers contributed to today's widespread market panic:

  • first, the shocking UK mini budget saw the country's new administration slash tax rates by the most since 1970s at a time when the country is about to enter recession and is battling with runaway inflation which crashed UK bonds and sent the pound tumbling to a 37 year low as markets priced in a more aggressive pace of tightening to offset the government’s growth plan,
  • second, traders also freaked out over a Goldman research report which slashed the bank's S&P price-target to just 3,600 from 4,300, making the bank one of the biggest bears on Wall Street.

In premarket trading, Costco shares declined 3.3% as analysts flagged that volatility may remain high for the company’s shares. Analysts mostly welcomed its report of modest improvements in inflation and supply chains. here are the other notable premarket movers:

  • AMD shares dropped 1.5% in premarket trading as Morgan Stanley trimmed price target to $95 from $102, citing a worsening PC end market and headwinds on the client business, including a collapse in gaming GPUs.
  • Tritium DCFC shares jumped 4% in postmarket trading, following six straight losing sessions, after the maker of electric-vehicle chargers reported sales orders of $203 million for fiscal year ended June 30, and revenue of $86 million.
  • CalAmp gained 3% postmarket after the maker of tracking devices posted fiscal 2Q revenue that beat estimates.
  • DocuSign edged higher in postmarket trading after announcing that the board of directors has hired Allan Thygesen as Chief Executive Officer.

Europe's Stoxx 600 dropped more than 1%, declining 20% from January record high, set to enter a new bear market. Energy, miners and real estate are the worst-performing sectors amid broad-based declines.  Here are the most notable European movers:

  • Credit Suisse shares declined as much as 9.4% to a record low for a second day running, even as the bank denied a report that it was considering an exit from its US operations
  • Ericsson falls as much as 6.1% to 2-year lows after a Radio Sweden report saying the communications equipment maker continued to send products to Russia after saying deliveries had been suspended
  • Energy is among the worst-performing sectors on Europe’s Stoxx 600 index on Friday, with the subindex falling as much as 2.6% to the lowest since July 27 as oil heads for a fourth weekly loss
  • European warehouse firms slide after Barclays issued a review on the sector, cutting target prices on average by 20%, downgrading Tritax Big Box REIT and Warehouses De Pauw to underweight
  • Bureau Veritas falls as much as 5% after Oddo cuts to underperform, saying the valuation gap with peers and recent stock performance seems to leave more downside than upside in relative terms
  • Nordic Semiconductor shares rise after DNB said it had found a component from the firm in the latest version of Apple’s AirPods Pro earphones which were released today. Varta, meanwhile drops as much as 13% after DNB found batteries from its rival Samsung in the new earphones
  • UK homebuilders, retailers and banks get a boost as Chancellor of the Exchequer Kwasi Kwarteng announces several tax relief measures, with much of the sector trimming earlier losses

As reported earlier, UK stocks, bonds and the cable all plunged as traders ramped up their bets on Bank of England rate hikes, betting on a 50% chance of a 100-basis-point increase from the central bank at its next rate decision in November, as the government set out its most radical package of debt-financed tax cuts since 1972 and the Debt Management Office increased its gilt sales plan more than expected.  “The markets will do what they will,” said Chancellor of the Exchequer Kwasi Kwarteng, when challenged in parliament on the mayhem in markets.

The European Central Bank will also forge ahead with increases in borrowing costs, according to Governing Council member Martins Kazaks, even as recession risks rise across the continent.

Earlier in the session, Asian stocks fell, with investors continuing to flee riskier assets as Treasury yields surged following the Fed’s rate hike that increased recession fears. The MSCI Asia Pacific Excluding Japan Index slipped as much as 1.6% while the broader MSCI Asia Pacific Index was on course for its sixth weekly retreat, the longest losing streak since May. TSMC and Tencent were the biggest drags on both gauges as the tech sector led declines.  All markets in the region dropped, with several hitting grim milestones. Hong Kong’s Hang Seng Index fell to the lowest in more than a decade, while South Korea’s Kospi finished at its lowest since Oct. 2020. Australia’s benchmark fell nearly 2% as the country resumed trading after a holiday. Japan was closed. 

“The intense tightening by the Federal Reserve to go all-out against inflation heightened fears that it could destroy demand and cause a recession,” said Han Jiyoung, an analyst at Kiwoom Securities in Seoul.    The MSCI Asia Pacific Index has lost about a third of its value from a 2021 peak as the Fed’s rate-hike campaign and the strengthening US dollar prompted an exodus of funds from emerging markets. China’s regulatory crackdowns and its strict Covid lockdown policies have also weighed on sentiment.   Hong Kong stocks ended in the red even as the city scrapped hotel quarantine for inbound travelers, the most substantial move yet in the city’s push to revive its status as a global financial center. “It’s optimistic to think a recession can be avoided and in our opinion any chance of a soft landing has evaporated,” said George Brown, an economist at Schroders. “We believe a recession will be needed to bring inflation under control.”

In rates, the yield on 10- year Treasuries exploded higher as bonds briefly flash crashed, sending the 10Y yields as low as 3.82% in a bear-flattening move that lifted front-end yields more than 10bp; 2-year and 3-year yields peak above 4.25% with all tenors reaching multiyear highs. Move follows soaring gilt yields where belly of the UK curve is cheaper by 50bp on the day into early US session, while the UK pound drops to a fresh 27-year low as mounting fiscal stimulus threatens to undermine Bank of England’s control on inflation. US yields are cheaper by 12bp to 5bp across the curve with front-end led losses flattening 2s10s by 3.5bp, 5s30s by 7.5bp on the day; 10-year yields around 3.80%, outperforming gilts by ~20bp in the sector. 

In FX, the dollar rallied broadly, hitting a new all-time high against a currency basket and pushing the euro to a 20-year low wjhile the pound plunged to a fresh 35 year low just above 1.10 after the new UK government unveiled a massive fiscal stimulus plan to boost economic growth, which is sure to send inflation soaring even higher and force the BOE to do even more QT and so on. Safe-haven demand also boosted the greenback amid more signs of a slowing Chinese economy, which raised concerns about the outlook for global economic growth.  

  • Broad dollar strength pushed the Bloomberg Dollar Spot Index as much as 0.6% higher, hitting its highest on record going back to 2005
  • The euro fell as much as 0.9% to 0.9751, its weakest level since 2002. The single currency extended losses after sizable stop-loss orders were triggered below 0.9800 and 0.9780, a Europe-based trader says. Options-related bids at $0.9750 and $0.9700 were seen offering near-term support.
  • The pound sank nearly 1% to 1.1151, a 35-year low, pushing the Bloomberg UK Pound Index to its a lifetime high. The UK currency trimmed losses as the UK government announced a massive fiscal stimulus plan to boost economic growth.

“For the USD to weaken meaningfully, the Fed has to get more concerned about growth than inflation-and we are not there yet.” Bank of America analysts write in a note. It adds that, for the euro to start appreciating, “the ECB needs not only to act, but also to communicate forcefully.”

In commodities, WTI drops more than 2% lower to trade just above $80, a level where OPEC+ production cuts are expected. Spot gold falls roughly $9 to trade near $1,662/oz. Spot silver loses 1.1% near $19.

Looking to the day ahead now, data releases include the September flash PMIs for Europe and the US. Otherwise, central bank speakers include Fed Chair Powell, as well as the ECB’s Kazaks and Nagel. Remember the Italian election on Sunday.

Market Snapshot

  • S&P 500 futures down 0.5% to 3,752.25
  • MXAP down 1.2% to 145.59
  • MXAPJ down 1.6% to 470.98
  • Nikkei down 0.6% to 27,153.83
  • Topix down 0.2% to 1,916.12
  • Hang Seng Index down 1.2% to 17,933.27
  • Shanghai Composite down 0.7% to 3,088.37
  • Sensex down 1.6% to 58,191.14
  • Australia S&P/ASX 200 down 1.9% to 6,574.73
  • Kospi down 1.8% to 2,290.00
  • STOXX Europe 600 down 0.9% to 396.36
  • German 10Y yield little changed at 1.93%
  • Euro down 0.8% to $0.9756
  • Brent Futures down 1.9% to $88.75/bbl
  • Gold spot down 0.4% to $1,664.46
  • U.S. Dollar Index up 0.60% to 112.03

Top Overnight News from Bloomberg

  • BofA Says Cash is King as Investor Pessimism Hits 2008-Era High
  • Goldman Slashes S&P 500 Target Citing Higher Fed Rates Path
  • UK Sets Out Biggest Tax Cuts Since 1988 to Boost Economic Growth
  • Era of Inflation Has Ended -- for Asset Prices on Wall Street
  • Oil Set for Fourth Weekly Loss With Rate Hikes Darkening Outlook
  • Goldman to BofA Throw in the Towel on a Year-End Rally in Europe
  • Treasury Selloff Drives SOFR Spread Toward Record One-Day Drop
  • Wall Street’s Top Banks Are Backing Oil to Stage a Recovery
  • Nasdaq Increases Scrutiny of Small-Cap IPOs After Big Swings
  • Japan Has a Pile of Dollars It Can Tap Before Selling Treasuries
  • Chinese Money Pours Into Offshore Debt After Rare Yield Reversal
  • China Compares Taiwan Independence Push to Charging Rhino
  • China’s Most Locked-Down City Shows Perils of Endless Covid Zero
  • Crypto Outperforms Stocks for a Change as Correlation Breaks
  • Raytheon Beats Lockheed, Boeing on $1 Billion Hypersonic Job
  • Zelle Emerges as Lawmakers’ Surprise Foe at Bank Hearings
  • Alex Jones Renews ‘Deep State’ Claim at Defamation Trial
  • It’s Every Nation for Itself as Dollar Batters Global Currencies
  • Nikola Investor Lost $160,000 on Milton’s Hype, He Tells Jury
  • FedEx to Cut Costs, Hike Rates in Battle Against Flagging Demand
  • With Shelters Overflowing, NYC to Put Up Tents for Migrants
  • Senior-Care Provider Cano Health Said to Weigh Sale
  • Banks Dust Off Lockdown Plans to Beat Possible Power Blackouts

A more detailed look at global markets courtesy of Newsquawk

Asian stocks were negative in the aftermath of the rush of global central bank rate hikes during 'Super Thursday' and with risk appetite not helped by the absence of participants in Japan for the Autumnal Equinox Day. ASX 200 was heavily pressured on return from yesterday’s national day of mourning closure and took its first opportunity to react to the hawkish FOMC with the tech and consumer-related sectors the worst hit. KOSPI declined with the recent flurry of central bank rate hikes adding to the arguments for the BoK to continue on its hiking cycle as South Korean officials look to avert one-sided currency moves. Hang Seng and Shanghai Comp slightly deteriorated throughout the session as the early support from reports regarding Hong Kong and Macau potentially easing restrictions for arrivals gradually waned, while US audit watchdog officials recently arrived in Hong Kong for audit inspections as firms seek to avoid delisting from US exchanges.

Top Asian News

  • White House Indo-Pacific coordinator said China clearly has ambitions in the Pacific which have caused concerns among Pacific Island leaders, according to Reuters.
  • Hong Kong will announce today the end of mandatory hotel quarantine for overseas arrivals, according to SCMP.
  • Japan PM Kishida said excessive yen movement repeatedly caused by speculation cannot be overlooked and they will take action should there be any excessive volatility in the yen, according to Reuters.
  • Yuan Weakens to Near Trading Band Limit as Pressure Mounts
  • China Junk Debt Ends Longest Rally of Year as Distress Mounts
  • Times China Told Bondholders It Hasn’t Paid Interest Due Thurs
  • Peak Pessimism Setting in for Chinese Stocks Ahead of Congress
  • Iron Ore Fluctuates as China Steel Hub Tangshan Lifts Lockdowns
  • JPM Analysts Liken UK Bank Deposit Speculation to Windfall Tax

European bourses are pressured across the board after the Flash PMI releases for the region indicate a contraction; Euro Stoxx 50 -1.5% Pressure that was exacerbated, particularly in the UK, on the mini-Budget and subsequent Gilt/BoE pricing, despite the measures being designed to stimulate the economy. Stateside, futures are lower in sympathy and continuing APAC performance awaiting their own PMI metrics and Fed commentary.

Top European News

  • ECB's Kazaks says they will continue to hike rates, via Bloomberg; adds, faster Fed hikes have weakened the EUR. His choice for the October ECB hike is either 50bps or 75bps.
  • UK COVID-19 hospitalisations rose 17% in a week which is the first significant increase since July and is sparking fears of a new wave, according to The Telegraph.
  • Credit Suisse Hits Fresh Low; Denies Report of Looming US Exit
  • UK Probably in Recession as Pound’s Weakness Boosts Inflation
  • UK Bonds Plunge as Debt Office Plans More Sales Than Expected
  • VW Warns of Production Shift From Germany Over Gas Shortage
  • Ericsson Governance Worries Mount After Russia Sales Debacle
  • European Watchdog Backs New Trading Halts for Energy Market


  • DXY has surged to a fresh 112.3+ peak to the detriment of peers across the board with the Yuan taking the strain.
  • GBP dented post-PMIs/budget despite initial support from BoE pricing as the USD's surge continues.
  • Amidst this, EUR has been hit on the flash-PMIs and accompanying commentary around recession fears and a resurgence in price pressures.

Fixed Income

  • Gilts decimated to sub-99.00 from the 102.30 region in wake of the budget and accompanying fund consideration and potential inflationary implications
  • Action that has sparked a surge in BoE pricing with markets now implying a 50/50 chance of a 100bp increase in November.
  • More broadly, EGBs and USTs are dragged down in tandem though seem to have reached a 'floor' ahead of the afternoon's events.


  • Crude benchmarks are pressured by pronounced USD strength and risk action amid recessionary fears.
  • Additionally, participants are attentive to potential weekend developments with EU member states set to discuss Russian sanctions.
  • Russian President Putin spoke to Saudi Crown Prince MBS and discussed the question of coordination to ensure stability in the oil market, while they praised efforts within the OPEC+ framework and confirmed the intention to continue sticking to existing agreements, according to Reuters.
  • Metals dented across the board by the USD with base metals in particular hit amid broader sentiment with LME Copper slipping below USD 7.5k/T.

US event calendar

  • 09:45: Sept. S&P Global US Composite PMI, est. 46.1, prior 44.6
  • 09:45: Sept. S&P Global US Services PMI, est. 45.5, prior 43.7
  • 09:45: Sept. S&P Global US Manufacturing PM, est. 51.0, prior 51.5

DB's Jim Reid concludes the overnight wrap

It's a bit of a broken record at the moment as markets have again been reeling over the last 24 hours, with another major selloff for bonds and equities taking place after central bankers showed no sign of letting up on their campaign of rate hikes to tackle inflation. The hawkish Fed decision on Wednesday set the backdrop for the slump, but that was compounded by further hikes yesterday in the UK, Switzerland, Norway, South Africa, Indonesia and the Philippines. Inturn, that led investors to expect an even more aggressive pace of rate hikes over the months ahead, with current market pricing for each of the Fed, ECB and the BoE indicating that a 75bps hike at the next meeting is now considered the most likely outcome for all three.

In terms of those market moves, equities lost ground across the board as the prospect that tighter monetary policy would trigger recessions moved increasingly into view. The S&P displayed a lot of volatility into the close, ultimately falling -0.84% and moving deeper into bear market territory and on track for its worst annual performance since 2008. Under the hood, sector performance had a consistent macro story, where there was an outperformance in defensives (health care led the way up +0.51%) and an underperformance in cyclicals (discretionary lagged at -2.16%).

In Europe the losses were even more severe as they finally got to react to the Fed’s announcement the previous evening, with the STOXX 600 (-2.09%) actually falling beneath its July lows to close at levels unseen in over 20 months. It's fascinating that there's hardly been any wider mention of the Italian election this Sunday even with the centre-right populists ahead in the polls. There are much bigger things to worry about to be fair and it seems that there is limited political appetite in Italy at the moment to deviate too far from EU fiscal rules. See here for our economists' preview.

The declines mentioned above for equities were just as dramatic for sovereign bonds, with yields on 10yr Treasuries surging by +18.4bps to a post-2011 high of 3.71%. That was primarily driven by a rise in real yields, which similarly hit a high for the decade at 1.30%. We did get some positive data on the weekly initial jobless claims, which came in at 213k (vs. 217k expected) for the week ending September 17, and the previous week was revised down -5k. But that just compounded the selloff, since the fact that claims are on a firmly downward trend was seen as giving the Fed even more space to hike rates over the coming months without worrying about a sharp rise in unemployment. Those expectations of additional rate hikes were evident among Fed funds futures, which moved towards the more hawkish FOMC dot plot, with the rate implied by December 2023 up +10.0bps on the day to 4.33%.

Over in Europe it was much the same story, with yields on 10yr bunds (+7.2bps), OATs (+7.8bps) and BTPs (+3.9bps) seeing fresh rises. Gilts were the biggest underperformer however, with 10yr yields up +18.1bps after the Bank of England hiked by 50bps for a second consecutive meeting, taking Bank Rate up to 2.25%. The decision was a 3-way split among policymakers, with 5 of the 9 MPC members in favour of the 50bp hike, 3 members wanting a larger 75bps move, and 1 wanting a smaller 25bps hike. They also voted (unanimously) to reduce the stock of gilts by £80bn over the next 12 months. Our UK economist sees this decision as slightly hawkish (link here), and sees the BoE as having opened the door for a larger rate hike in November. As a result, he now expects that the MPC will deliver a 75bps hike at the next meeting, although this is a very close call, with the terminal rate still reaching 4% in this hiking cycle.

Staying on the UK, it’s also an important day on the fiscal side as new Chancellor Kwasi Kwarteng will be unveiling the government’s Growth Plan in the House of Commons this morning. Ahead of that, we got confirmation yesterday that the 1.25pp increase in National Insurance (a payrolls tax) is going to be reversed from 6 November. Otherwise, it’s been widely reported that they’ll confirm that corporation tax will remain frozen at 19%, rather than increasing to 25% as had been planned, and recent days have also seen press speculation about a potential cut to stamp duty (the home purchase tax). Our UK economist has a preview of the event here.

On oil, the EU is apparently working on a new effort to impose a price cap on Russian oil in response to President Putin’s escalation and partial mobilisation announcement yesterday. However, the plan will still face hurdles given the dire energy situation in Europe and the need to arrive at an unanimous decision. Elsewhere, the Nigerian oil minister echoed previous remarks from other cartel members by saying OPEC may need to cut output if prices fell more. Brent crude prices were +0.70% higher, after being as much as +3.31% higher intraday but are back roughly to where they were 24 hours ago this morning in Asia.

Looking elsewhere, there was plenty of other monetary action to digest after Japan intervened to support the Yen for the first time since 1998. That came shortly after the BoJ’s latest decision we mentioned in yesterday’s edition, which saw the yen weaken above 145 per US Dollar initially, before the intervention led to a sharp pullback that saw the yen close at 142.39. Confirmation came from Masato Kanda, Japan’s top currency official, who said that “The government is concerned about excessive moves in the foreign exchange markets, and we took decisive action just now”. In a statement from the US Treasury, a spokesperson said that “We understand Japan’s action, which it states aims to reduce recent heighted volatility of the yen.” George Saravelos writes here that the intervention is unlikely to work and could lead to an unnecessary loss of reserves and credibility.

Asian equity markets are limping towards a sixth weekly loss this morning. The Kospi (-1.59%) is the largest underperformer across the region mirroring Wall Street losses overnight followed by the Shanghai Composite (-1.08%), CSI (-0.96%) and the Hang Seng (-0.91%). Elsewhere, markets in Japan are closed for a holiday with no trading of cash Treasuries in the Asian trading hours. US stock futures are pointing to further declines today with those on the S&P 500 (-0.17%) and NASDAQ 100 (-0.28%) both down.

Early morning data from Australia showed that the flash manufacturing PMI rose slightly to 53.9 in September from 53.8 in August while the services PMI came in at 50.4 compared to 50.2 in August.

In other news, Japan is ending its Covid-19 restrictions and opening the door back up to mass tourism in a move to revive the nation’s tourism industry as the Covid pandemic recedes. The new policies will come into effect on October 11.

In terms of yesterday’s other data, sentiment wasn’t helped after the European Commission’s consumer confidence indicator for the Euro Area fell to a record low of -28.8 in September on the preliminary reading. Bear in mind that series covers both Covid and the GFC so that’s a seriously negative print. Over in the US, the Kansas City Fed’s manufacturing index fell to 1 in September (vs. 5 expected), marking its lowest level since July 2020.

To the day ahead now, and data releases include the September flash PMIs for Europe and the US. Otherwise, central bank speakers include Fed Chair Powell, as well as the ECB’s Kazaks and Nagel. Remember the Italian election on Sunday.

Tyler Durden Fri, 09/23/2022 - 08:03

Read More

Continue Reading


Homes listed for sale in early June sell for $7,700 more

New Zillow research suggests the spring home shopping season may see a second wave this summer if mortgage rates fall
The post Homes listed for sale in…



  • A Zillow analysis of 2023 home sales finds homes listed in the first two weeks of June sold for 2.3% more. 
  • The best time to list a home for sale is a month later than it was in 2019, likely driven by mortgage rates.
  • The best time to list can be as early as the second half of February in San Francisco, and as late as the first half of July in New York and Philadelphia. 

Spring home sellers looking to maximize their sale price may want to wait it out and list their home for sale in the first half of June. A new Zillow® analysis of 2023 sales found that homes listed in the first two weeks of June sold for 2.3% more, a $7,700 boost on a typical U.S. home.  

The best time to list consistently had been early May in the years leading up to the pandemic. The shift to June suggests mortgage rates are strongly influencing demand on top of the usual seasonality that brings buyers to the market in the spring. This home-shopping season is poised to follow a similar pattern as that in 2023, with the potential for a second wave if the Federal Reserve lowers interest rates midyear or later. 

The 2.3% sale price premium registered last June followed the first spring in more than 15 years with mortgage rates over 6% on a 30-year fixed-rate loan. The high rates put home buyers on the back foot, and as rates continued upward through May, they were still reassessing and less likely to bid boldly. In June, however, rates pulled back a little from 6.79% to 6.67%, which likely presented an opportunity for determined buyers heading into summer. More buyers understood their market position and could afford to transact, boosting competition and sale prices.

The old logic was that sellers could earn a premium by listing in late spring, when search activity hit its peak. Now, with persistently low inventory, mortgage rate fluctuations make their own seasonality. First-time home buyers who are on the edge of qualifying for a home loan may dip in and out of the market, depending on what’s happening with rates. It is almost certain the Federal Reserve will push back any interest-rate cuts to mid-2024 at the earliest. If mortgage rates follow, that could bring another surge of buyers later this year.

Mortgage rates have been impacting affordability and sale prices since they began rising rapidly two years ago. In 2022, sellers nationwide saw the highest sale premium when they listed their home in late March, right before rates barreled past 5% and continued climbing. 

Zillow’s research finds the best time to list can vary widely by metropolitan area. In 2023, it was as early as the second half of February in San Francisco, and as late as the first half of July in New York. Thirty of the top 35 largest metro areas saw for-sale listings command the highest sale prices between May and early July last year. 

Zillow also found a wide range in the sale price premiums associated with homes listed during those peak periods. At the hottest time of the year in San Jose, homes sold for 5.5% more, a $88,000 boost on a typical home. Meanwhile, homes in San Antonio sold for 1.9% more during that same time period.  


Metropolitan Area Best Time to List Price Premium Dollar Boost
United States First half of June 2.3% $7,700
New York, NY First half of July 2.4% $15,500
Los Angeles, CA First half of May 4.1% $39,300
Chicago, IL First half of June 2.8% $8,800
Dallas, TX First half of June 2.5% $9,200
Houston, TX Second half of April 2.0% $6,200
Washington, DC Second half of June 2.2% $12,700
Philadelphia, PA First half of July 2.4% $8,200
Miami, FL First half of June 2.3% $12,900
Atlanta, GA Second half of June 2.3% $8,700
Boston, MA Second half of May 3.5% $23,600
Phoenix, AZ First half of June 3.2% $14,700
San Francisco, CA Second half of February 4.2% $50,300
Riverside, CA First half of May 2.7% $15,600
Detroit, MI First half of July 3.3% $7,900
Seattle, WA First half of June 4.3% $31,500
Minneapolis, MN Second half of May 3.7% $13,400
San Diego, CA Second half of April 3.1% $29,600
Tampa, FL Second half of June 2.1% $8,000
Denver, CO Second half of May 2.9% $16,900
Baltimore, MD First half of July 2.2% $8,200
St. Louis, MO First half of June 2.9% $7,000
Orlando, FL First half of June 2.2% $8,700
Charlotte, NC Second half of May 3.0% $11,000
San Antonio, TX First half of June 1.9% $5,400
Portland, OR Second half of April 2.6% $14,300
Sacramento, CA First half of June 3.2% $17,900
Pittsburgh, PA Second half of June 2.3% $4,700
Cincinnati, OH Second half of April 2.7% $7,500
Austin, TX Second half of May 2.8% $12,600
Las Vegas, NV First half of June 3.4% $14,600
Kansas City, MO Second half of May 2.5% $7,300
Columbus, OH Second half of June 3.3% $10,400
Indianapolis, IN First half of July 3.0% $8,100
Cleveland, OH First half of July  3.4% $7,400
San Jose, CA First half of June 5.5% $88,400


The post Homes listed for sale in early June sell for $7,700 more appeared first on Zillow Research.

Read More

Continue Reading


Survey Shows Declining Concerns Among Americans About COVID-19

Survey Shows Declining Concerns Among Americans About COVID-19

A new survey reveals that only 20% of Americans view covid-19 as "a major threat"…



Survey Shows Declining Concerns Among Americans About COVID-19

A new survey reveals that only 20% of Americans view covid-19 as "a major threat" to the health of the US population - a sharp decline from a high of 67% in July 2020.


What's more, the Pew Research Center survey conducted from Feb. 7 to Feb. 11 showed that just 10% of Americans are concerned that they will  catch the disease and require hospitalization.

"This data represents a low ebb of public concern about the virus that reached its height in the summer and fall of 2020, when as many as two-thirds of Americans viewed COVID-19 as a major threat to public health," reads the report, which was published March 7.

According to the survey, half of the participants understand the significance of researchers and healthcare providers in understanding and treating long COVID - however 27% of participants consider this issue less important, while 22% of Americans are unaware of long COVID.

What's more, while Democrats were far more worried than Republicans in the past, that gap has narrowed significantly.

"In the pandemic’s first year, Democrats were routinely about 40 points more likely than Republicans to view the coronavirus as a major threat to the health of the U.S. population. This gap has waned as overall levels of concern have fallen," reads the report.

More via the Epoch Times;

The survey found that three in ten Democrats under 50 have received an updated COVID-19 vaccine, compared with 66 percent of Democrats ages 65 and older.

Moreover, 66 percent of Democrats ages 65 and older have received the updated COVID-19 vaccine, while only 24 percent of Republicans ages 65 and older have done so.

“This 42-point partisan gap is much wider now than at other points since the start of the outbreak. For instance, in August 2021, 93 percent of older Democrats and 78 percent of older Republicans said they had received all the shots needed to be fully vaccinated (a 15-point gap),” it noted.

COVID-19 No Longer an Emergency

The U.S. Centers for Disease Control and Prevention (CDC) recently issued its updated recommendations for the virus, which no longer require people to stay home for five days after testing positive for COVID-19.

The updated guidance recommends that people who contracted a respiratory virus stay home, and they can resume normal activities when their symptoms improve overall and their fever subsides for 24 hours without medication.

“We still must use the commonsense solutions we know work to protect ourselves and others from serious illness from respiratory viruses, this includes vaccination, treatment, and staying home when we get sick,” CDC director Dr. Mandy Cohen said in a statement.

The CDC said that while the virus remains a threat, it is now less likely to cause severe illness because of widespread immunity and improved tools to prevent and treat the disease.

Importantly, states and countries that have already adjusted recommended isolation times have not seen increased hospitalizations or deaths related to COVID-19,” it stated.

The federal government suspended its free at-home COVID-19 test program on March 8, according to a website set up by the government, following a decrease in COVID-19-related hospitalizations.

According to the CDC, hospitalization rates for COVID-19 and influenza diseases remain “elevated” but are decreasing in some parts of the United States.

Tyler Durden Sun, 03/10/2024 - 22:45

Read More

Continue Reading


Rand Paul Teases Senate GOP Leader Run – Musk Says “I Would Support”

Rand Paul Teases Senate GOP Leader Run – Musk Says "I Would Support"

Republican Kentucky Senator Rand Paul on Friday hinted that he may jump…



Rand Paul Teases Senate GOP Leader Run - Musk Says "I Would Support"

Republican Kentucky Senator Rand Paul on Friday hinted that he may jump into the race to become the next Senate GOP leader, and Elon Musk was quick to support the idea. Republicans must find a successor for periodically malfunctioning Mitch McConnell, who recently announced he'll step down in November, though intending to keep his Senate seat until his term ends in January 2027, when he'd be within weeks of turning 86. 

So far, the announced field consists of two quintessential establishment types: John Cornyn of Texas and John Thune of South Dakota. While John Barrasso's name had been thrown around as one of "The Three Johns" considered top contenders, the Wyoming senator on Tuesday said he'll instead seek the number two slot as party whip. 

Paul used X to tease his potential bid for the position which -- if the GOP takes back the upper chamber in November -- could graduate from Minority Leader to Majority Leader. He started by telling his 5.1 million followers he'd had lots of people asking him about his interest in running...

...then followed up with a poll in which he predictably annihilated Cornyn and Thune, taking a 96% share as of Friday night, with the other two below 2% each. 

Elon Musk was quick to back the idea of Paul as GOP leader, while daring Cornyn and Thune to follow Paul's lead by throwing their names out for consideration by the Twitter-verse X-verse. 

Paul has been a stalwart opponent of security-state mass surveillance, foreign interventionism -- to include shoveling billions of dollars into the proxy war in Ukraine -- and out-of-control spending in general. He demonstrated the latter passion on the Senate floor this week as he ridiculed the latest kick-the-can spending package:   

In February, Paul used Senate rules to force his colleagues into a grueling Super Bowl weekend of votes, as he worked to derail a $95 billion foreign aid bill. "I think we should stay here as long as it takes,” said Paul. “If it takes a week or a month, I’ll force them to stay here to discuss why they think the border of Ukraine is more important than the US border.”

Don't expect a Majority Leader Paul to ditch the filibuster -- he's been a hardy user of the legislative delay tactic. In 2013, he spoke for 13 hours to fight the nomination of John Brennan as CIA director. In 2015, he orated for 10-and-a-half-hours to oppose extension of the Patriot Act

Rand Paul amid his 10 1/2 hour filibuster in 2015

Among the general public, Paul is probably best known as Capitol Hill's chief tormentor of Dr. Anthony Fauci, who was director of the National Institute of Allergy and Infectious Disease during the Covid-19 pandemic. Paul says the evidence indicates the virus emerged from China's Wuhan Institute of Virology. He's accused Fauci and other members of the US government public health apparatus of evading questions about their funding of the Chinese lab's "gain of function" research, which takes natural viruses and morphs them into something more dangerous. Paul has pointedly said that Fauci committed perjury in congressional hearings and that he belongs in jail "without question."   

Musk is neither the only nor the first noteworthy figure to back Paul for party leader. Just hours after McConnell announced his upcoming step-down from leadership, independent 2024 presidential candidate Robert F. Kennedy, Jr voiced his support: 

In a testament to the extent to which the establishment recoils at the libertarian-minded Paul, mainstream media outlets -- which have been quick to report on other developments in the majority leader race -- pretended not to notice that Paul had signaled his interest in the job. More than 24 hours after Paul's test-the-waters tweet-fest began, not a single major outlet had brought it to the attention of their audience. 

That may be his strongest endorsement yet. 

Tyler Durden Sun, 03/10/2024 - 20:25

Read More

Continue Reading