Loading ...3months T bills rate 1.95%
2yr T Notes rate 1.63
5yr T bond rate 1.56
10yr T bond rate 1.734
30yr Bond rate 2.24
Yield spread widening across the maturity against 30yr bond rate while rates are falling.
In shorter maturity yield spreads are inverted against 3months T bills yielding more than 10yr T bond.
I am not expert what does all this mean? to market???
Widening of spread between 30yr and 5yr is positive for miners HUI.
March 19 2019 post:
Inflation, while important, is not what will drive the FED to cut rates, moderate QT and continue to invent back door forms of QE.(money creation) This week’s meeting may only bring a policy statement and some possible tweaks to it’s wording, but the ending of the BTFP, the balancce sheet and the treasury refunding schedule will all add to the necessity for rate cuts. The thing that many market analysts and commentators miss when they say that the markets are wrong about 6 cuts in 2024 because there aren’t enough meetings if the FED doesn’t cut in the first quarter is the FED is unlikely to cut by 1/4 point increments over six meetings. When the FED pivots and starts cutting it is because of a pending recession and or problems in the plumbing of the money markets. When they cut it is aggressive and in 1/2 or larger increments. https://www.zerohedge.com/markets/treasury-refunding-has-more-market-moving-potential-fed
Gentlemen and ladies,
Being the first Saturday of June 2023, I’d like to hear from the Tent what is the “vibe” for this month, which will also mark the end of 2Q 2023.
With the debt ceiling now effectively raised, I’m trying to understand how the flooding of treasuries will impact very short term rates/2 year rates/10-30 year rates?
If rates rise, will markets sell off hard?
Having gone up north of 10% in the last 12 weeks, S&P could just “correct” by 4-6% and yet remain “bullish” in the medium term?
From this point on I think it is more about ratios now, more than ever.
Today gold to S&P ratio is roughly under 0.46.
My educated guesses:
(i) Whether rates rise or fall, PMs rise.
(ii) If rates rise fast, due to higher treasury issuance, PMs rise faster, S&P could sell off, and the ratio rises, toward 0.48, or towards the magical 0.5 number. Many analysts are waiting for this confirmation.
(iii) No matter how much fiduciaries advise, to stop believing in TINA, I still see TINA is alive. NVDA, GOOG, AAPL all being at 52-wk highs is a simple proof.
JPMorgan Chase & Co. strategist Nikolaos Panigirtzoglou estimates a flood of Treasuries will compound the effect of QT on stocks and bonds, knocking almost 5% off their combined performance this year. Citigroup Inc. macro strategists offer a similar calculus, showing a median drop of 5.4% in the S&P 500 over two months could follow a liquidity drawdown of such magnitude, and a 37 basis-point jolt for high-yield credit spreads.
https://finance.yahoo.com/news/trillion-dollar-treasury-vacuum-coming-135944792.html
GL
Maybe I’m the first to notice BUT this is a HUGE deal OBVIOUSLY
$TNX is the 10 year Treasury Interest rate.
In Luongo’s Analysis the Fed Keeps raising rates regardless of the damage to the Economy ..and they destroy the European CB .
BUT this chart unambiguously says TNX is headed to 2% ( peaked at 3.5% )
This HAS to be good for Gold …no ?
– at least for now. Reprieve for the PMs?
A TLT bottom is not confirmed of course, but even if it only stops falling would be a positive for the PMs.
TLT – Daily
$TNX – Daily (Ten year US Treasury Yield Index)
When the market has negative real yields on the 30 year T-bonds… something is wrong…
How deep can this elastic stretch? The opposite movement will be violent and stifle gold’s bull era.
Mortgage rates experienced the largest weekly increase since 2016Interest rates on home loans shot up higher over the past week as demand for refinances remained strong despite major fluctuations in stock and bond markets.
The 30-year fixed-rate mortgage averaged 3.65% during the week ending March 19, an increase of 29 basis points from the previous week, Freddie Mac FMCC, -0.60% reported Thursday. This was the largest weekly increase in the average 30-year mortgage rate since November 2016, and it’s the highest mortgage rates have been since mid-January.
The noted uptick in 30-year fixed-rate mortgage rates is a major reversal from just two weeks ago, when they had hit a record low at an average of 3.29%.
Read more:The Fed cut interest rates to zero, but don’t expect to see 0% mortgages anytime soon
The 15-year fixed-rate mortgage also jumped 29 basis points to 3.06%, according to Freddie Mac. The 5/1 adjustable-rate mortgage rose by 10 basis points to an average of 3.11%.
While the Federal Reserve had announced that it was cutting its benchmark interest rate to a range of 0.25% to 0%, mortgage rates do not generally track the Fed’s movements directly. Instead, they roughly follow the direction of longer-term bond yields, including the 10-year Treasury note.
The 10-year Treasury yield TMUBMUSD10Y, 1.157% rose above 1% this week for the first time in roughly two weeks. The increase came about largely as a result of Congress’ approval of a major spending package aimed at curbing the economic impact of the coronavirus pandemic in the U.S., as well as discussions of a broader, more expensive stimulus package.
“The plan will require a large amount of government debt to be issued, in the form of U.S. Treasuries,” said Zillow ZG, +6.33% economist Matthew Speakman. “Knowing that more bonds will be in the market soon, current Treasuries suddenly warranted lower prices in recent days, which coincide with higher yields.”
Also see: Some homeowners and renters will get a financial break during the coronavirus pandemic
Bond yields also responded to the Fed’s actions this week, including its choice to re-engage in bond purchasing activity in order to stimulate financial markets.
Meanwhile, lenders continued to have their own issues to grapple with when it came to pricing mortgage rates this week. “Mortgage rates rose again this week as lenders increased prices to help manage skyrocketing refinance demand,” said Sam Khater, Freddie Mac’s chief economist, in the report.
Those aiming to get a new mortgage — either to refinance their existing home loan or to purchase a mortgage — shouldn’t worry too much about interest rates staying this elevated. Economists have said lenders will likely bring rates back down to an extent once they’ve worked through their backlog of applications. And with the coronavirus outbreak still playing out, market volatility is likely here to stay for some time.
“With so much still uncertain, and market movements remaining unpredictable, it’s a losing game to try and predict where rates are heading next,” Speakman said. “But it’s safe to say that more dramatic movements are likely on the horizon.”
On the day Sept 12 2019 ECB (Draghi) went deeper to negative rate and more QE!!!!
Just out US passed $1000 Billion budget deficit that is $ 1.o4 Trillion in less than three years from $450 Billion.
Wow!! What would Gold do ????
Yield curve turned up to steepening from inverted. It has been for more than a month it was inverted where 10 year T bond yielding less than 2 year Treasury bond.
Yesterday marks the day for a timing for Recession to arrive in 6 moths.
10 year T rate: 1.791
2 year T rate : 1.72
3 months Treasury Bills rate: 1.895
Now Financial market will wait for spead between 10 year and 3 months Treasury bill rate to turn to steepening from current inverted schedule.
Below are two graphs of past yield curves and recession : The first graph has inverted curve period in yellow.
The speed at which shorter term rates are collapsing is astounding – FED may have to ease before the next meeting or do some serious jawboning – its the same as the late December collapse when the FED moved off of rate increases except its about 2X the magnitude
cycle of rates below, sheets all changed and onward to the new bunch of slaves.
Above, Gold & TLT20 yr following together. Fed needs the rates higher and they say they a comin’. Obvious juncture of events here.
A nice breakout and back test showing on the ten year treasury yield.
Here is my 2 cents regarding long term 20 year US treasury bonds. I am using the proxy TLT etf (probably a mix of maturities 20+ years)
Here is what’s curious we have experienced years of near zero interest rates and the FED has signaled higher rates going forward.
I am no expert on bonds but when I got my brokers license many moons ago we were taught higher interest rates decrease the value of existing bonds because as new bonds yield more, the existing bonds value in the marketplace decreases. Hence higher interest rates lower bond market.
We have had a very long bull market market in bonds since the 1980’s with rates near zero one wonders how long this can be sustained.
Looking at the chart of TLT there has already been a sizable decline since Feb 2016 (I imagine in anticipation of higher rates)
However it looks like a new leg higher in bonds could unfold. We appear to be commencing a wave 3 up in a new 5 wave impulse wave UP.
The time to short 20 year US treasury bonds has come and gone. I would be very wary to go short here.
My own indicators are not signaling to go long here either yet.
Previous post below outlined relationship of Yield spread vs gold sector.
Lately it has become clear now these following relationships
Yield spread between TYX ( 30 yr T rate) and FvX (5 yr T rate) is positively related to HUI/XAU.
Yield spread between TNX (10 yr T rate and IRX ( 3 months T Bill) is positively related to Silver to gold ratio.
Plotting these two combo charts makes it clear these relationship.
Bottom line for awhile as 30yr T to 5yr T rates widens HUI will continue to rise despite SGR (inverse GSR) is in the trading range.
As long as 10yr T rate and 3months T bill rate remains inverted SGR will continue to drop with the spread.
Yield curve is inverted.
In the market there is huge divergence between Yield spread on short side of Treasury rates vs the long ended Treasury bonds rates. Once this divergence corrected (with widening ) in the same direction watchout for PM sector to explode to upside. ????
All across board credit spread widens while Treasury rates retract. Credit contraction is not good for the market.
A sign of time.
How the G7 Central Banks collapse ALL at once… Because the dollar was pegged to Saudi oil, the G7 Central Banks (Bank of Japan) printed their own local currency (bonds), to acquire dollars (U.S.Treasury bonds), $1.1t worth, This not only strengthens the other G7 currencies by holding dollar bonds (because the other G7 currencies were not pegged to Saudi oil), But now the U.S. Treasury could create a double entry bookkeeping scheme (you create the asset, the bond. Then you created the liability, a deposit), This allowed the U.S. Treasury (through Blackrock-Vanguard etc etc) to acquire cheap foreign assets of poor countries and denominate them in dollars, that created a huge equity market, Now, all the other currencies within the G7 could do the same as long as they held the dollar carry trade on their central bank balance sheet, The Euro system could then inflate Ponzi assets, Remember, the G7 currencies would be nothing without the **Dollar Saudi oil peg. The Fed funds rate is still 5.5% for the other G7 Central Banks that hold dollars. And to keep the G7 local currencies from collapsing against a stronger dollar, and to suppress bond yields against rising dollar interest rates, The G7 Central Banks printed Like Crazy (their own currency). O.K. Now remove the Saudi oil peg from the dollar that occurred on December 5th, 2023 during Putin’s visit to UAE/S.A. Remember how the G7 Central Banks printed their local currencies to acquire dollar bonds? And to keep interest rates suppressed? The dollar peg to the other G7 Central Banks that allowed them to also inflate financial assets via the yen, the euro, the pound, etc etc. Now that the Arabs have removed the oil peg from the dollar, what is the value of the yen, the euro, the pound, etc etc and their corresponding financial assets? ZERO! What is the value of the dollar at 5.5% interest rate for the G7 to hold Dollars that no longer have an oil peg? ZERO! If the G7 were to unwind the dollar carry trade, and because the G7 no longer wants to pay 5.5% interest on a dollar that no longer has an oil monetary anchor, And now because the yen, the pound, and the euro financial assets are worthless without the Saudi dollar oil peg, do you think the Federal Reserve would want to buy back their own **worthless dollars (from the G7) at 5.5% interest rate when their dollar no longer has the Saudi oil peg??? NO!
Welcome to the financial collapse everyone. And the Bank of Japan can “fluff” their balance sheet all they want, They aren’t getting any oil. And they’re still going to blow up!
An additional thought about this scheme that escaped me in my original post. It wasn’t just about saving the banks by taking all the under water bonds off their hands. It was even more importantly, a program to allow the banks to buy new bonds issued by the treasury, to finance the government debt going forward. A brilliant and devious scheme, to in effect have the FED buy the bonds(which they aren’t suppose to do) in a back door way. The banks buy the bonds with a guarantee by the FED to take that paper off their hands if rates go higher. A no lose deal for the banks and a back door way for the FED to keep buying the Treasury issuance.
The FED’s(and Treasury) plan to save the banks back in March is both brilliant and devious. Not only was their announcement and implementation, to take all of the investment grade paper (treasuries and mortgage backed securities) that the banks were under water on, at face value, key to keeping the banks solvent, it set up the steal of the century for the FED. Knowing, that after their BS narrative of higher for longer has about run it’s course, the FED will be forced to cut rates in 2024, as the economy comes crashing back to reality. While rates on 10 and 20 year treasuries are well over 4% and nearly a full point higher than April when the FED started taking those securities, they will lower rates to the point where those long term securities end up yielding somewhere between 2-3% in the depths of the coming recession. So, even without ever going back to Zirp, the FED will have saved the zombie banks (at least for a while longer) and made a killing on all the securities it took in, on deep discounts, in the last 6 months. So the difference in price of 10 and 20 year paper will be significant when rates drop 2 to 2.5 percent over the next year or so, because those securities will still have years before they mature. You can be sure the FED won’t be holding on to maturity. Brilliant and devious.
Here is my solution to the US growing debt problem. Of course politicians need to restrain spending going forward. However, the immediate need is to stop the rising cost of financing the deficit because of the higher interest rates. The US Treasury needs to refinance the outstanding debt by issuing 50 year zero coupon bonds. (After you have picked yourself off the floor where you fell off your chair because you were laughing so hard, here is the explanation.) If those bonds pay the buyer One Ounce of gold in 50 years, you are getting approx. $2000 in today’s money in 50 years. That is 100% more than the $1000 face value of the bond. 100% in 50 years works out to 2% annually.(not compounded) Why would long term buyers of bonds like pension funds and insurance companies, etc. buy them? The buyers are getting a decent return, with the GUARANTEE, that their purchasing power won’t be eroded by future inflation.(All long term studies prove without a doubt that gold protects purchasing power over long term periods of time throughout human history. This doesn’t solve all the US financial problems but it does stop the bleeding and provide a long term window to work out some solutions to those problems.
So you can believe the continued lies that come from the BLS (Biden’s Lying Shills) or you can take the more likely accurate numbers from sources they don’t directly control like the state UE claims, which went up and the Challenger Job Cuts, which went up. Before you mention ADP, that group completely sold out over the last year. They used to be fairly objective and often contradicted the administration’s fictional numbers. They were gotten to. They suspended their numbers for a number of months and revamped how and what they report to “be more inline with the govt. number”. They must have been paid off or intimidated to change and fall in line. Why else would an organization that had a good reputation for accurate reporting that offered value because it wasn’t under the govt.’s thumb, change their successful process. Because they were contradicting the official numbers too often. At 10AM we get the JOLTS report(also from BLS) but even if it isn’t total fiction like today’s jobs number and tomorrow’s job number from BLS, do you believe all the other economic data showing a deceleration in inflation and economic activity and growth or the cabal of the FED, BLS, Treasury and recently ADP lying to make Bidenomics look successful and providing cover for the FED to keep rates high and going higher to delay the inevitable collapse of the dollar?
Last week Janet Yellen moved up the timeline to June 1st as the earliest possible date for the govt. to run out of money after previously holding to a sometime in July timeframe, because she was helping out the FED. The bond market had been calling bullshit on everything the FED was saying and doing in continuing to hike rates. To help the FED get away with their continuous wrongheaded policy she created a situation that caused the one month treasury bill yield to rise from around 3.5% all the way up to 4.7% after her lie and then to 5.75% at the actual auction. She and Powell couldn’t let the market get away with dissing their narrative and their plan to drive smaller banks out of business so the large banks could take over their deposits to stay alive.(at least for a little while longer) These fiends have been creating a crisis on purpose and it has nothing to do with fighting inflation.
Larry Summers is a pretty smart guy who likes to play both sides. Last year he correctly criticized the FED for it’s inflation is “transitory” nonsense and said they should have started tightening sooner than they did. This year he has switched over to supporting the FED in continuing to raise rates even when it is clear that they have over shot and that money supply is dropping, because as a former Treasury Secretary he knows that is the only thing keeping the dollar from collapsing. This weekend in his usual spot as guest commentator on Bloomberg’s Wall Street Week program he tried to deflect from the fact that the majority of the world are moving away from the US dollar at an accelerating pace. Instead of focusing on the facts, he chose to say that the dollar is still the world’s reserve currency because there is nothing else to replace it. While he was technically correct in that no one wants to hold reserves in Chinese yuan the way they did in US dollars and treasuries, he conveniently ignored the fact that more countries are both conducting trade in their own currencies and bypassing the dollar, as well as moving reserves out of the dollar and into gold. So while technically correct that the yuan(at least for now) isn’t going to replace the dollar as the global reserve currency, if it is backed by gold and made redeemable at some future point in time, it will do so. In the meantime the trend of more countries joining the BRIC’s and conducting trade without using the dollar, as well as moving more of their savings and reserves into gold, leaves the dollar with nowhere to go but lower as demand for it declines(especially as more energy deals are done without it) and supply of it continues to increase as the US budget deficits continue to grow.
I have posted and commented about the motivations of the FED regarding both their failure to raise rates to stop inflation over a year ago and more recently for a number of months their insistence on overly tightening as aggressively in such a short period of time. While I always said there was more to the story than just their mandate of fighting inflation, I have given them the benefit of the doubt while also presenting the idea that they were purposely wrecking the economy and financial system to lay the groundwork for a CBDC. The recent clues leave little doubt that is their “modis operandi”. As I recently posted, the FED isn’t totally stupid and had to know their sharp, rapidly increased interest rate hikes were the quickest and steepest in history. They also as a bank regulator and monitor knew that some banks had to have long term securities on their books that had steep paper losses and wouldn’t be able to meet depositor requests for cash if significant requests were made. Add to that, they knew that despite short term money market funds and t bills were paying close to 5% and most banks were still paying depositors only 1% or less on savings and checking deposits. It is and was, all part of the plan. They purposely precipitated this crisis and the even bigger one, yet to unfold. The final nail in the coffin was this new policy by the FED, Treasury and FDIC. By offering all banks and all bank depositors to make good on 100% of all their funds, they just removed any need for FDIC insurance and the $250K limit. This means all funds are guaranteed by the US Treasury(inflationary) and paves the way for them to introduce a CBDC. When they implement the final stages by shutting down the banks and the ATM’s they will have put the final piece of the puzzle in place without even having Congress pass any legislation. If the banks are closed because of a somewhat phony crisis (they created) no one can get any cash (actual physical currency) so they force the CBDC on you if you want to eat and pay your mortgage, rent and other bills. Like I said, they aren’t stupid, just evil!
In a little less than two hours Biden is going to speak to the nation.(Speech, release a statement,not sure exactly) Why? This guy is a clueless, consumate liar. You have already had the Treasury Sec. (not much better), FDIC and FED announce meaningful moves to try and calm things down, which probably will as far as the bank run, for at least a few days. That is what is important. Rates are coming down and the stock market will be volatile but what else is new? Why have this clown say anything? He can only make things worse. Keep him in the WH, under his desk in the fetal position where he belongs. He isn’t going to say or do anything to calm people or give them confidence. He is wasting his breath at best and could put his foot in his mouth, as he so often does and make things a lot worse.
Your banker won’t tell you this…….
Because if he did the board would fire his big, fat, hairy mouth right out the back door. And nobody else will hire him afterwards. But I am more than happy to deliver some bad news to you house-horny Canadians gobbling up debt like its wing night at the local bar. You are really in deep doodle this time. And those who don’t wake up quick will be facing a very difficult date when renewal time comes in the summer of 2025. Because that, my dear indebted reader is when your 5 year fixed could be approaching a shocking 9 percent, an ass-kicking rate not seen since 1995, some three decades in the past. So forget the divorce planning from your idiot spouse.
You can’t afford it anymore.
So how can I be so sure? Well its right on the chart. The long term resistance level on the closely linked 10 year US treasury bond is up in the 7 percent range, almost double where it sits today. To find your Canadian 5 year rate you just mix a scotch, add some ice, say a quick Hail Mary and add 2 points on top. Or something like that. Its bank science doncha know.
And its going break some of you people in pieces. I warned about this recently. I told close friends to lock in long or get the hell out because the Banks were going to eat the entire economy. And guess what? They will. The chart says so. No arguments please. So have a close look at my chart and note the gaping hole between where the 10 Year yield sits today and the future resistance line. That’s where we are really going no matter what the Fed magicians and J. Powell tell you. Actually, we are going over that line but it’s a little bank secret I can’t give away.
So the future is murder. House prices will drop relentlessly while this little nightmare unfolds.
Your retirement plans will wither. Your kids will never leave home.
And just wait till you see the coming credit card rates. Smoking!
McClellan Financial Publications
Chart In Focus
TIPS Divergence Is A Bad Sign For Gold
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January 05, 2023
Gold prices are breaking out here in January 2023 after chopping sideways for all of December 2022. That is getting precious metals investors excited. But there is a problem with this strength by gold: it is not being confirmed by one of gold’s fellow travelers.
TIP is the iShares ETF which owns various maturities of Treasury Inflation Protected Securities (TIPS). These are special U.S. Treasury Bonds, issued by the Department of Treasury with terms of 5, 10, or 30 years. What makes them special is that the principal can increase based on how much inflation there is. The interest rate paid on the bonds remains the same throughout the life of the bond, but at maturity you can have the principle payout go up if the inflation rate has been positive. If inflation is negative, that does not harm the principal payout.
The value of any bond is dependent upon its principal amount, and on how much interest it pays out. So the curious point about TIPS bonds is that while their principal amount may appreciate with inflation, that inflation also means that interest rates generally are likely to rise. So the value of the fixed interest rate payouts gets harmed, reducing the value of the bond, even though the eventual maturity value goes up because of inflation.
So if you are a buyer of TIPS bonds, what you want to see is lots of inflation, but no general rise in interest rates among other bonds. That is not usually how life works, though.
The neat thing about these bonds, and about the TIP ETF is that it is well correlated to gold prices, or at least that is the case most of the time. Occasionally the two plots disagree, and when they do that usually conveys useful information about what gold is going to do. Right now, we are seeing a bearish divergence, wherein the price of TIP has been trending downward in December 2022 while gold prices were trending upward. In the past when we have seen such divergences, that has eventually meant that gold prices have to fall extra hard to get back in sync with what TIP’s price has been doing.
It would be really fun for gold investors if gold prices were going to start another great 1970s style bull market. Maybe they will, someday. But right now, this bearish divergence between gold prices and the share price of TIP says that now is not the moment for that great uptrend to commence.
Tom McClellan
Editor, The McClellan Market Report
www.mcoscillator.com
Toronto Star Article ( Trudeau’s Paid Shills ) May be paywalled for some
Thanks Matrix
The federal government is considering turning the page on pandemic-era restrictions by ending the COVID-19 vaccination mandate at the border and scrapping random testing requirements, the Star has learned.
Prime Minister Justin Trudeau and his cabinet have yet to make a final decision, but several sources confirmed ministers will soon weigh in on a move that could also spell the end of the unpopular ArriveCAN app.
That would mean unvaccinated foreigners would once again be allowed to visit Canada. Unvaccinated Canadians would also no longer face fines of up to $5,000 if they couldn’t show proof of a negative COVID-19 test or a previous positive infection before entering the country, and would no longer need to quarantine at home for 14 days, and be subject to on-arrival testing.
The government is also weighing ending mandatory random testing for vaccinated travellers. The practice was temporarily suspended on June 11 before being reinstated again on July 19, and is now being done outside of airports, with virtual appointments and at-home testing kits or in-person at some pharmacies.
As recently as this summer, the federal government insisted “testing was and remains an important part of our surveillance program to track the importation of COVID-19 virus into Canada and identify new variants of concern.” Provinces pointed to Ottawa’s continued border testing as they curbed their own testing.
The Public Health Agency of Canada’s data shows test positivity rates increased from early June to mid-July in unvaccinated travellers (from 3.7 per cent to seven per cent), but the agency has not published any figures since all testing was moved off-site. It said data is “undergoing quality control checks.”
Over the summer, the government got an earful from travelling Canadians frustrated by the extra burden of uploading their proof of vaccination, travel details and quarantine plans into the mandatory ArriveCAN app.
The union representing guards at the Canada Border Services Agency called on Ottawa to scrap the app, saying its officers were too much time helping people fill out their forms instead of focusing on their customs work. Niagara Falls Mayor Jim Diodati said the app was causing unnecessary delays at the border and killing tourism. Even the Canadian American Business Council launched a public-relations campaign to encourage the federal government to drop the app, saying it feared a thickening of the border.
Their voices were added to those of Conservative MPs, who have called on the Liberal government to change course for months. In his acceptance speech Saturday, newly minted Conservative Leader Pierre Poilievre earned his loudest cheers of the night by slamming the “disastrous ArriveCAN” app.
As recently as Sept. 1, the government was promoting the app. It lauded the fact travellers could use it to submit their customs and immigration declarations ahead of arrival at airports in Toronto, Montreal and Vancouver, and announced the feature would be extended to travellers at seven others in the coming weeks.
Now, with pressure mounting — from both within their own caucus and bureaucracy — to eliminate rules seen as outdated and unnecessary, the Liberals are preparing to put an end to a divisive chapter.
Sources within government say the Liberals are following through on what they said they would do: constantly re-evaluate the threat environment and change course when new information warranted.
Although hundreds of people are still dying of COVID-19 each week — 217 between Sept. 4 and 10 — the risks are lower, more treatment options are available, vaccines and boosters have made a huge difference and hospitalization rates are seen to be less concerning.
This would be a “natural evolution of our policies,” one source said.
On June 20, the government “suspended” its vaccination requirement for all passengers on planes and trains, as well federal government employees. Those mandates were the source of much anger during the 2021 election campaign, and helped mobilize frustration against the Liberal government this winter, culminating in the occupation of the capital by the so-called “Freedom Convoy.”
At the time of the June announcement, Transport Minister Omar Alghabra and Treasury Board President Mona Fortier pointed to the success of the government’s vaccination mandates, saying they had protected the health of Canadians and mitigated the full impacts of the virus.
Health Minister Jean-Yves Duclos, however, rang a more cautious note, saying the government didn’t know what it would face this fall and everyone should be prudent and stay up to date with their vaccinations and booster doses.
The Public Health Agency of Canada reports that at least 18,404 fines were issued between April 14, 2020 and Sept. 8, 2022 for COVID-19-related offences, such as refusing to go to government-approved quarantine accommodations, arriving without a valid pre-entry test, refusing arrival testing and breaching quarantine
………..
Fully’s Comment
NO DOUBT This is the Pierre Effect already paying dividends.
The Turds Pollsters can see that the Populace is sick and tired of his bullshit and Poilievre is on solid ground as an anti mandate candidate
PS
Fuck the Turd and Fuck his Star
“vaccines and boosters have made a huge difference and hospitalization rates are seen to be less concerning.”
” So Called “Freedom Convoy” ?
On Monday I posted “The Hook”, explaining that NEM was the sacrificial lamb to hook investors into believing that gold and gold miners should be avoided. Having bottomed and with a decent bounce since the bottom, gold and silver began the expected two day pullback indicated by their charts, yesterday.(my count looks for the pullback to end today) The bond market was having such a strong rally (prices up and yields down) that the FED had to rollout it’s team to once again give us BS hawkish talk to reverse the bond market rally and bring down gold and silver prices.
“Hawkish comments from several Fed presidents are countering a recent narrative taking hold of financial markets, in which policymakers would ease up on a recent tightening cycle given expectations of an economic slowdown. Stocks dipped on the remarks on Tuesday, while investors sent the 10-year Treasury yield up 15 basis points to the 2.75% level. The new spate of aggressiveness also saw the safe-haven dollar renew its surge, though there was still plenty of optimism that the U.S. could achieve a soft landing and avoid a formal recession.
St. Louis’ James Bullard: “I think that inflation has come in hotter than what I would have expected during the second quarter. Now that that has happened, I think we’re going to have to go a little bit higher than what I said before.”
San Francisco’s Mary Daly: “[The Fed is] nowhere near almost done. We have made a good start and I feel really pleased with where we’ve gotten to at this point, [but] people are still struggling with the higher prices. My modal outlook, or the outlook I think is most likely, is really that we raise interest rates and then we hold them there for a while at whatever level we think is appropriate.”
Chicago’s Charles Evans: “If we don’t see improvement before too long, we might have to rethink the path a little bit higher. We want to see if the real side effects are going to start coming back in line… or if we have a lot more ahead of us.”
Cleveland’s Loretta Mester: “We have more work to do because we have not seen that turn in inflation. It’s got to be a sustained, several months of evidence that inflation has first peaked – we haven’t even seen that yet – and that it’s moving down.”
This is a great read based on the Life insurance reports of significant increases in overall death statistics, as FGC and some others have previously pointed out. For that reason alone, it is worth reading. However, an additional factor is not discussed at all, since the author is focussed on the stock market declines, in general, and Pfizer, BioNTech and Moderna, specifically. I am saying that an even bigger problem exists. The life insurance companies are, after sovreign govt. holdings, the largest purchasers and holders of US long term treasuries. Because of the outlier death claims, they are going to have to stop buying as many and actually sell large amounts of their treasury holdings to pay those claims, at a time when those bonds are underwater because of sharply higher interest rates. This is going to exacerbate any selloff in the bond market and contribute to the steepness and length of an economic contraction, ie. recession.
https://www.bschools.org/blog/future-of-covid-vaccine-company-stocks
Was this the reason that the Fed “reported” a technical difficulty to postpone the auction? What’s going on?
https://finance.yahoo.com/m/cf1f629c-4909-3e0c-948f-e18f2ef9c3ce/xi-jinping-warns-fed-against.html
Pasting it (Yahoo Finance article links it to Marketwatch whose paywall may block it for some of us)