It only takes a few moments to share an article, but the person on the other end who reads it might have his life changed forever.

Friday, July 01, 2016

US Fed's Fischer says they're watching markets closely and preparing for July FOMC meeting

  • will have better idea of conditions by July FOMC meeting
  • hard to predict USD but Fed takes it into account
  • Fed's primary goal is to do right for US economy
  • Brexit probably less important for US than others
  • Fed has no plans to move into negative territory
  • will try to avoid ever getting to negative rates
Try to avoid? Hardly reassuring. What price US rate cut this month?

US ISM manufacturing June 53.2 vs 51.3 exp

  • 51.3 prev
  • prices paid 60.5 vs 63.5 exp/prev
  • new orders 57.0 vs 55.9 vs 55.7 prev

Police Called After 3rd Grader Makes ‘Racist’ Comment About a Brownie

http://libertyblitzkrieg.com/2016/06/30/police-called-to-elementary-school-after-3rd-grader-makes-racist-comment-about-a-brownie/

Before this week, 14-year-old Ella Fishbough had never been in trouble at school.
The cheerful, curly-haired eighth-grader’s undoing came when she learned that a male friend was having a bad day. As consolation, Ella put her arms around him in a hug.

“It was literally for a second,” the eighth-grader told Click Orlando. But that moment earned her a morning in detention — as well as a blemish on her formerly spotless disciplinary record.
It is at each principal’s discretion to determine what kind of touching is inappropriate. According to WFTV Orlando, hugging was banned altogether at Jackson Heights this year, in addition to holding hands, linking arms and kissing. 

Human beings not being allowed to be human. this will end well.

US Markit mftg June PMI final reading 1 July 2016


  • 51.4 prev
Not going too shake many trees right now. ISM mftg report out at the top of the hour.



Puerto Rico Defaults On $2 Billion In Debt Payments

http://finance.yahoo.com/news/puerto-rico-faces-record-default-163939876.html

General-obligations: About $816 million of principal and interest. Puerto Rico’s constitution stipulates that the government must repay general obligations before other expenses. Garcia Padilla said on Wednesday that the island won’t pay general obligations because there isn’t enough money to cover essential services and pay investors. The commonwealth has $13 billion of general obligations and a default on the securities would be the first payment failure from a state-level borrower on its direct debt since Arkansas in 1933.

Puerto Rico Electric Power Authority: $420 million of principal and interest. The island’s main electricity provider, called Prepa, will avoid defaulting Friday after it reached an agreement with its creditors. Bondholders and insurers will buy bonds from Prepa in a similar arrangement to how the utility averted defaulting on Jan. 1.

Puerto Rico Highways & Transportation Authority: $220 million of principal and interest. The highway agency repays its debt with gas-tax receipts and toll revenue. The authority is expected to pay investors on July 1 from reserve funds already held by the bond trustee, according to S&P Global Ratings. Future payment are uncertain because Puerto Rico has redirected a portion of the agency’s revenue to the general fund. HTA has $6.4 billion of bonds and notes outstanding.

Puerto Rico Public Buildings Authority: $207 million of principal and interest. The bonds are repaid with rents that public agencies pay for their office buildings and are guaranteed by the commonwealth. The authority has about $4 billion of bonds outstanding.

Puerto Rico Aqueduct and Sewer Authority: $135 million of principal and interest. Island lawmakers are working on legislation intended to allow the water agency to raise money by issuing debt through a newly created entity. If it can’t, the authority has said it may redirect funds used to pay debt to cover overdue bills to contractors and suppliers. It has $4 billion of bonds outstanding.

Puerto Rico Infrastructure Financing Authority: $78 million of principal and interest. Called Prifa, the agency has sold the island’s rum-tax bonds. Bond anticipation notes maturing July 1 are expected to default after Puerto Rico said it would instead use the revenue that normally repays Prifa debt to cover essential services instead. Prifa also defaulted on a Jan. 1 interest payment. It has $1.9 billion of bonds outstanding.

Puerto Rico Convention Center District Authority: $20.8 million of principal and interest. The authority has reserve funds with its bond trustee to make the July 1 payment, but those funds could dry up for the next payment due Jan. 1 because Puerto Rico is redirecting its revenue, according to S&P. The agency uses hotel-room tax receipts to repay debt. It has $397.7 million of bonds outstanding.

Puerto Rico Pension-Obligation Bonds: $13.9 million of interest. The taxable debt was sold to bolster the island’s nearly depleted pension fund. The bonds are repaid from contributions that the commonwealth and municipalities make to the retirement system. It has $2.9 billion of bonds outstanding.

Government Development Bank for Puerto Rico: $9.1 million of interest. The bank has restricted withdrawals unless they are used for essential services. The bank defaulted May 1 on nearly $400 million that was due. It has $5.1 billion of debt outstanding.

Puerto Rico Public Finance Corp.: $4 million of principal. Since August the agency has failed to pay investors and was the first Puerto Rico agency to default after the legislature failed to appropriate needed funds. It has $1.1 billion of debt outstanding.

Government Changes 911 Call Transcript To Blame Christians For Orlando Attack

DHS Secretary Jeh Johnson Refuses to Answer Senate on Scrubbing Terror Docs

Hillary Clinton is disqualified from holding public office under U.S. Code Title 18, Section 2071

https://www.law.cornell.edu/uscode/text/18/2071

18 U.S. Code § 2071 – Concealment, removal, or mutilation generally
Current through Pub. L. 114-38. (See Public Laws for the current Congress.)
(a) Whoever willfully and unlawfully conceals, removes, mutilates, obliterates, or destroys, or attempts to do so, or, with intent to do so takes and carries away any record, proceeding, map, book, paper, document, or other thing, filed or deposited with any clerk or officer of any court of the United States, or in any public office, or with any judicial or public officer of the United States, shall be fined under this title or imprisoned not more than three years, or both.
(b) Whoever, having the custody of any such record, proceeding, map, book, document, paper, or other thing, willfully and unlawfully conceals, removes, mutilates, obliterates, falsifies, or destroys the same, shall be fined under this title or imprisoned not more than three years, or both; and shall forfeit his office and be disqualified from holding any office under the United States. As used in this subsection, the term “office” does not include the office held by any person as a retired officer of the Armed Forces of the United States.
(June 25, 1948, ch. 645, 62 Stat. 795; Pub. L. 101–510, div. A, title V, § 552(a), Nov. 5, 1990, 104 Stat. 1566; Pub. L. 103–322, title XXXIII, § 330016(1)(I), Sept. 13, 1994, 108 Stat. 2147.)

Austrian Court Orders Rerun Of Presidential Election After Finding "Widespread" Voting Fraud

http://www.reuters.com/article/us-austria-election-idUSKCN0ZH4IC


Austria's presidential runoff election must be held again, the Constitutional Court ruled on Friday, handing the Freedom Party's narrowly defeated candidate another chance to become the first far-right head of state in the European Union.
The decision comes a week after Britain delighted anti-EU groups such as the Freedom Party (FPO) by voting to leave the bloc. Concerns about immigration and jobs featured prominently in the Brexit referendum, as they did in Austria's knife-edge election.
The court said that widespread irregularities in the counting of the more than 700,000 postal ballots cast meant there was enough doubt over the election's outcome for a re-run to be ordered.
Norbert Hofer of the anti-immigration FPO lost the May 22 vote to former Greens leader Alexander Van der Bellen by less than one percentage point, or around 31,000 votes.
Whether a re-run of the vote for the largely ceremonial post of president will have a different outcome this time is unclear. The Brexit vote could buoy populist sentiment or have a chilling effect on it.


Official: AG will accept prosecutor call on Clinton case

http://hosted.ap.org/dynamic/stories/U/US_CLINTON_EMAIL?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2016-07-01-06-50-24

A Justice Department official says Attorney General Loretta Lynch "expects to accept" whatever recommendation career prosecutors make in the investigation into Hillary Clinton's handling of emails.
The official, speaking on grounds of anonymity because of the ongoing probe, says Lynch will discuss the policy later Friday.
This revelation comes amid a controversy surrounding a private discussion Lynch had aboard her plane on the tarmac at a Phoenix airport Monday with Clinton's husband, former President Bill Clinton.