The major averages begin the week mixed after the NASDAQ recovers it’s opening losses on generally positive data. Political and other scandals notwithstanding.
The Chicago Fed National Activity Index beat expectations substantially in August remaining unchanged at .18. The 3-month moving average jumped to .24 a 4-month high on strength in production, sales, and inventory. Employment, personal consumption, and housing all dragged, but only slightly.
The Texas Manufacturing Index slipped 2.8 points in September to 28.1 on notable employment related weakness. Price data fell for a 3rd consecutive month reaching a moderate level.
The latest example of the devil may care attitude of the banksters comes to us from recent SEC or Securities and Exchange Commission charges against Citigroup alleging that the bank ran an unregulated, or licensed stock exchange for 3-years from December of 2011 until April of 2015, defrauding its customers in the process. The dark pool in question handled a not insignificant 7-billion shares during the period. Despite being bailed out with taxpayer funds after the last crisis. As is standard procedure for these types of affairs Citigroup was not required to admit wrongdoing or culpability. Citigroups regulatory rap sheet stretches for a couple of city blocks, includes numerous promises to do better and criminal charges as the bank once again demonstrates that it is neither repentant nor reformed.
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