Sovereign debt bill KO’d, pro rata deals at work in Sinclair and Sonrava, Spirit “denies” BK rumors, Fees under pressure (finally!), FTX mystery suit, and much, much more…
While we are always dubious of Chatham (just read the Caesars Palace Coup) we like what we hear when stakeholders call for a fair process…
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one small step for man… one giant leap for creditors!
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denial is not just a river in Egypt….
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Fees under pressure (finally!)
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Right out of an episode of the x-files
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that was quick…
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more cracks…
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Broken, yet strong as a rock
The longest Jobs employment winning streak since 1951 of 27 straight months of unemployment below 4% has finally been broken.
The employment picture remains rock solid with this month’s payroll gain of 272K. Strength in employment is a big contributor to equity market performance, EPS beating expectations, supporting consumer spending and companies both small and large adding to headcount.
The broken streak of 27 straight months under 4% stems from a census adjustment based on new data that revises down prior reports by approximately 80k per month from what was previously reported. The magnitude of revisions sheds light on the lack of handle that the government has on accurately reporting this information in real-time as the complexity of labor accounting has never been harder with the influx of immigration across our southern border.
Despite the revision, the macro picture as it relates to employment remains unchanged as gains are robust accompanied with strong wage growth. It is essential to remember that we’ve never seen a recession when adding jobs to the economy.
Wage inflation has not softened – rising .40% month over month equating to a 4.8% annualized rise, supporting spending and nominal GDP growth.
It is higher for longer given the strength of both the labor markets, the broader economy and corporate earnings.
To follow Bruce’s thoughts on the markets, investing and more, follow @bruce_markets
What We’re Reading
ISDA asks for feedback on key issues affecting CDS market confidence
The CDS market sits in a precarious position between dealers and buysiders trying to maintain its legitimacy and independence while at the same time acknowledging someone’s ox is going to get gored. We applaud ISDA’s efforts but the proof will be in the pudding to ensure the decision-making process for credit events is a truly independent process.
The views of our Contributors should not be attributed to their respective firms or the Creditor Rights Coalition. In addition, the Coalition may take positions as part of its Advocacy efforts that do not necessarily reflect the view of Contributors and should not be attributed to any Contributor.
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