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“Linguistic White Supremacy’”: The Left’s New Crusade Against The English Language

“Linguistic White Supremacy’”: The Left’s New Crusade Against The English Language

By Wenyuan Wu of MindingTheCampus

The fringe lens of critical pedagogy has swallowed today’s academia. Facts are deconstructed, logical reasoning is contorted, historical narratives are rewritten, and causality takes a back seat to the post-modernist project of affirming feelings and identities. Increasingly, words lose meaning and become weaponized for the sake of ideological conformity.

Cue the perennial abuse of “white supremacy.” The phrase’s original meaning of a belief system that White people are inherently superior to other races is now completely coopted with shapeshifting and ever-expanding connotations. Objectivity, a sense of urgency, perfectionism, and written words are characteristics of white supremacy culture. Getting married, like structural racism, bolsters white supremacy. Even soap dispensers perpetuate white supremacy.

The U.S. academia has now concocted an absurd proposition that speaking and writing proper English is a form of white supremacy. The term is “Linguistic White Supremacy (LWS)” or “White Language Supremacy (WLS),” depending on where you look.

According to the Conference on College Composition and Communication (CCCC), a membership-based professional association for “diverse communicators inside and outside of postsecondary classrooms,”

WLS assists white supremacy by using language to control reality and resources by defining and evaluating people, places, things, reading, writing, rhetoric, pedagogies, and processes in multiple ways that damage our students and our democracy. It imposes a worldview that is simultaneously pro-white, cisgender, male, heteronormative, patriarchal, ableist, racist, and capitalist … WLS is, thus, structural and usually a part of the standard operating procedures of classrooms, disciplines, and professions …WLS perpetuates many forms of systemic and structural violence.

CCC goes on to outline the characteristics of WLS as “habits of white language,” including: “individualism,” “stance of neutrality, objectivity, and apoliticality,” “rational, controlled self,” “rule-governed, contractual relationships,” “clarity, order, and control.” In other words, good virtues and values, with roots in the Age of the Enlightenment, are just learned habits of white supremacists.

For the Metropolitan State University of Denver, “Linguistic White Supremacy,” which is equated with standard American English, permeates every facet of higher education, such as writing, grading, teaching, and campus life. There is no “correct” or “standard” way to write and speak in American English. The standard version is “a social construct that privileges white communities and maintains social and racial hierarchies.” To combat linguistic white supremacy, educators must grade with equity, keeping “grammar and mechanics to less than 10% of the overall grade.”

Similarly, professors should also adopt restorative approaches to plagiarism, allowing students to rewrite the essay, removing penalties for late assignments, and even abstaining from using an originality checker at all. According to opponents of linguistic white supremacy, plagiarism is an excusable plea for help and a courageous act of defiance. After all, students may be unable to speak or write standard American English because they don’t understand the citation system, come from a country “that believes that copying other people’s work is an homage to that person,” or lack the confidence. The woke bigotry of low expectations is on full display here.

To put it in plain English, teachers should cut students, especially those who are not White and therefore underprivileged, some slacks if they plagiarize or make grammatical errors in writing. Giving penalties is simply inequitable and racist.

A pair of faculty members from the University of Southern California School of Education coins the term “linguistic racism” as “the mistreatment, devaluation, and acts of discrimination towards people based on their language use or perceptions about their ethnicities.” The researchers proceed to advise immigrants to make a conscious effort to keep their accents and honor their own grammar structures in defiance of the mistreatment from native speakers of English.

Approximately 43 million U.S. adults possess low literacy skills and two-thirds of whom are U.S.-born, 35 percent are white and Hispanic. This new crusade against standard English is only going to make things worse. We all know what will happen when parents and other authority figures fail to provide structure and enforce discipline for children. The antiracist business of fighting linguistic white supremacy infantilizes young college students and feeds them a fat big lie by trivializing the importance of mastering reading, writing, and speaking English.

I don’t know who needs to hear this: As a first-generation immigrant whose native language can’t be more different than English, I pride myself on steadily improving my spoken and written language skills. It makes life for myself and those I interact with more pleasant and less confusing. More importantly, it is infinitely more empowering than trying to fit the world around me into the surmountable limitations of a language barrier.

The irony is not lost when subscribers to the antiracism dogma can’t live up to their own expectations. Recently, my colleague—also a Chinese immigrant—mispronounced the Spanish last name “Jimenez” at a local school board meeting when he publicly commented on academic transparency and accountability. Instead of showing tolerance towards this linguistic mistake, the school board’s most progressive trustee immediately mocked my colleague.

When it comes to battling systemic linguistic white supremacy, the warriors only want “rules for thee, not for me.”

Tyler Durden
Tue, 07/09/2024 – 21:40

Newsom’s California: Flash Mob Robs, Ransacks Bay Area Mini-Mart, Causing $100,000 In Damage

Newsom’s California: Flash Mob Robs, Ransacks Bay Area Mini-Mart, Causing $100,000 In Damage

A flash mob ransacked a mini-mart near the San Francisco Bay Oakland International Airport in Oakland, California this week, robbing and destroying the store. 

In yet another dystopian scene of what California has become, the group was captured on surveillance video “tearing apart the store”, according to Fox News, who obtained footage of the looting. 

The group rummaged through the refrigerated section and shelves, smashing items and stuffing shopping baskets with stolen goods.

The owner of the store told Fox News that they group caused about $100,000 in damage and that, in the process, they threatened two employees. 

He said it took “nine hours” for police to respond to the incident, telling Fox News: “This is the hardest thing you could ever go through … especially if you’ve been put in sweat and tears day in and day out.”

Oakland Police offered up a different story, telling Fox officers responded within 90 minutes of the incident, which took place at 4AM. 

The owner estimated that approximately 70 individuals connected to a nearby illegal sideshow gathering forced their way into the store, which was operating with window-only service at the time.

He concluded: “They got away with it. They were here for 40 minutes. You could tear a whole city down in 40 minutes. Every time I think about it, the more it hurts.”

 

Tyler Durden
Tue, 07/09/2024 – 21:20

Biden’s Costliest Publicity Stunt To Be Dismantled Permanently

Biden’s Costliest Publicity Stunt To Be Dismantled Permanently

The Pentagon’s Gaza humanitarian pier project, which has been troubled from day one and spent more time out of commission than it’s actually been in operation, will soon be scrapped altogether, the Associated Press reports Tuesday.

The report says this is the ‘final blow’ for the pier after rough seas left it needing constant pauses for repairs: “The pier built by the U.S. military to bring humanitarian aid to Gaza will be reinstalled Wednesday to be used for several days, but then the plan is to pull it out permanently, several U.S. officials said.”

Thus it looks like it will not longer be there by the end of this month. “The officials said the goal is to clear whatever aid has piled up in Cyprus and on the floating dock offshore and get it to the secure area on the beach in Gaza,” the report adds, and notes that’s when the army will begin the final dismantle.

The pier had allowed for the delivery of nearly 20 million pounds of food to the starving Palestinian population in the Gaza Strip, but persistent high and choppy seas caused many lengthy stoppages. At one point last month large pieces of the pier actually broke off and washed up north on an Israel beach, with US vessels also getting stuck attempting to retrieve the pieces.

Part of the Pentagon rationale for dismantling the whole thing is that the weather is only set to get worse, and that the Biden-ordered initiative was to be temporary to begin with. For a brief timeline and partial review of recent problems:

  • May 25: pier was damaged by seas and high winds
  • Removed for repairs
  • June 7: finally reconnected after a couple weeks
  • June 14: inclement weather leads to pier removal again
  • Days later it is put back
  • June 28: heavy seas result in removal again
  • Out of commission again for nearly a couple of weeks

First announced as a White House aim in March during President Biden’s State of the Union address, the pier required hundreds of millions of dollars and the work of some 1,000 service members to plan, assemble and operate. 

The pier will go down as one of history’s costliest publicity stunts. The impetus for the pier was mounting political pressure on Biden — particularly from his own party — as Israel’s response to the Oct. 7 Hamas invasion killed tens of thousands, displaced more than a million, and caused a territory-wide food and medical-supply crisis. But critics also pointed out there are land routes which can be used to get aid into Gaza.

Biden’s pier announcement came a week after the Michigan primary, in which 13% of Democrats — more than 100,000 people — voted “uncommitted” as a means of condemning Biden’s performance on Gaza, among other issues. 

Tyler Durden
Tue, 07/09/2024 – 19:20

How Out-Of-Body Experiences May Enhance Empathy By Altering Our Sense Of Self

How Out-Of-Body Experiences May Enhance Empathy By Altering Our Sense Of Self

Authored by Cara Michelle Miller via The Epoch Times (emphasis ours),

How does floating outside your body, seeing yourself from above, sound? This surreal experience, known as an out-of-body event, might be more than just a curious phenomenon.

New research suggests these extraordinary events could unlock greater empathy. By reshaping our sense of self, they may reshape our worldview, allowing us to truly step into another’s shoes.

(PRILL/Shutterstock)

The Transformative Impact of Out-of-Body Experiences

Out-of-body experiences (OBEs) occur spontaneously during sleep, near-death experiences, or through induced methods like hypnosis or psychedelic drugs. Affecting approximately 15 percent of people, according to some research, out-of-body experiences challenge the notion that the mind is confined to the body.

Recent studies suggest OBEs can result in lasting increases in perspective-taking, patience, and compassion—similar to effects seen with meditation.

A new narrative review in Neuroscience and Biobehavioral Reviews explores the psychological and neurological basis of out-of-body experiences as “seeds” that, under certain conditions, can grow into transformative events.

“We propose psychological and neuroscientific mechanisms to try to explain how it works, how having an out-of-body experience could lead to increased empathy,” lead study author Marina Weiler, an assistant professor of psychiatry at the University of Virginia (UVA) who holds a doctorate in neurology, told The Epoch Times.

Dissolving the Ego

Central to an out-of-body experience is ego dissolution, a state where one detaches from his or her self-identity.

Historically rooted in spiritual practices, experiencers describe ego dissolution as perceiving no boundaries or awakening from an “egoic version” of oneself. Research shows that the intensity of out-of-body experience correlates with the degree of ego dissolution.

“When a person is not linked to their physical bodies,” Ms. Weiler said, “it allows the person to feel connected to other things, to other people, to other circumstances, or everything that is around them.” This occurs because our self-identity or ego is partly tied to our physical body, from which we typically view the world, she added.

Empathy, crucial for understanding others, involves adopting different perspectives by shedding one’s ego. Ms. Weiler emphasized that “making sense of the out-of-body experiences is crucial for integrating its transformative effects.” She describes it as a two-stage process: ego dissolution followed by re-evaluation of oneself and reality.

Those who process their OBEs emotionally and discuss them often experience less self-doubt and anxiety, she noted.

This shift from self-centered to other-focused thinking expands an individual’s worldview, fostering a more profound sense of connection with others.

How It Might Rewire Our Brains

Neuroscience provides insights into the brain mechanisms underlying empathy and its modulation through OBEs. The temporoparietal junction (TPJ), a specific brain region, is linked to bodily self-awareness. TPJ integrates sensory information from our bodies and the environment, distinguishing self from non-self.

OBEs can be triggered by temporarily altering brain activity through electrical stimulation of regions like the TPJ, according to research by Dr. Olaf Blanke, a renowned neuroscientist and neurologist at the University Hospitals of Geneva, Switzerland. This demonstrates how changing consciousness states can influence empathy.

According to Ms. Weiler, the TPJ relates to bodily sensations and spatial awareness. Mirror neurons, which fire both when a person performs an action and when they watch someone else do the same, activate in the TPJ when we understand others’ emotions—a key aspect of empathy. TPJ activity disruptions during out-of-body experiences may alter self-awareness, enhancing shared experiences and empathetic responses.

While mirror neurons enable empathy by mirroring others’ behaviors and emotions, OBEs involve multiple brain networks beyond the TPJ, including the frontal cortex and temporal lobes, which are also implicated in empathy and self-perception.

The review authors noted that these conclusions are primarily based on personal accounts, as no studies directly verify the correlation between OBEs, ego dissolution, and feelings of unity. Also, other experiences, such as awe, can promote empathy without the disembodied sensation typical of OBEs.

Unlocking the Potential

Out-of-body experiences have drawn attention over the years due to their potential to spur personal growth and spiritual transformation.

According to the Neuroscience and Biobehavioral Reviews paper, a study from the 1980s found that OBEs profoundly affected 55 percent of the 386 participants, with 71 percent reporting long-term benefits. Also, 84 percent expressed a desire to relive the experience, and 40 percent ranked it as the most significant event of their lives.

While the therapeutic applications of OBEs remain exploratory, a recent study in Psychology of Consciousness identified eight core themes that people often explore after an OBE, each suggesting ways that well-being may be improved.

Researchers highlighted that OBEs can act as catalysts for:

  • Motivation
  • Reducing fear of death
  • Fostering inner peace
  • Altering life perspectives
  • Increasing self-awareness
  • Redefining relationships
  • Strengthening spiritual beliefs

Current research does not link OBEs themselves to any serious health risks. However, they can sometimes cause confusion about the experience and raise concerns about neurological or mental health issues. Certain medical conditions have been associated with OBEs, including epilepsy, brain injuries, and dissociative disorders like depersonalization-derealization disorder.

Practices to Facilitate Out-of-Body Experiences

To study OBEs, which typically occur randomly, Ms. Weiler and researchers at UVA’s Division of Perceptual Studies work with volunteers who can induce them at will. Techniques include:

  • Meditation: deep absorption states that transcend ordinary self-identity
  • Visualization: using mental imagery to expand beyond the physical body
  • Lucid dreaming: maintaining awareness while transitioning into dream states
  • Yoga: practices like Kundalini yoga that aim to transcend bodily limits

According to Ms. Weiler, research progresses with the goal of harnessing out-of-body experiences as tools for promoting empathy and compassion rather than merely treating them as extraordinary experiences.

Tyler Durden
Tue, 07/09/2024 – 19:00

Bodyguard For Anti-Gun Supreme Court Justice Sotomayor Shoots At Would-Be Carjacker

Bodyguard For Anti-Gun Supreme Court Justice Sotomayor Shoots At Would-Be Carjacker

Bodyguards for Supreme Court Justice Sonia Sotomayor fired shots at an attempted carjacker on Friday outside her northwest DC home, according to a spokesperson for the US Marshals Service.

The perp, 18-year-old Kentrell Flowers, suffered non-fatal injuries and was taken to a local hospital following the incident.

“The Deputy U.S. Marshals involved in the shooting incident were part of the unit protecting the residences of U.S. Supreme Court justices. As a general practice, the U.S. Marshals don’t discuss specifics of protective details,” said US Marshals Service spokeswoman Abigail Meyer in a statement.

As the Daily Caller reports:

Kentrell Flowers allegedly approached and pointed a handgun at a car belonging to one of two deputy U.S. Marshals in separate vehicles protecting Sotomayor’s residence around 1:15 a.m., according to a press release from the Metropolitan Police Department (MPD).

Flowers first exited a vehicle before threatening the U.S. Marshal at the 2100 block of 11th Street, the press release stated. The U.S. Marshal fired several shots at the 18-year-old suspect with the help of his U.S. Marshal colleague, who also drew and fired his service weapon from a separate vehicle.

Flowers was arrested and charged with armed carjacking, carrying a pistol without a license and possession of a large-capacity ammunition feeding device, according to the press release.

The MPD’s Criminal Investigation Division is conducting an investigation. 

 

Tyler Durden
Tue, 07/09/2024 – 18:40

‘Ukraine Can & Will Stop Putin’: Biden Successfully Navigates Teleprompter At NATO Summit

‘Ukraine Can & Will Stop Putin’: Biden Successfully Navigates Teleprompter At NATO Summit

Update(1835ET): We’ve just been given a glimpse of what another Biden administration would look like: endless war and escalation in Europe until we get nuclear-armed conflict with Russia (though a Trump administration after November is looking likelier by the day).

President Biden’s address to the NATO summit in D.C. on the 75th anniversary of the alliance’s founding was full of bravado and chest-thumping, complete with declarations of Ukraine will win against Russia.

“Putin wants nothing less, nothing less, than Ukraine’s total subjugation … and to wipe Ukraine off the map,” Biden said. He then vowed that “Ukraine can and will stop Putin.”

Getty Images

Toward that end, he announced that Ukraine will be given dozens more US anti-air defense systems, and that Kiev will be priority number one in terms of advanced arms transfers to countries abroad.

Biden came out speaking fast, at times mumbling and stumbling over hastily-formed words while hugging the teleprompter, but in the end was actually coherent this time. 

Reuters notes that “The White House is hoping he can turn the page on speculation with his speech, in which he spoke with a strong and confident voice and avoided any verbal flubs or signs of confusion that marked his debate performance.”

And the Associated Press wrote:

Biden, using a teleprompter, told world leaders that “NATO is more powerful than ever” on its 75th anniversary, highlighting the expansion of the alliance under his watch.

“This moment in history calls for our collective strength,” he said, stressing NATO’s resolve to help Ukraine fend off Russia’s invasion. In his 13-minute remarks, Biden did not nod to the domestic political drama swirling around him.

But just a couple of hours before Biden’s big speech, this devastating take down occurred in the White House press briefing room, leading to obvious questions of: who is in charge here?

* * *

The annual NATO summit 2024 began Tuesday in Washington D.C., and House of Representatives Speaker Mike Johnson used the opportunity to urge all alliance members to meeting spending goals, which as at least 2% of GDP for defense.

“I just want to say this, and I’ll deliver the message to them emphatically: Republicans, of course, celebrate the peace and prosperity that NATO has secured and will continue to stand by our partners as we prevent needless wars,” he said before an audience at the Hudson Institute think tank.

“But we also believe that NATO needs to be doing more,” he stressed. As NATO heads of state are in town, Congressional members will hold various meetings with the foreign delegations. “Every NATO member needs to be spending at least 2% of their GDP on defense. That’s the agreement, that’s the deal,” Johnson continued.

Via AP

Currently, fewer than half of NATO members are meeting this goal, according to various international reports. It was a big talking point in the prior Trump administration, and if Trump gets in office again he’ll likely dial up the pressure on allies just like in the past.

Back in February, Trump sparked fury and controversy by suggesting the US would not defend NATO allies who failed to spend enough on defense.

On the campaign trail he had recounted a past conversation with the “president of a big country”…

“Well sir, if we don’t pay, and we’re attacked by Russia – will you protect us?” Trump quoted the unnamed leader as saying.

“I said: ‘You didn’t pay? You’re delinquent?’ He said: ‘Yes, let’s say that happened.’ No, I would not protect you. In fact, I would encourage them (Russia) to do whatever the hell they want. You gotta pay,” Trump said.

As for Johnson’s fresh speech just as NATO leaders arrive in D.C., he called out both Russia and China, but especially Beijing which it called “our single greatest threat… engaging in malign influence operations around the world.”

But he also stated of Russia, “People understand that (Russian President Vladimir Putin) would not stop if he took Kyiv. He’s a ruthless dictator in my view.”

Zelensky has also been invited to be in attendance this week, but Ukraine isn’t expected to join the alliance anytime soon. Zelensky says he will focus on attracting more anti-air systems amid the Russian aerial onslaught:

So far there’s been no evidence showing Moscow desires an expanded war. Many Western pundits predicted Russia would march on Moldova next, but that hasn’t materialized.

Tyler Durden
Tue, 07/09/2024 – 18:35

Haley Releases Delegates, Urges Them To Back Trump Ahead Of RNC Convention

Haley Releases Delegates, Urges Them To Back Trump Ahead Of RNC Convention

Authored by Jackson Richman via The Epoch Times (emphasis ours),

Former GOP presidential candidate Nikki Haley announced on July 9 that she is releasing her 97 delegates and urging them to support former President Donald Trump.

(Left) Former President Donald Trump arrives to speak during a Super Tuesday election night watch party at Mar-a-Lago Club in Palm Beach, Fla., on March 5, 2024. (Right) Republican presidential hopeful Nikki Haley speaks during a campaign rally in Portland, Maine, on March 3, 2024. (Chandan Khanna, Joseph Prezioso/AFP via Getty Images)

The move comes days before the Republican National Convention when the 45th president is set to be nominated as the party’s 2024 presidential candidate.

In a statement, Ms. Haley called for the GOP to come together as President Joe Biden is incompetent to have four more years in the Oval Office and Vice President Kamala Harris “would be a disaster for America.”

“The nominating convention is a time for Republican unity,” said Ms. Haley in a statement.

“We need a president who will hold our enemies to account, secure our border, cut our debt, and get our economy back on track,” said the former South Carolina governor and U.S. ambassador to the United Nations.

Ms. Haley went on to call on her delegates to back former President Trump at the Republican National Convention, which will be held July 15–18 in Milwaukee, Wisconsin. Politico first reported the news.

The former candidate will not be attending the convention.

“She was not invited, and she’s fine with that,” Ms. Haley’s spokesperson, Chaney Denton, told The Epoch Times.

“Trump deserves the convention he wants,” Ms. Denton said. “She’s made it clear she’s voting for him and wishes him the best.”

In May, a few months after suspending her presidential campaign, Ms. Haley announced she will be voting for former President Trump.

She said that she wants a “president who would support capitalism and freedom. A president who understands we need less debt, not more debt.” While former President Trump “has not been perfect on these policies,” she said, he is preferable to President Joe Biden.

The following day, former President Trump suggested Ms. Haley would be on his team “in some form” and did not rule her out as a running mate despite having done so before her announcement that she will cast her ballot for her former boss.

In the primary, Ms. Haley won just Vermont and the District of Columbia with nine and 19 delegates, respectively.

In other primaries, which former President Trump won, Ms. Haley picked up eight delegates in Iowa; nine in New Hampshire; three in her home state of South Carolina; four in Michigan; 12 each in Colorado, North Carolina, and Minnesota; six in Virginia; one in Arkansas and two in Rhode Island.

Tyler Durden
Tue, 07/09/2024 – 18:20

Bidenomics? Business Bankruptcies Jump 34% In First Half Of 2024

Bidenomics? Business Bankruptcies Jump 34% In First Half Of 2024

Authored by Naveen Athrappully via The Epoch Times,

Bankruptcy filings by commercial entities grew by more than a third this year as businesses struggled under an environment of high costs and interest rates, according to the American Bankruptcy Institute (ABI).

A total of 3,016 commercial Chapter 11 bankruptcies were filed in the January–June period this year, up 34 percent from last year, said a July 3 ABI press release. Small-business filings rose by 61 percent. Total bankruptcy filings rose by 15 percent, with individual filings increasing by 15 percent.

“The continued increase in bankruptcy filings reflects the growing economic strain on businesses and households,” said ABI Executive Director Amy Quackenboss.

Michael Hunter, vice president of bankruptcy data provider Epiq AACER, said he expects an increase in individual filings ahead, “especially considering the large increase in commercial filings, consumer debt levels, high interest rates, and overall increased costs with relatively flat household income.”

Businesses have been battered in an environment of high inflation and high interest rates. The 12-month inflation rate has been hovering above 3 percent since June last year, although some analysts calculate that it maybe much higher than that. Meanwhile, the Federal Reserve has kept interest rates within a range of 5.25–5.5 percent since July last year. This combination of higher expenses is putting pressure on businesses.

Despite such an environment, many executives remain positive about the future. A recent survey by professional services network Grant Thornton found that 58 percent of chief financial officers (CFOs) are optimistic about the U.S. economy, the highest in almost three years.

Three in four CFOs expect their net profits to grow over the next 12 months, with 69 percent expecting revenues to rise.

The Q2 Small Business Index survey from the U.S. Chamber of Commerce showed that almost three-quarters of respondents foresee their revenues increasing next year. More than half cited inflation as the top challenge they face.

Bankruptcies and Interest Rates

According to S&P Global, there have been 275 corporate bankruptcy filings in the United States so far this year until May. This is slightly lower than the 277 filings in 2023 during the same period. However, it is the second-highest filing number during the January–May period since 2011.

S&P’s bankruptcy numbers, however, only take into account large companies exceeding certain asset and liability thresholds.

Some of the largest bankruptcies so far this year involving companies with more than $1 billion in liabilities include IT firm Dynata, seafood chain Red Lobster, biotechnology company Invitae Corp., and Enviva, the world’s largest industrial biomass producer.

Companies in the consumer discretionary sector accounted for the most number of bankruptcies this year, followed by health care, industrials, consumer staples, IT, and financials.

Apparel retailer Bob’s Stores recently filed for bankruptcy and announced shutting down all stores nationwide, citing difficulty in maintaining operations after its primary lender stopped funding them.

Specialty fashion retailer Rue21 filed for bankruptcy in May. Back in April, Express Inc., which dealt in casual office attire, filed for bankruptcy. In addition, fabrics and crafts retailer Joann and cosmetics brand The Body Shop also ceased operations in the United States.

In May, S&P Global attributed the high bankruptcy filings to interest rates.

“Fading hopes of lower interest rates are likely contributing to the increase in filings, as companies that may have held out hope for rate cuts at the beginning of the year come to terms with the reality that they will remain higher for longer,” it said.

The Fed has not announced an exact schedule for rate cuts. During the recently concluded policy-making meeting of the Federal Open Market Committee in June, Fed members suggested that if inflation remained elevated, they may even raise the rates.

Policymakers have no plans on cutting down interest rates until they have “greater confidence” that inflation is heading down to the target of 2 percent, according to minutes from the meeting.

However, officials admitted that implementing tighter monetary policies could result in “deteriorating household financial positions, especially for lower-income households,” which could end up having a “larger negative effect on economic activity than the staff anticipated.”

Tyler Durden
Tue, 07/09/2024 – 16:20

Crypto Bid, Crude Skids, Stocks & Bonds Sluggish As CPI Looms

Crypto Bid, Crude Skids, Stocks & Bonds Sluggish As CPI Looms

Somehow, Small Business Optimism rose in June (for the third straight month) to its highest since Dec 2023 despite aggregate economic data collapsing dramatically, PMIs plunging, and even The Fed admitting the labor market is tightening. Doe this look normal? We saw a decoupling of this sort in June 2021 after which small business optimism collapsed to fresh cycle lows…

Source: Bloomberg

Powell was his ubiquitously neutral self with maybe a slight dovish tilt lifted rate-cut expectations rising modestly on the day…

Source: Bloomberg

Small Caps lagged on the day with The Dow also sliding into the red. Some very choppy trading intraday – with the new normal intraday reversion of trend (very long gamma). The Nasdaq and S&P were basically unchanged…

Goldman Sachs trading floor notes that overall volumes were down (-11% vs the 20dma) nothing this is a function of:

1) little micro news flow,

2) non-existent index volatility (see VIX hovering near multi year lows),

3) and investors prepping for earnings.

Traders noted investors tracking slightly better to buy (+39bps) with both HF’s and LO’s leading the way, though volume feels relatively light tracking down -115 vs the 20dma. Top of book stands out for the second day in a row, tracking +46% vs the trailing 20days.

  • Both LOs & HF’s are active on the buyside in Tech, + Cons Discretionary.

  • HFs are better for sale across Fins and Industrials.

  • Lots of focus on Software… Client activity relatively quiet today across the space & dispersion of performance relatively low… possibly suggesting top-down pressure on the space vs. aggressive selling of single stocks.

But 1-month implied correlation remains dramatically low…

Source: Bloomberg

Tesla keeps soaring/squeezing higher with an RSI of 87 now…

Source: Bloomberg

Treasury yields basically trod water again today with the long-end very modestly underperforming (30Y +3bps, 2Y unch). This pulled the entire curve higher on the week – though very marginally…

Source: Bloomberg

Bitcoin surged back above $58,000 today after yesterday’s large ETF inflows…

Source: Bloomberg

The dollar limped higher today but again in a narrow range…

Source: Bloomberg

Gold did the same as the dollar, inching higher in a narrow range…

Source: Bloomberg

Crude prices slipped to one week lows…

Source: Bloomberg

Finally, the options market is pricing in some actual volatility in the next couple of days as Powell speaks and CPI strikes on Thursday. After that, traders expect everything to calm down again until the July FOMC…

Source: Bloomberg

Will CPI satisfy Biden’s needs?

Tyler Durden
Tue, 07/09/2024 – 16:00

Speaker Johnson Presses NATO To Meet Spending Goals As DC Summit Kicks Off

Speaker Johnson Presses NATO To Meet Spending Goals As DC Summit Kicks Off

The annual NATO summit 2024 began Tuesday in Washington D.C., and House of Representatives Speaker Mike Johnson used the opportunity to urge all alliance members to meeting spending goals, which as at least 2% of GDP for defense.

“I just want to say this, and I’ll deliver the message to them emphatically: Republicans, of course, celebrate the peace and prosperity that NATO has secured and will continue to stand by our partners as we prevent needless wars,” he said before an audience at the Hudson Institute think tank.

“But we also believe that NATO needs to be doing more,” he stressed. As NATO heads of state are in town, Congressional members will hold various meetings with the foreign delegations. “Every NATO member needs to be spending at least 2% of their GDP on defense. That’s the agreement, that’s the deal,” Johnson continued.

Via AP

Currently, fewer than half of NATO members are meeting this goal, according to various international reports. It was a big talking point in the prior Trump administration, and if Trump gets in office again he’ll likely dial up the pressure on allies just like in the past.

Back in February, Trump sparked fury and controversy by suggesting the US would not defend NATO allies who failed to spend enough on defense.

On the campaign trail he had recounted a past conversation with the “president of a big country”…

“Well sir, if we don’t pay, and we’re attacked by Russia – will you protect us?” Trump quoted the unnamed leader as saying.

“I said: ‘You didn’t pay? You’re delinquent?’ He said: ‘Yes, let’s say that happened.’ No, I would not protect you. In fact, I would encourage them (Russia) to do whatever the hell they want. You gotta pay,” Trump said.

As for Johnson’s fresh speech just as NATO leaders arrive in D.C., he called out both Russia and China, but especially Beijing which it called “our single greatest threat… engaging in malign influence operations around the world.”

But he also stated of Russia, “People understand that (Russian President Vladimir Putin) would not stop if he took Kyiv. He’s a ruthless dictator in my view.”

Zelensky has also been invited to be in attendance this week, but Ukraine isn’t expected to join the alliance anytime soon. Zelensky says he will focus on attracting more anti-air systems amid the Russian aerial onslaught:

So far there’s been no evidence showing Moscow desires an expanded war. Many Western pundits predicted Russia would march on Moldova next, but that hasn’t materialized.

Tyler Durden
Tue, 07/09/2024 – 15:45