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Perhaps in a recognition of the collapsing yield curve, and for sure in the face of the mainstream's bullish narrative on US banks in a post-rate-hike paradigm, Citi has announced plans to cut at least 2,000 jobs starting next month. Despite exuberance over higher rates, it appears Citi's CEO Michael Corbat wants to restructure some of the bank’s businesses.
If the early bitcoin markets are an indication of what will happen once New Zealand opens for illiquid FX trade, it will be a risk off kinda day. And that doesn't even take into account the pandemonium that will be unleashed in China in a few hours after the PBOC just went all-in to halt the crashing stock market. What if it fails to get a green close before tomorrow's US open?
As America 'celebrates' Flag Day - commemorating the adoption of the of the flag of the United States, which happened on June 14th, 1777 by resolution of the Second Continental Congress - we thought the following chart surveying the 48 flags (no confederate flags included) of America since 1767 would be of interest: from the Sons of Liberty's rebellious stripes in 1767 to the pattern we know today... click image for huge legible version Source: FastCoDesign
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