Recession Red Flags, Home Sales Slow & Treasuries Pop

Your favorite bank CEO, Brian Moynihan is back at it again with a full on contradiction from just a year ago. Chris, Saied and Haroon waste no time calling him to the carpet. Not to be outdone, Peter Schiff pointed out that Bank of America has unrealized losses of approximately $47.8 billion dollars. The boys get in to home sales data which indicate that 2023 may be the slowest year since The Great Recession. Not helping things is the 10-year treasury which just moved above 5.00% for the first time since 2007. All the recession red flags are waving and The Higher Standard podcast is here to give you the raw, unfiltered truth.

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Resources:

Big banks are quietly cutting thousands of employees, and more layoffs are coming (CNBC)

Bank of America warned consumers they would be pushed to the ‘point of pain’—and CEO Brian Moynihan says we’ve now reached that point (Fortune)

BoA lost $47.8 Billion (Peter Schiff via Instagram)

Home Sales on Track for Slowest Year Since Housing Bust (Wall Street Journal)

10-year Treasury yield breaks above 4.9% for the first time since 2007 (CNBC)

Morgan Stanley shares fall over 6% as wealth management results disappoint (CNBC)

Oil jumps as Iran increases rhetoric against Israel, US stockpiles drop (Yahoo! Finance)

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