It is the 21st of July 2017

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Sellers Ask $150M For 14-Acre Beachside Plot As Hamptons Property Market Crashes

Real-estate prices in the Hamptons – the preferred North American summer retreat for wealthy finance types – have long been viewed as a barometer of the general mood on Wall Street. And with US stocks continuing their ascent to fresh record highs, despite Brainard’s admission that "asset valuations do look a bit stretched" and signs that the rally is being propelled by a concentration of megacap stocks, luxury real-estate agents out east are clearly praying for a blockbuster season after last year's disaster.

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Illinois "Budget Deal" Is Likely The Death Knell For The State's $130 Billion Underfunded Pensions

Last August, in a post that attempted to explain why public pensions are really about $8 trillion underfunded, as opposed to the $3-$5 trillion that you frequently see tossed around in the press, we described pensions in the following way:

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Trump Departs Macron With "Excruciating" 30 Second Handshake While Kissing French President's Wife

When Donald Trump arrived in Paris for his first official visit to Emmanuel Macron ahead of Bastille Day celebrations, the media was fascinated whether their "sequel" handshake would be another white-knuckle affair of the "not too innocent" kind, as Macron described his famous first handshake with the US president. In retrospect, it was a bit of a letdown, perhaps because since then the two had several opportunities to work on their greetings and appeared both more at ease, although questions did emerge about Trump's handshake with Brigitte Macron, which among other things, afforded Trump the opportunity to say the first lady was in "great shape."

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BofA Lashes Out At The Fed: "Take That Punch Bowl Away" Or Face A Crash

In a dramatic appeal for rationality at the Fed, Bank of America's global FX strategy team today released a note titled "take that punch bowl away", which laments that while central banks backtracked from their hawkish recent rhetoric this week, it warns that "they will be sorry if they allow bubbles" and predicts that vol will increase this fall adding that the bank remains "cautious and selective in EM FX, despite the Fed-triggered rally this week."

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