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Democrats Put 401(k) and IRA Restrictions for the Rich Back Into Their Build Back Better PlanNov 5, 2021 - 05:31:35 PDT
Curbs on retirement plans for the rich re-emerged in Democrats' social and climate agenda on Wednesday, after a White House framework had stripped them out.
Moderates Balk at $1.75 Trln Biden Bill, Tax Arbiter Says Revenues Fall ShortNov 5, 2021 - 05:23:56 PDT
The U.S. House of Representatives is expected to vote on Friday on the social policy and climate-change bill and a bipartisan infrastructure bill that form the centerpiece of President Joe Biden's legislative agenda, a senior Democratic aide said on Thursday.
Major COVID Stimulus Payments in Line for 2022 Extension — Don’t Miss Your Free CashNov 5, 2021 - 05:16:25 PDT
Congressional support is strong among Democrats to extend a popular stimulus payments program through next year despite a tug of war over Biden’s budget bill.
Global central bankers are turning toward tighter monetary policy, yet still indicating they will take longer and follow different paths than investors currently expect.
Global bond markets extended a rally that kicked off after the Bank of England’s surprise decision to keep interest rates on hold led traders to trim expectations policy makers will raise borrowing costs to cool inflation.
As if to add fuel to fire, speaker after BOE speaker flagged how dangerous it might be to let inflation expectations become unanchored. Governor Andrew Bailey himself remarked that it “would obviously be very damaging” to allow inflation to become “permanently embedded.”
The world's top central banks are pushing back in unison on the idea that higher interest rates will be needed to fight a run of high inflation and have now bound their monetary policies tight to the hope that the world's tangled supply chains are on the verge of repair. The Bank of England on Thursday joined the Federal Reserve and the European Central Bank in pinning a dovish policy...
ECB’s Aware of Inflation Fears; Sees Potential Threat to Independence -SchnabelNov 5, 2021 - 05:04:00 PDT
The European Central Bank is aware of people's fears about high inflation but is very unlikely to raise interest rates next year, and it is concerned that excessive criticism of its policies may endanger its independence, ECB board member Isabel Schnabel said on Thursday. The comments come just days after Germany’s biggest tabloid Bild criticized the bank...
Unprecedented trade surpluses and record inflows into its bond market are giving China a stockpile of dollars unseen since the days when the ‘Asian savings glut’ was blamed for keeping U.S. interest rates excessively low and fueling the sub-prime mortgage crisis.
Rate Hikes Won’t Come Until ‘Probably the First Quarter of 2023’: EconomistNov 5, 2021 - 04:59:00 PDT
RSM Chief Economist Joe Brusuelas joins Yahoo Finance to discuss the recent FOMC meeting and the upcoming October jobs report.
Gold Futures Settle Higher As U.S. Treasury Yields Fall a Day After the Fed’s Policy Decision: MWNov 4, 2021 - 13:05:39 PDT
Gold futures ended sharply higher on Thursday, supported by a fall in U.S. Treasury yields in the wake of Wednesday’s decision by the Federal Reserve to taper bond purchases by $15 billion a month. December gold GCZ21, 1.76% rose $29.60, or 1.7%, to settle at $1,793.50 an ounce after posting a loss of 1.4% on Wednesday.
A whole new wave of headline-following, momentum-chasing buyers would likely be drawn in by breakout moves in gold and silver, whenever they occur, further feeding into their bullish supply and demand fundamentals.
Most commentators label increases in the prices of goods and services over a period of time as inflation. Ludwig von Mises however, held that the popular definition of inflation is erroneous. He wrote in Economic Freedom and Interventionism (p. 99),
As we discuss in our latest Secular Outlook, “Age of Transformation,” financial market sensitivity to higher rates may again prevent central banks from moving meaningfully away from their zero lower bound.
Whatever It Takes: Powell Commits to Ensuring Trading Scandal Never Happens Again at Federal ReserveNov 4, 2021 - 12:22:34 PDT
Fed Chairman Jerome Powell said that he would “do whatever it takes” to stop central bank officials from making financial transactions that would present conflicts of interest.
While it is good news that major Western central banks haven’t yet starting raising rates, flip-flopping policy guidance should concern investors. The U.S. inflation rate reached a 13-year high recently, triggering a debate about whether the country is entering an inflationary period similar to the 1970s. WSJ’s Jon Hilsenrath looks at what consumers can expect next.
Dems Still Pushing To Include IRS Monitoring Provision in Biden’s Spending PlanNov 4, 2021 - 11:49:30 PDT
Democrats make last-ditch effort to include IRS bank monitoring plan in spending bill.
This isn't about profit, it's about hiding the rot that has seeped into every nook and cranny of Corporate America. The foundation of the stock market's extreme valuations is corporate profits, and the stock market bubble is now the precarious foundation of the entire U.S. economy: should the bubble pop, everyone knows the economy and the financial system will both crash.
Traders Questioning if Fed Has Missed the Boat on Inflation Ahead of Friday’s U.S. Jobs Report: MWNov 4, 2021 - 11:08:58 PDT
Traders are questioning whether Federal Reserve policy makers have already missed their best opportunity to get a handle on persistently higher U.S. inflation, as financial markets turn their attention to Friday’s monthly payrolls report.
The most likely outcome in my view is that the biggest US consumer stimulus in history will produce sustained inflation in excess of 5 percent a year. Falling real wages and shrinking profit margins will continue to depress output, and the US economy will enter a period of stagflation something like the late 1970s. At some point, the United States Treasury will find itself unable to...