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Fed’s Assets from Crisis to Crisis to Raging Inflation: Balance Sheet UpdateOct 29, 2021 - 08:13:22 PDT
Assets at $8.6 trillion. QE faces Tapering. Already gone: Swaps, repos, corporate bonds, bond ETFs, corporate paper, money market bailouts.
The median household is the statistical center of the Middle Class. In terms of income, this class has not gained much in recent decades. Let's take a closer look at a troubling aspect of the Census Bureau's latest annual household income data, issued in September.
Yellen Says Billionaire Tax Died but Biden Bill Still Gets Wealthy Americans To Pay ‘Fair Share’Oct 29, 2021 - 07:55:49 PDT
"While there isn't mark-to-market billionaires' tax, I think it's been agreed that individuals earning high incomes" will pay more, Yellen told CNBC on Friday.
This weekend, the Group of 20 major economies will convene for a top-level meeting in Rome. The bloc's nations represent some two-thirds of humanity, 85% of all global economic output and all of the world's biggest greenhouse gas emitters. They encompass the world's most powerful governments and many of its biggest multinational corporations.
Oct 29, 2021 - 07:38:25 PDT
Felicia Moore, Atlanta's city council president, vows to hire 250 police officers to help combat her city's rising crime rate if she is elected mayor next week. Her most prominent Democratic rival, former Mayor Kasim Reed, wants to go even further, putting 750 more officers on the streets.
Wages and salaries jumped in the three months ending in September by the most on records that date back 20 years as companies are forced to offer higher pay to fill a near-record number of available jobs.
Powell and many others still think that will happen, but on a longer timetable than first anticipated. New September data on Friday will be parsed against the benchmarks Powell has laid out.
Is inflation transitory, as Federal Reserve Jerome Powell has claimed for months? Or are we on the verge of hyperinflation, as Twitter CEO Jack Dorsey recently warned? In this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks inflation, digs into the data, and concludes that it's pretty clear we're in an inflationary spiral.
Fed's Favorite Inflation Indicator At 30-Year-High As Savings Rate PlungesOct 29, 2021 - 05:46:39 PDT
Americans' income was expected to drop modestly (-0.3% MoM) in September and, of course, spending rise (+0.6% MoM) but incomes actually fell significantly more than expected, dropping 1.0% MoM (while spending rose 0.6% MoM as expected).
Gold prices edged lower on Friday, weighed by a stronger U.S. dollar, while investors eyed an upcoming Federal Reserve policy meeting next week for further guidance on tapering as inflation expectations rise.
“This is the closest we can get to a distressed market,”... Global short-end government bonds extended a major sell-off on Thursday with two-year debt yields on track for their biggest spike in years, spooking investors and raising concerns on the impact of these large moves on leveraged portfolios.
Selective language has long been used by snake oil salesmen and politicians to flim-flam the public. That is why propaganda messages from dictators are effective. President Biden’s falling approval numbers suggest a dwindling number of people believe his claim that taxing billionaires will pay for the trillions he wants to spend.
Treasury Secretary Yellen Says Spending Bills Will Be Anti-Inflationary, Lowering Important CostsOct 29, 2021 - 05:32:16 PDT
Treasury Secretary Janet Yellen asserted that the infrastructure spending proposal will lower inflation by reducing costs vital to households.
The Biden administration is mulling a plan to offer immigrant families separated during the Trump administration $450,000 per person in compensation, according to the Wall Street Journal, citing people familiar with the matter.
Oct 29, 2021 - 05:29:44 PDT
People crossed the border illegally and now we are negotiating a $450,000 per person settlement with them.
Investors are gauging what a furious flattening of the U.S. yield curve suggests about expectations for growth and how aggressively the Federal Reserve may tighten monetary policy in the face of surging inflation. Yields on 20-year Treasuries rose above those on 30-year bonds several times on Thursday, a move analysts pinned on technical factors...
As Inflation Worries Increase, This Is Not the Time To Take On More DebtOct 29, 2021 - 05:24:05 PDT
During the height of the pandemic, many Americans decided to pay down the balances on their credit cards, thanks to the thousands of dollars of government stimulus funds hitting their bank accounts. Now, with the holidays approaching, that trend is slowly beginning to reverse, and that could spell danger for the overall economy.
Brazil’s stocks, bonds and currency are posting some of the worst returns in the world this month amid deteriorating public finances, a worsening growth outlook and political turmoil.
China is pushing almost a trillion yuan ($156 billion) of funds into the banking system in just two weeks, reinforcing a signal that it will use short-term liquidity to sustain growth rather than ease monetary policy.
As inflation expectations mount, long-term 'real' bond yields are sinking further below zero, despite G7 central banks turning more hawkish on withdrawing super-easy pandemic settings and sending markets scrambling to price higher interest rates. That is not how it’s supposed to work and will puzzle not only investors but also the central banks who hinge...