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The SEC Needs More Power From Congress To Fully Regulate Crypto, Chair Gensler SaysAug 3, 2021 - 09:18:32 PDT
SEC Chairman Gary Gensler said Tuesday that Wall Street's top regulator needs Congress to grant it more power to oversee the crypto market.
The Senate’s $1 trillion bipartisan infrastructure bill calls for a crackdown on cryptocurrency tax reporting. Here's how it may affect investors and brokers.
Household Debt Jumps by the Most in 14 Years to Nearly $15 Trillion in the Second QuarterAug 3, 2021 - 09:14:44 PDT
Household debt rose by its highest dollar amount in 14 years during the second quarter, thanks mostly to a surge in the housing market.
As the Economy Hits Its Peak, Stock Market Gains Could Be Harder To Come ByAug 3, 2021 - 09:13:31 PDT
Diminishing economic returns could mean diminishing stock market returns as the U.S. transitions to a post-pandemic economy.
China’s social credit system is a combination of government and business surveillance that gives citizens a “score” that can restrict the ability of individuals to take actions — such as purchasing plane tickets, acquiring property or taking loans — because of behaviors.
For the past decade, citizens of Latin American countries have grown bolder in protesting their governments' failed socialist policies. We’ve seen unrest in, among other states, Venezuela, Chile and Colombia, but until recently, we hadn’t heard a peep...
“The rising inflation rates are a troubling warning signal,” said Wolfgang Steiger, secretary-general of the CDU Wirtschaftsrat, a business group of 12,000 members that is close to Chancellor Angela Merkel’s Christian Democrats (CDU).
Yes, that’s right, the benchmark fixed income instrument in Japan’s $11tn government bond market did not trade on Tuesday. At all. That’s despite the Bank of Japan announcing in late June that it was planning to scale back its purchases of the 10-year bond, in an apparent attempt to make the market more active. So it’s probably fair to say that today’s market action is not quite what it had in mind.
The host nation expected an economic windfall and global recognition. But amid pandemic, a disgruntled populace just wants it all to go away.
The U.S. Treasury Department said the government will borrow almost $1.4 trillion in the second half assuming lawmakers raise or suspend the newly reinstated debt limit, as money continues to support coronavirus relief even before the impact of additional economic programs being considered by Congress.
With almost 1.9 million people still on furlough, the Monetary Policy Committee will signal Thursday that it’s in no hurry to cut its 875 billion-pound ($1.2 trillion) bond-buying plan. It’s also unlikely to be swayed by the economic rebound, expected to be the fastest among the Group of Seven this year.
As inflation rates accelerate around the world, central banks are talking about talking about tapering their stimulus programs. With U.K. data starting to give distinctly mixed signals about how fast the economy is rebounding, the Bank of England should err on the side of caution this week as it debates when and whether to start easing back on its support.
The Big Mac Index shows that the U.S. dollar is growly overvalued against many Asian currencies (nearly 40% against the renminbi). The most expensive Big Mac in the world can be found in Switzerland. Visit http://usfunds.com for our free market research.
President Joe Biden has a tough decision in choosing the next Federal Reserve chair: Play it safe by giving Jerome Powell a second term or take a chance on a liberal like Lael Brained, who would please progressives in Congress yet potentially agitate Wall...
“Our take-away from the updated guidance is that QE tapering will not be rushed and the prospect of an earlier than expected taper announcement, say in September, has diminished. The key statement that the ‘Committee will continue to assess progress in the coming meetings’ suggests the assessment on meeting ‘further substantial progress’ will take longer.”
Congress Misses Key Debt-Ceiling Deadline: What That Means, What Happens NextAug 3, 2021 - 05:43:12 PDT
The nonpartisan Congressional Budget Office estimated at the end of July that the government would probably run out of money to pay its bills sometime in the fall, likely October or November. The new debt ceiling, which will include the new spending approved by Congress over the course of the past two years, will likely be around $28 trillion, the CBO said.
Central banks globally added a net 199.2 tons of gold in the second quarter of 2021. That was the highest level of quarterly net purchases since Q2 2019 and 73% above the five-year quarterly average, according to data compiled by the World Gold Council.
Aug 3, 2021 - 05:39:22 PDT
Economic crises of all sorts loom on the horizon, ranging from high and rising federal debt, to high and rising inflation, to unsustainably high and rising housing costs. But the most important crisis we currently face is one you never hear about: historically low labor productivity growth.
Aug 3, 2021 - 05:34:53 PDT
Republicans sense inflation provides an opening — a chance to label the Biden administration as reckless big spenders and the recovery a short-term sugar-high. Party strategists say the Republicans intend to make the jump in living costs a central message to bludgeon both the White House and congressional Democrats.
Federal Reserve Governor Christopher Waller said that if the next two monthly U.S. employment reports show continued gains, he could back an announcement soon on scaling back the central bank’s bond purchases.“I think you could be ready to do an announcement by September,” Waller said Monday in an interview on CNBC....