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The Federal Reserve will start scaling back asset purchases next year with an emphasis on mortgage-backed securities, according to economists surveyed by Bloomberg, who see the central bank raising interest rates at a quicker pace through 2024 than previously thought.Slightly more than half expect MBS tapering will happen proportionally faster...
Russia's central bank increased its key interest rate to 6.5% on Friday to curb stubbornly high inflation and indicated that further rate increases were possible even after the 100 basis point hike, its sharpest since late 2014.
US Services PMI Plunges Unexpectedly To 5-Month Lows As Business Outlook SlumpsJul 23, 2021 - 07:04:01 PDT
After US Services PMI (and ISM) unexpectedly plunged from record highs in June, analysts expected the plunge to stop in preliminary July data (despite an ongoing downtrend in 'hard' economic data performance)... they were wrong.
The ECB has tweaked the words and now has low interest rates forever, and a new mandate to “tolerate” higher inflation. What will it achieve? To answer look at the failed 30 year experiment in Japan and the multiple parallels. The outlook for Europe as a global economic and innovative powerhouse looks shaky.
Pop some popcorn. It's time for some political theater. Congress is gearing up for another debt ceiling fight. In this episode of the Friday Gold Wrap podcast, host Mike Maharey gives you a preview of the next big Washington DC blockbuster production, complete with some debt ceiling history and an explanation as to why we shouldn't need one. Maharrey also covers retail sales, inflation and the latest movement in the gold market.
Futures Back At All Time High, Nasdaq 100 Futs Above 15,000 For The First Time EverJul 23, 2021 - 05:52:49 PDT
The V-shaped recovery has officially concluded, with eminis hitting 4,383 this morning, touching reaching their all time high from the second week of July (technically that was 4,384) as markets propel higher on earnings optimism despite mixed economic data and worries over Covid variant. At 7:30 a.m. ET, Dow e-minis were up 170 points, or 0.49%...
The $10.6 trillion U.S. corporate debt markets are at an inflection point. Last year's turmoil is in the rearview mirror, and companies are ramping up all the shareholder-friendly activities they couldn’t do during the pandemic — and looking to fund some of it with debt.
Biden, Harris Tout $1.2 Trillion Infrastructure Plan During Meeting With Union, Business LeadersJul 23, 2021 - 05:42:34 PDT
President Joe Biden and Vice President Kamala Harris hosted business and union leaders for a discussion at the White House on Thursday, as their administration seeks to build support for a $1.2 trillion bipartisan infrastructure bill.
GOP Ask for Spending Cuts With Debt Ceiling, Blame ‘Unchecked Government Spending’ for InflationJul 23, 2021 - 05:36:25 PDT
"With record amounts of government spending over the past two years accompanied by historic levels of inflation, in addition to the dramatically changed fiscal conditions of the country over the past five decades, it is imperative for Congress to take meaningful steps now to place our country’s finances on a more sustainable and appropriate path," the letter says.
Republican Hawks Want To Increase Biden’s 2022 Military Budget By $25 BillionJul 23, 2021 - 05:35:27 PDT
The Senate Armed Services Committee is debating military spending for 2022 this week, and some lawmakers want to massively increase the budget that President Biden has requested.
The American West is gripped by the worst drought in modern history, including most of western Colorado
Faced with higher costs for materials, transportation and workers, U.S. companies are charging more for products from groceries to industrial goods. A test will come later this year when consumers will have to choose whether or not to absorb additional price increases.
Mexico’s annual inflation stayed way above the central bank’s target ceiling in June, keeping in play the possibility of further key interest rate hikes in coming months.
Drought is withering crops on both sides of the U.S.-Canadian border, prompting farmers to take the rare measure of baling up their wheat and barley stems to sell as hay.The bales are providing much-needed forage for livestock operators struggling against a lack of pasture and soaring feed costs...
The U.S. housing market appears to be straining under the weight of its own pandemic-driven success. Recent data shows the sector is returning from the stratosphere and coming back to pre-COVID levels, as evidenced by a slew of data released this week.
IMF Says Fed Needs To Be Careful When Communicating Plans To Remove Easy Monetary PolicyJul 23, 2021 - 05:12:13 PDT
The IMF's Executive Board said the Federal Reserve has been "highly effective" at managing the Covid-19 crisis and supporting recovery.
White House Plans More Assistance For Troubled Mortgage Borrowers At Risk Of ForeclosureJul 23, 2021 - 05:09:53 PDT
A national foreclosure ban extended by the Biden Administration is set to expire one week from today. And in an effort to prevent a wave of foreclosures that would risk capsizing America’s red-hot housing market, the Administration has devised a new program designed to offer more relief to homeowners ...
Jul 23, 2021 - 05:08:54 PDT
The expanding role of corporations as surrogates for the federal government. The White House is openly calling for greater corporate action to address censorship, health care,…
One of the more hawkish members of the European Central Bank has sought to downplay the division seen at the Frankfurt institution this week.
Treasury yields climbed on Friday morning, with the 10-year rate topping 1.28%, ahead of the release of July's flash purchasing managers' index readings.