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The #1 issue for the markets this week is the $USD. The U.S. dollar is strengthening. A strong dollar is not necessarily a bad thing, but it runs completely contrary to the Fed’s stated goal of creating inflation. Following a …
The way it is: Top Democrats have agreed on a proposal to spend $3.5 trillion on public investment of various kinds, to be passed via reconciliation on top of a $600 billion bipartisan plan for physical infrastructure spending. And some news reports are treating this deal as a defeat for the left, because Bernie Sanders proposed spending even more.
The PBOC also said the central bank digital currency will be compatible with smart contracts.
European Central Bank policymakers are set for a showdown next week as they chart a new policy path amid growing fears of a third wave of coronavirus infections.
Jul 16, 2021 - 08:18:46 PDT
The spending proposal is likely to be offset by gimmicks and rosy assumptions.
Did People Use their Stimulus to Start a Business? The Spike in New BusinessesJul 16, 2021 - 08:17:17 PDT
Now it’s confirmed, it wasn’t for PPP-loan fraud.
Jul 16, 2021 - 08:15:56 PDT
The Democrats' Congressional proposals keep getting sillier and sillier. Let's take a look.
Falling lake levels due to drought in California have revealed the ruins of an old gold mining town. The story behind Mormon Island is pretty interesting.Early in March 1848, W. Sidney, S. Willis, and Wilford Hudson set off from their fort to hunt deer. When they stopped along the south fork of the American River, they found gold.This was just two months into the California gold rush.
Janet Yellen Hints At Another Round Of Shutdowns - Why Oh Weimar?: Michael Every of RabobankJul 16, 2021 - 07:25:43 PDT
Then we had Treasury Secretary Yellen with a shot-gun of market-related headlines, some of which suggested we might need to close down again:
UMich Sentiment Slumps In July As Inflation Expectations Hit 13 Year HighJul 16, 2021 - 07:24:30 PDT
Following June's mixed picture on sentiment, UMich was expected to show confidence improving for both current and future conditions, but it didn't... by a long way...everything missed huge.
Consumer price index data came in hotter than expected. Again. The producer price index data also came in well above projections. But Fed Chair Jerome Powell continues to stick to his "inflation is transitory" story. On this episode of the Friday Gold Wrap, host Mike Maharry digs into the inflation data and highlights Powell's comments on Capitol Hill. He concludes the story is really all they've got.
Yellen Sees ‘Several More Months of Rapid Inflation’ Before Easing, Worries About Housing ImpactJul 16, 2021 - 05:44:16 PDT
Treasury Secretary Janet Yellen expects inflation run to ease, though she cautioned that prices could continue to rise over the next several months.
US Retail Sales Surprise To The Upside After Big Downward Revision, Auto Sales SlumpJul 16, 2021 - 05:43:19 PDT
But just keep believing Jay, because, on a long enough timeline, everything is transitory, right?
A report from a Lords committee – the members of which include the former Threadneedle Street governor Mervyn King – said there was a threat of quantitative easing (QE) leading to higher inflation and causing damage to the government’s finances.
New Zealand inflation surged in the second quarter, breaching the central bank’s target range for the first time in 10 years and fueling bets it will start raising interest rates as soon as next month.The annual inflation rate jumped to 3.3%, more than double its first-quarter reading of 1.5% and the fastest pace since 2011, Statistics New Zealand said Friday...
Biden Administration To Set Up Cold War Style ‘Red Phone’ to China for Emergency CommunicationsJul 16, 2021 - 05:30:53 PDT
The Biden administration is examining the possibility of setting up an emergency hotline with the Chinese government similar to the so-called "red phone" established between the US and the Soviet Union during the Cold War, which allowed for direct communication with the Kremlin as a way to avert nuclear war.
U.S. President Joe Biden and German Chancellor Angela Merkel agreed to disagree on Thursday about a Russian pipeline project that Washington opposes, while vowing to stand together against aggression from Moscow and anti-democratic action from Beijing.
The communist regime in China is going to use its new state-controlled digital currency as a Trojan horse to project its authoritarianism all over the world, warns hedge fund manager Kyle Bass, and it could become a “cancer” plaguing the United States if it isn’t banned.
Fed Chair Powell Calls for ‘Appropriate Regulatory Framework’ of StablecoinsJul 16, 2021 - 05:18:55 PDT
Fed Chairman Jerome Powell told Congress this week that he would like to see a corner of digital currencies more tightly regulated.
U.S. President Joe Biden will reappoint current Federal Reserve Chair Jerome Powell for a second four-year term starting February next year, according to an overwhelming majority of economists polled by Reuters this week.