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Fed Bullard: ’I Am a Little Bit Concerned That We’re Feeding Into an Incipient Housing Bubble: WSJJul 13, 2021 - 08:03:13 PDT
Federal Reserve Bank of St. Louis President James Bullard is ready to start slowing the pace of central bank bond buying as soon as his colleagues are, worried in part that the purchases risk overheating the gangbusters housing market.
Jul 13, 2021 - 07:27:33 PDT
Speaking to reporters, Yellen waded into a debate that is splitting the bloc by questioning whether there is enough flexibility in the eurozone’s spending and deficit rules — aligning more closely with the position of Southern capitals than with Northern countries such as Germany and the Netherlands.
Inflation Concerns Have Many Retirees Worried About Running Out of MoneyJul 13, 2021 - 07:17:16 PDT
As inflation rises, many retirees worry about outliving their nest eggs. Advisors suggest these portfolio changes for retirees to preserve buying power.
In a UBS survey of almost 30 central banks around the world, 21% of respondents said they could see the Fed turning to negative interest rates if needed.
U.S. consumer prices rose by the most in 13 years in June amid supply constraints and a continued rebound in the costs of travel-related services from pandemic-depressed levels as the economic recovery gathered momentum. The consumer price index increased 0.9% last month, the largest gain since June 2008, after advancing 0.6% in May...
Gold futures traded modestly higher Tuesday morning, with investors pointing to dovish comments from a Federal Reserve member and persistent concerns about the spread of the COVID-19 delta variant as a source of buying support.
Gold has served as a lifeline for Indians pummeled by the economic storm caused by the government response to the coronavirus pandemic.The Indian government's response to the first wave of COVID-19 ravaged the economy. As a result, many banks were reluctant to extend credit due to fear of defaults. In this tight lending environment, many Indians used their stashes of gold to secure loans. As Indians battle the second wave of COVID-19, many Indians have now turned to selling their gold outright in order to make ends meet.
Cryptocurrency Trading Volume Plunges As Interest Wanes Following Bitcoin Price DropJul 13, 2021 - 05:36:59 PDT
Virtual currencies are in a summer slump as they navigate a two-month correction period following a string of negative stories.
The consumer price index was expected to increase 5% year over year in June, according to economists surveyed by Dow Jones.
Transitory? US Core Consumer Prices Are Rising At Fastest Pace In 30 YearsJul 13, 2021 - 05:33:36 PDT
"Transitory" or not? That's the question today as all eyes dives into the details behind the surge in Consumer Prices for signs that Powell's plan is failing. BofA forecast headline and core CPI prints to come in hotter than expected (and they've nailed every print this year) and they were right again with a massive beat - Headline CPI rose 0.9% MoM (against expectations of +0.5%), the biggest MoM jump since June 2008. This sent YoY headline CPI soaring to +5.4%,
Emerging from a private meeting at the White House, Sen. Bernie Sanders said Monday that he and President Joe Biden are on the same page as Democrats draft a “transformative” infrastructure package unleashing more than $3.5 trillion in domestic investments on par with the New Deal of the 1930s.
Consumers Expect Red-Hot Inflation to Crush Their Earnings: Fed’s SurveyJul 13, 2021 - 05:27:28 PDT
And the folks who experienced the high inflation of the 1970s and early 1980s as adults expect inflation to hit 5.7% in one year.
Only 32% of consumers believe it's a good time to buy a home, according to Fannie Mae's Home Purchase Sentiment Index for June. That's a record low. High home prices were cited as the main reason people were pessimistic toward home buying.
Aging Population To Hit U.S. Economy Like a ‘Ton of Bricks’ – U.S. Commerce SecretaryJul 13, 2021 - 05:21:03 PDT
President Joe Biden does not yet have enough support from fellow Democrats to secure $400 billion in spending for at-home care for the elderly and disabled that the economy desperately needs, Commerce Secretary Gina Raimondo told Reuters on Monday.
JPMorgan Tops Estimates After Posting $2.3 Billion Benefit on Better-Than-Expected Loan LossesJul 13, 2021 - 05:17:21 PDT
That happened at JPMorgan, the biggest U.S. bank by assets, in the second quarter. The firm posted a $2.3 billion benefit from releasing $3 billion in loan loss reserves after taking $734 million in charge-offs.
Goldman’s Earnings Blow Past Estimates As Investment Banking Revenue Boosted by Strong IPO MarketJul 13, 2021 - 05:15:30 PDT
Investment banking posted its second-highest revenue quarter ever, behind the first quarter of 2021
‘This Feels Like 1999’: Global Start-Up Funding Frenzy Fuels Fears of a BubbleJul 13, 2021 - 05:13:14 PDT
Venture capitalists are writing bigger checks than ever.
EU Scraps ‘Digital Levy’ Targeting American Tech Giants Amid Global Tax Reform PushJul 13, 2021 - 05:10:43 PDT
The EU just took another step toward endorsing Treasury Secretary Janet Yellen's international corporate tax reform plan by reportedly sidelining a European "digital tax" that would have mostly impacted American tech firms. Brussels is moving ahead despite Ireland's reservations about the plan (which we'll get in to below).
U.S. Treasury yields rose early on Tuesday, ahead of the release of June inflation data, later in the morning.
Consumer prices have been rising precipitously this year. If you annualize the Consumer Price Index through the first five months of 2021, you get a CPI increase of over 6%. Federal Reserve Chairman Jerome Powell continues to push the narrative that inflation is transitory, but not everybody buys into this storyline. On the Wolf Street Report, Financial Analyst Wolf Richter said Powell's temporary inflation is turning into an "inflation spiral."