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Biden Cancels Huge Alaska Oil & Gas Lease As Gas Prices Hit Record Highs: What is the Plan here?May 12, 2022 - 08:24:39 PDT
The White House has blamed Russian President Vladimir Putin's invasion of Ukraine for the record prices, referring to it as the "Putin Price Hike." Biden also committed to release 1 million barrels of oil daily from the Strategic Petroleum Reserve for the next six months - which as we've noted several times, provided a temporary drop in the price of oil.
Markets remain quite bruised and battered as investors digest the results of last week's Federal Reserve Open Market Committee decisions & Chairman Powell's latest guidance.
The Fed continues talking tough about its commitment to fighting inflation. Is it willing to sacrifice the markets in this pursuit?
You’ve likely heard about the idea of a social credit score, where citizens could be graded on how environmentally or socially responsible they are. We can debate how effective something like this would be, and the scary ways it could be abused by the government, but in my view there’s a more important scoring system that should be implemented.It has direct bearing on your financial future…
Gold gained on Thursday as the dollar and Treasury yields slipped after U.S. consumer price data suggested inflation might have peaked in April.
That said, even though the labor market has peaked, there is clearly still a ways to go before the US jobs market is in freefall - the bogey that the Fed needs to see before it halts its tightening...
Western sanctions against Russia, as punishment for its invasion of Ukraine, have left us pondering the fate of the dollar, which comprises 16% of Russia’s foreign reserves, and the future of the monetary system as a whole.
The country’s crumbling economic growth is being felt everywhere from German factories to Australian tourist spots; Apple and General Electric warn of production problems
U.S. Retail Equities Investors Turn Bearish and Elusive in Latest SelloffMay 12, 2022 - 06:04:15 PDT
Individual U.S. investors are turning bearish and staying away from buying the dip this week, data showed, a sharp reversal from the frenzied trading during the peak of the pandemic.
Pacific Investment Management Co. saw outside clients pull money for the first time since the onset of the pandemic as investors fled fixed-income securities amid rising interest rates.
More Than $200 Billion Erased From Entire Crypto Market in a Day As Sell-Off IntensifiesMay 12, 2022 - 05:52:22 PDT
Bitcoin fell below $26,000 Thursday for the first time in 16 months as cryptocurrency markets extended losses.
$1 Trillion Crypto Meltdown: Huge Crash Wipes Out The Price Of Bitcoin, Ethereum, BNB, XRP, CardanoMay 12, 2022 - 05:52:22 PDT
The bitcoin price has dropped to around $27,000 per bitcoin, down 12% on the last 24 hours, and dragging down the wider crypto market with other top ten coins ethereum, BNB BNB -0.6%, XRP XRP -10.4%, solana, cardano, and avalanche recording even steeper loses.
Shares sank to a 1-1/2 year low on Thursday and the dollar hit its highest in two decades, as fears mounted that fast-rising inflation will drive interest rates higher and bring the global economy to a standstill.
\Stock futures dropped after another report signaled persistent inflationary pressures that should make the Federal Reserve keep its firm grip on monetary policy. Treasuries climbed alongside the dollar as risk-off sentiment continued...
Inflation Up, Wages Down as Biden Passes the Buck to the Do-Nothing Fed | Ryan McMakenMay 12, 2022 - 05:43:26 PDT
Inflation is so high in America that we’re now supposed to believe that inflation is “moderating” if it doesn’t go above 8.5 percent. That, at least, was the message in much of the speculation yesterday around what April’s CPI inflation numbers would show.
he view was generally held that centralization of banking would inevitably result in one of two alternatives: either complete government control, which meant politics in banking, or control by ‘Wall Street,’ which meant banking in politics. – Paul Warburg, 1930
Biden admits he can't control inflation.
President Joe Biden said that the Federal Reserve has primary responsibility for fighting inflation, placing the burden for his party’s top political problem with the central bank after a report Wednesday showed continuing price spikes.
May 12, 2022 - 05:23:51 PDT
Food insufficiency had fallen by 26 percent last year, when more than 36 million families received the payments, which stopped in December after Congress defeated Build Back Better legislation that would have made them permanent.
Last week, Zillow's dismal outlook stoked fears that rising mortgage rates would result in the next downturn. On Monday night, Airbnb co-founder and CEO Brian Chesky warned: "this moment feels similar to late 2008 when we started" the online marketplace for lodging.
May 12, 2022 - 05:18:36 PDT
Wild price swings in commodities markets are raising the risks of contagion that could whack banks, the Fed has warned