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As Biden Pushes Trillions In Stimulus, Employers Struggle To Lure People Back To WorkMay 7, 2021 - 08:09:57 PDT
According to Bloomberg, economists are suddenly 'baffled' by perhaps the most obvious outcome of a government paying people not to work during the pandemic; there's a giant shortage of people willing to return to the workforce.
Federal Reserve Bank of Minneapolis President Neel Kashkari said he has “zero sympathy” for critics on Wall Street, who slam the central bank’s aggressive support of the U.S. economy while millions of Americans remain out of work.“For my friends on Wall Street, and I have a lot of them, I hear from them all the time complaining about the Fed’s policies...
Treasury Secretary Janet Yellen on Friday tapped former Federal Reserve official Michael Hsu to be acting chief of the Office of the Comptroller of the Currency (OCC).
The 266,000 jobs that U.S. firms added in April give Federal Reserve policymakers little reason to do anything but keep the monetary policy tap wide open until it is clear the economy is on a path back to full employment.
Inflation expectations are at multiyear highs and investors should pay attention, says Lakshman Achuthan of the Economic Cycle Research Institute.
High Package Costs Hit Food Makers as Recycled Paper, Corn Soar: BloombergMay 7, 2021 - 07:47:32 PDT
In a year of food supply-chain disruptions hitting from all angles, here are two more things for producers and consumers to worry about: recycled paper and corn, and how they affect packaging.
China held 62.64 million fine troy ounces of gold at the end of April, unchanged from a month earlier, the data showed. The value of its gold reserves rose to $110.73 billion at the end of April from $109.18 billion at the end of March.
The central bank’s financial stability report used the phrase “meme stocks” and highlighted voracious risk appetite in IPOs and SPACs.
Wall Street’s new overseer confirmed he won’t back down from tough battles with the financial industry as he laid out an agenda for increased regulation in numerous contentious areas.Gary Gentler, making his first appearance before Congress after being sworn in as Securities and Exchange Commission chairman, pledged Thursday to confront...
If you are a regular Fun on Friday reader, you know I love sports. Hockey is my favorite followed by football. My favorite teams are the Tampa Bay Lightning and the Tampa Bay Buccaneers. Well, all of those worlds collided in a moment of sports harmony this week.Tampa Bay Buccaneers tight end Rob Gronkowski joined Lightning players at their practice. Gronk even donned the goalie pads. (He showed a pretty solid glove hand.)Gronkowski even brought along the Lombardi Trophy. Lightning players posed for pictures with the Super Bowl hardware.
Precious metals: Having failed on a handful occasions during the past couple of weeks, gold finally managed to mount an attack strong enough to take it above $1800. While lower U.S. real yields and a softer dollar provided the fundamental tailwind the yellow metal needed support from in-demand silver, one of the best performing commodities this week. During the past month, the continued rally across industrial metals have supported silver relatively more than gold. This can be seen through the gold-silver ratio which has been declining since late March.
Treasury Secretary Janet Yellen did a big flip-flop this week. Her comments and her subsequent attempt to walk them back were telling. She accidentally revealed the ugly truth about inflation and the central bank's ability to deal with it. In this episode of the Friday Gold Wrap, host Mike Maharrey takes Yellen to task. He also talks about the recent rally in both gold and silver.
Spot gold was up 0.3% at $1,819 per ounce after hitting its highest since Feb. 16 earlier in the session.
Gundlach Warns America's "Unfunded Liabilities" Are $163 Trillion, More Than 5x National DebtMay 7, 2021 - 05:38:30 PDT
DoubleLine's Jeffrey Gundlach called the Fed's bluff late last month, telling investors during an interview that he suspected the central bank was merely "guessing" about the impact of inflation being "transitory".
"Just Throwing Money, It Doesn't Work" - Dimon Slams Planned Dem Tax Hikes As "A Little Bit Crazy"May 7, 2021 - 05:37:17 PDT
Now that Democrats are in power, and Elizabeth Warren's "wealth tax" is now firmly on the table, it looks like Dimon - who is, according to Forbes, a billionaire - has changed his tune. Back in September, before the election, Dimon modified his stance, arguing that while higher taxes on high earners would be appropriate, a "wealth tax " like Warren's would do more harm than good.
Aprill Payrolls Huge Miss: Just 266K Jobs Added On Expectations Of 1 MillionMay 7, 2021 - 05:35:32 PDT
For once the disappointing ADP report was right. With expectations of today's payroll print soaring, consensus expecting a whopping 1 million number and some forecasters calling as high as 2+ million, few were prepared for a miss. And of course the market gods made sure to inflict the most possible pain with the BLS reporting an April payroll of just 266K in April, a huge miss compared to the 1 million consensus estimate.
The pandemic brought the American steel industry to its knees last spring, forcing manufacturers to shut down production as they struggled to survive the imploding economy. But as the recovery got underway, mills were slow to resume production, and that created a massive steel shortage.
The US Federal Reserve has warned that existing measures of hedge fund leverage “may not be capturing important risks”, pointing to the collapse of Archegos Capital as an example of hidden vulnerabilities in the global financial system.
Fed Warns About Potential For 'Significant Declines' in Asset Prices as Valuations ClimbMay 7, 2021 - 05:25:08 PDT
Rising asset prices in the stock market and elsewhere are posing increasing threats to the financial system, the Fed warned in a report Thursday.
The second largest euro area economy predicts that its public debt ratio is likely to stand at 117.8% in 2021, and to fall only slightly to 116.3% in 2022.