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US: 42% of People Falling Behind as Covid Widens the Wealth Gap, Report FindsDec 2, 2020 - 09:25:09 PST
A report on financial security shows a widening divide between the haves and have-nots amid the coronavirus outbreak and economic crisis.
The ECB is set to announce more monetary stimulus next week.
Credit markets are surging on hopes that a successful coronavirus vaccine will soon be rolled out, slashing the inventory of distressed debt and all but halting U.S. bankruptcy filings. But the pandemic has permanently damaged travel and retail companies, some of which may not survive next year...
Dec 2, 2020 - 09:13:27 PST
WASHINGTON - More than half of the money from the Treasury Department's coronavirus emergency fund for small businesses went to just 5% of the recipients, according to data on more than 5 million loans released by the government Tuesday evening in response to a Freedom of Information Act request and lawsuit.
Once an economy falls into an economic slump and the level of unemployment begins to rise most commentators are of the view that it is the duty of the government and the central bank to step in to counter the rise in unemployment.
These days, MMT—modern monetary theory—is all the rage. Most people, especially among those criticizing this (post)modern way of looking at money and government spending, have focused on the macroeconomic parts of the illusive MMT promise.
...the fate of dollar-dominated assets and their value when the dust finally settles should be a huge concern but most Americans fail to grasp the implications...
While I expect that our attention to valuations, market internals, overextended conditions and the like will help us to navigate the coming market cycles regardless of how the course of inflation unfolds, it’s at least worth mentioning that inflation is not likely to benefit stocks at these valuations, or provide a meaningful offset to the downside risk we expect over the completion of the market cycle.
‘This Economy Is at a Tipping Point’: Montana Senator Calls for ‘Meaningful’ Coronavirus StimulusDec 2, 2020 - 07:04:34 PST
Senator Jon Tester (D., Mont.) said the U.S. economy remains at a “tipping point” without any fiscal relief in sight. Speaking to Yahoo Finance Live, Tester said a short-term aid package, absent of any “meaningful” measures, would only amount to a “stopgap” measure that would not move the economy forward.
Watch Live: Congress Examines Treasury and Fed’s Pandemic Response 12/2, 10:00 AM ETDec 2, 2020 - 06:54:07 PST
Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin are testifying Wednesday before the House Committee on Financial Services on coronavirus pandemic response.
The US government is increasingly relying on the Federal Reserve to prop up the Treasury market and absorb the trillions of dollars in bonds it's issuing in order to fund its massive budget deficits. The Fed now holds a record 16.5% of US debt. And it's going to have to buy trillions of dollars of additional Treasuries in 2021 to keep pace with government borrowing.In other words, there is no end in sight to quantitative easing. In fact, the central bank will have to double its scheduled monthly QE in 2021 to catch up to where it was in 2020.
The stock market is booming as everybody anticipates an end to the coronavirus pandemic with the rollout of a vaccine. But as Peter Schiff pointed out in this podcast, the rally isn't really about a cure for COVID. It is being driven by government and central bank policies meant to shield us from the pain of the pandemic. The problem is this government "help" really isn't helping. In fact, it's made a bad situation much worse.
Central banks have tried to counter these disinflationary forces with ever decrease rates of interest, which have in flip distorted asset costs, put a rocket below debt accumulation and thereby made the monetary system very far more unstable.
Dalio: The United States Is At A Tipping Point That Could Lead To Revolution Or Civil WarDec 2, 2020 - 05:46:24 PST
"It is in this stage when there are bad financial conditions and intensifying conflict. Classically this stage comes after periods of great excesses in spending and debt and the widening of wealth and political gaps and before there are revolutions and civil wars."
Some investors believe the central bank could start buying more long-term U.S. Treasurys as soon as its next policy meeting,a trend that has helped temper some recent selling and kept yields from rising higher.
Weak ISM employment, weak initial claims, and now weaker than expected ADP...
The Covid-19 crisis could be worse than the Great Recession for companies that had high levels of indebtedness at the start of the outbreak, according to economists at the Federal Reserve Bank of New York.
The Stock Market Is Signaling a ‘Severe’ Drop Is Imminent, Says Contrarian Strategist: MWDec 2, 2020 - 05:20:40 PST
But a “pretty severe” stock drop may have already started, if not a week or so away, warns our call of the day, from the True Contrarian blog and newsletter’s chief executive officer, Steven Jon Kaplan. He says there are plenty of signals flagging this if investors know where to look.
Mortgage Demand From Homebuyers Spikes 28%, and the Average Loan Amount Sets a Record HighDec 2, 2020 - 05:11:38 PST
Mortgage applications to purchase a home jumped dramatically last week as interest rates sat at a record low, and buyers didn't take a holiday.
China's economic gains place it ahead of the U.S. and other regions in achieving growth after the pandemic, according to the Q4 CNBC Global CFO Council Survey.