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Mnuchin Says He and GOP Leaders Will Discuss Plan to Pass Targeted Stimulus With Democrats’ HelpNov 20, 2020 - 08:42:51 PST
Mnuchin said that he and GOP lawmakers will attempt to draft a targeted stimulus package and meet with Democrats.
PEUC claims come into play after someone exhausts all their regular state unemployment benefits.
CB Leading Economic Index: Continued Recovery with Continued Downside RiskNov 20, 2020 - 08:26:39 PST
For a better understanding of the relationship between the LEI and recessions, the next chart shows the percentage-off the previous peak for the index and the number of months between the previous peak and official recessions.
JPMorgan Becomes First Major Bank to Say First Quarter GDP Will Decline Because of Covid SurgeNov 20, 2020 - 08:16:53 PST
The economists expect about $1 trillion of fiscal stimulus, likely beginning near the end of the first quarter. That should help boost midyear growth.
Nov 20, 2020 - 07:49:00 PST
A U.S. agency facing mounting scrutiny over how it doled out checks from a $212 billion pandemic relief program has privately directed employees not to use the word “fraud” in writing if they spot suspicious applications.
"There's Plenty Of Firepower Left": Mnuchin Defends Decision To End Fed's Emergency Lending ProgramsNov 20, 2020 - 07:08:52 PST
"This is not a political issue..."
Fed’s Evans Says He’s Disappointed by Treasury Decision to End Emergency Loan Programs: MWNov 20, 2020 - 07:07:25 PST
Chicago Federal Reserve President Charles Evans said Friday he was disappointed that the Treasury Department decided not to extend some Fed emergency loan programs to small businesses and municipalities, which have been a buffer during the COVID-19 shutdowns.
Nov 20, 2020 - 06:58:34 PST
U.K. government borrowing climbed to a record 214.9 billion pounds ($286 billion) in the first seven months of the fiscal year, underscoring the tough choices facing Chancellor of the Exchequer Rishi Sunak as he prepares for a major announcement on spending next week.
I had a friend in high school who was always finding money. He'd frequently be walking along, look down, and spot a quarter or a dime at his feet. And it wasn't just pocket change. He'd frequently find paper money too. I was with him when he picked up a $100 bill lying on the ground in the mall parking lot.
The stock market continues to climb on coronavirus vaccine hopes. But why should it? After all, it didn't sell off because of the pandemic. It's at record levels despite COVID-19. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey explains why this really isn't about a vaccine. He also talks about one of the pernicious effects of this super-loose monetary policy - the theft of our savings.
Every bit of additional stimulus from here on out will be a bullish catalyst for gold. Too much of the US economy is vulnerable and that will keep the stimulus flow well into first half of next year,” the analysts said.
...To be clear, that is an unwelcome development: most of the improvement will be down to reduced stimulus spending, which will starve the recovery of oxygen.
After futures dropped sharply, sliding as much as 1% during the Asian session after Steven Mnuchin announced that the Treasury would seek to recover nearly $500bn in cash from the Fed as it sought to end eight emergency credit facilities on Dec 31, sparking fears that helicopter money - which as a reminder is a coordination between the Fed and Treasury - would expire by year end...
Surging Debt During the Pandemic Is Creating Dangers for Investors and Developed CountriesNov 20, 2020 - 05:23:01 PST
Risks for investors as well as developed markets are piling up with debt escalating during the coronavirus pandemic, according to a director at the Institute for International Finance.
Eight months into the pandemic, clothing stores, restaurants, gyms and other businesses find themselves in a $52 billion hole.That’s the total amount of retail rent that’s been missed since April, ...
EU Chief Urges Gradual Lifting of Coronavirus Lockdowns, Warns of a Third WaveNov 20, 2020 - 05:10:11 PST
European governments should lift coronavirus lockdowns and other social restrictions gradually to prevent a third wave of infections, according to the president of the European Commission.
The coronavirus sharpened the divide between China and the rest of the world in some aspects, according to Franklin Templeton Emerging Markets Equity’s Chetan Sehgal and Michael Lai.
The top two U.S. economic policymakers clashed over whether to preserve emergency lending programs designed to shore up the economy -- a rare moment of discord as the nation confronts the risk of a renewed downturn spurred by the resurgent coronavirus.
Mnuchin’s Fed Move Is Like Stripping Titanic of Its Lifeboats, Economist SaysNov 20, 2020 - 05:02:21 PST
U.S. Treasury Secretary Steven Mnuchin decided to allow key pandemic relief programs to expire on Dec. 31. The move is expected to drastically reduce the central bank’s ability to shore up the financial system.