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The European Central Bank’s next move to cope with the deepest downturn in decades could turn on whether it listens more to consumers or investors about the risk of deflation.
Politics has changed significantly in the past decade, and governments have found a new way to create money without central-bank help. A new inflationary era might be on the way, and if it is, the markets have got it completely wrong.
Powell Says the Fed Doesn't Want to 'Run through the Bond Market like an Elephant'Jun 16, 2020 - 08:37:42 PDT
Powell said the central bank's announced move this week to buy corporate bonds fulfills a pledge it had made earlier but is not an effort to take over the market.
Data provider Bloomberg has urged users to switch the way they price US dollar interest rate options — in case they are caught out by a move by the Federal Reserve to push rates below zero. In a note sent out across its terminals on Monday, the company recommended that customers review their computer models for calculating interest rate volatility...
Jun 16, 2020 - 08:04:34 PDT
Instead, our search of filings at the Securities and Exchange Commission reveals that dozens of debt zombie companies that trade on Nasdaq got the loans.
The bankers may have fleeced a few of the longs, but they were unsuccessful in lowering gold's price...
...it increased the nominal size of its lending packages for cash-strapped firms to $1 trillion from about $700 billion announced last month.
The European Union has been relaxing its rule book for banks — painstakingly built up in the decade or so since the financial crisis — as it tries to manage the impact of coronavirus. Unfortunately, the move might create big problems if economic activity fails to recover.
Risk appetite surged in June as investors reduced cash holdings and hedge funds jumped on equities, but most money managers think the stock market is overvalued, according to a Bank of America Corp (NYSE: BAC ). survey.
This bold — yet unsurprising — conclusion comes from the COVID Response Tracking Study, conducted by NORC at the University of Chicago. It finds that just 14% of American adults say they’re very happy, down from 31% who said the same in 2018. That year, 23% said they’d often or sometimes felt isolated in recent weeks. Now, 50% say that.
Scientists Hail Dexamethasone as 'Major Breakthrough' in Treating CoronavirusJun 16, 2020 - 07:34:18 PDT
Dexamethasone, a cheap and widely used steroid, has become the first drug shown to be able to save lives among Covid-19 patients in what scientists hailed as a "major breakthrough".
This sent core retail sales soaring back into the positive on a YoY basis (+2.1%)
IMF Set to Slash Economic Forecasts and Warns of a Crisis 'Unlike Anything the World Has Seen'Jun 16, 2020 - 07:17:35 PDT
The IMF had expected the global economy to experience its worst financial crisis since the Great Depression of the 1930s — now it has warned that things could be even worse.
Powell Warns of 'Significant Uncertainty' about the Recovery and Says Small Businesses Are at RiskJun 16, 2020 - 07:15:12 PDT
The Fed chairman repeated warnings about the economy during the first day of his semiannual testimony before Congress.
Watch Fed Chairman Jerome Powell Testify Live before Senate Banking Panel 10:AM ETJun 16, 2020 - 07:13:28 PDT
Federal Reserve Chairman Jerome Powell testifies Tuesday before the Senate Committee on Banking, Housing, and Urban Affairs. The remarks are part of the central bank leader’s mandated semiannual testimony before Congress.
Jun 16, 2020 - 06:48:26 PDT
That’s the largest such share of economies in recession in modern history, greater than the global financial crisis and Great Depression.
When the May jobs report came out with 2.5 million jobs added a drop in unemployment to 13.3%, I told several friends the numbers seemed implausible.It appears I might have been right.The Department of Labor’s Bureau of Labor Statistics survey takers mistakenly misclassified about 4.9 million people as employed, although they were unemployed.
Gold steadied as investors awaited testimony from U.S. Federal Reserve Chairman Jerome Powell on the central bank’s next steps to combat the hit from the coronavirus pandemic.Powell, who delivers his semi-annual policy report Tuesday and Wednesday, is expected to echo the downbeat view...
Not everything that is market friendly, even in bad times, is a good idea. The only thing harder for any government program than implementing it, is stopping it...
Just when you thought the Federal Reserve couldn't possibly stimulate any more, it launches a new stimulus program.On Monday, the central bank announced it would begin buying individual corporate bonds through its so-called Secondary Market Corporate Credit Facility (SMCCF).