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Why Didn't the 1958 & 1918 Pandemics Destroy the Economy? It's the LockdownsMay 22, 2020 - 10:59:13 PDT
Media pundits and politicians are now in the habit of claiming it was the pandemic itself that has caused unemployment to skyrocket and economic growth to plummet. The claim is that sick and dying workers, fearful consumers, and disrupted supply chains would cause economic chaos.
If Powell cuts a few billion more, we may finally see a bond market tantrum as traders realize they have no choice but to force the Fed to keep buying bonds at a more brisk pace.
As Investors Add Gold It Will Create More Demand Than the Market Can HandleMay 22, 2020 - 09:47:13 PDT
“More investors need to add gold as a protection asset in their portfolios,” Grosskopf says. That will “create more demand than the market can handle,” he says, and with the increasing amounts of monetary accommodation and fiscal deficits, gold could move through its past highs—to $1,900 or $2,000—by the end of 2020.
President Donald Trump, advisor Kevin Hassett and Treasury Secretary Steven Mnuchin all say more coronavirus stimulus could be coming.
The Fed is injecting liquidity into the markets at a record pace. While liquidity has positive short-term benefits, is the Fed walking into a trap?
Central Banks Buying $2.4 Billion In Financial Assets Every Hour To Support MarketsMay 22, 2020 - 08:40:42 PDT
Bank of America's Flow Show report suggests central banks have hoovered up more than $4 trillion in financial assets over the past two months.
For most of us, these government-enforced coronavirus economic shutdowns have been pretty miserable. I don't think too many of us feel like we're overall better off today than we were a couple of months ago - unless maybe you're in the toilet paper business. Even if they haven't impacted our pocketbooks, the lockdowns have taken a toll on our psyches. I didn't like being told to stay inside when I was 10. I don't like it any better today.But speaking of 10-year-olds, a couple of young boys in France parlayed the lockdown into big bucks.
Unemployment Rose in All 50 U.S. States in April: Labor Department’s BLSMay 22, 2020 - 08:15:36 PDT
Unemployment rates rose and total employment fell in all 50 U.S. states and the District of Columbia in April as efforts to contain the coronavirus pandemic forced businesses to close across the United States, the Labor Department said on Friday.
Number 2 Fed Clarita: “But there is one thing that I am certain about: The Federal Reserve will continue to act forcefully, proactively and aggressively as we deploy our toolkit — including our balance sheet, forward guidance, and lending facilities — to provide critical support to the economy during this challenging time and to do all we can to make sure that the recovery from this downturn,
Fed, Pandemic Poses Most Serious Threat to Fed’s Goals ‘In Our Lifetimes: WSJMay 22, 2020 - 07:56:57 PDT
The coronavirus pandemic poses the most serious threat ‘in our lifetimes’ to the Fed’s goals of maintaining strong employment and stable prices, Fed Vice Chairman Richard Clarida said Thursday.
1929… the 1970s… 2000… 2008… and now 2020?In the biggest stock bear markets over the past nine decades, there was an initial crash… followed by a big bounce… and then a more severe selloff, a “second leg down” if you will.Could it happen again?As Mark Twain said, “history doesn’t repeat itself but it often rhymes.”And some of the world’s most successful hedge fund managers are convinced a second drop is coming…
May 22, 2020 - 07:19:27 PDT
The global economy was flashing danger signs long before the pandemic. For one thing, many countries were clamouring to get hold of as much gold as possible. For the past decade, they have been buying new reserves and bringing it home from overseas storage to an extent never seen in modern times.
Stocks have become detached from reality due to recent interventions from central banks into the bond markets, according to analysts at Bank of America.
Expect gold & silver to be subdued. Here's why, and here's for how long...
A Bloomberg Economics estimate, based on optimistic recovery scenarios, projects the pandemic will carve $6 trillion out of the global economy.
Jerome Powell went on 60 Minutes last week and said there was "no limit" to what the Fed could do to support the economy. Of course, that's not really true. All the central bank can really do is print more dollars. And the economy isn't just about dollars. It's about stuff. In this episode of the Friday Gold Wrap podcast, Mike Maharrey talks about the real problem facing the economy - Powell's "cure." He also puts silver in the spotlight.
Investors will add gold to protect their portfolios, which will create more demand for the commodity. Increasing amounts of monetary accommodation and fiscal deficits should push the price of gold higher as well, analysts say.
Banks Will Struggle to Generate Profits Even as Global Economy Recovers: IMFMay 22, 2020 - 05:10:45 PDT
The beaten-down banking sector will remain under pressure through 2025 even as the economy recovers, the International Monetary Fund said Friday.
Argentina Extends Deadline for $65 Billion Debt Talks in Bid to Avoid DefaultMay 22, 2020 - 05:06:05 PDT
Argentina's economy, which was already grappling with a two-year recession, sky-high inflation rates and rising levels of poverty, has been hit hard by the coronavirus pandemic.
On the first day of China’s biggest political event of the year, Xi Jinping sent a clear message to Donald Trump: We’re going to do what we want in Hong Kong, and we’re not scared of the consequences.