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US & China Are on the Brink of a New Cold War That Could Devastate the Global EconomyMay 14, 2020 - 07:21:55 PDT
The relationship between the US and China was already teetering close to the edge of a cliff before COVID-19, but the pandemic pushed it right off.
U.S. President Donald Trump on Thursday said he was very disappointed in China over its failure to contain the novel coronavirus, saying the worldwide pandemic cast a pall over his U.S.-China trade deal.
he pandemic will cost the insurance industry over $200 billion, according to Lloyds of London, who estimated that its own payouts are now on a par with the Sept. 11, 2001 attacks or...
Credit card spending among some of JP Morgan Chase & Co's U.S. customers fell 40% during March and early April compared to last year, as Americans stayed home to protect against the novel coronavirus, according to a new report on Thursday.
Powell sent one bearish and two bullish messages for gold. What exactly did he say and what does it mean for gold?
Mike was recently alerted to an excellent website by a friend: wtfhappenedin1971.com It is a simple site, that presents chart after chart showing the impact of a decision made by the Nixon administration in 1971. It was a decision that is probably the biggest event in the history of the United States - yet it is never mentioned in schools, history books, or economic forums. So, WTF happened in 1971?
Federal Reserve Chairman Jerome Powell went negative in a webcast speech on Wednesday, May 13.I'm not talking about negative interest rates, although that could be coming down the pike as well. Powell went negative on the prospects of a quick economic recovery.He's right about the prospects for the economy, but he's wrong about the solution. That's because he doesn't even realize it's Fed policy at the root of the problem to begin with.
Spending & Deficit Set All Time Records: Feds Spent $3.3 Trillion Through AprilMay 14, 2020 - 06:35:43 PDT
...While Running $1.48 Trillion Deficit, The federal government has spent more money and run a larger deficit in the first seven months of fiscal 2020 (October through April) than in any previous year, according to the data published today in the Monthly Treasury Statement.
US Weekly Jobless Claims Rise 2.9 Million, Bringing Crisis Total to 36.5 MillionMay 14, 2020 - 05:32:21 PDT
The total 2.981 million new claims for unemployment insurance brought the coronavirus crisis total to about 36.5 million, by far the biggest growth in U.S. history.
Bank stocks are breaking down, and it could get worse, warn MKM Partners' JC O'Hara and Strategic Wealth Partners' Mark Tepper.
The April federal budget deficit came in at a staggering $738 billion as government coronavirus stimulus began flowing through the pipelines and revenue dipped due to the government lockdowns.
Dow Futures Fall 200 Points as Market Set to Extend This Week’s Steep LossesMay 14, 2020 - 05:17:48 PDT
Traders awaited the latest jobless data this morning to gauge the pandemic's impact on the U.S. labor market.
A lightning-quick rally in U.S. equities is showing cracks, as investors face mounting evidence that the economy's coronavirus-fueled woes may be far longer-lasting than many had anticipated.
“It’s a great time to have a strong dollar because the whole world -- you know, we’re paying zero interest, right. That’s never happened either. We’re paying so low. Everybody wants to be in the dollar because we kept it strong. I kept it strong” he said.
The M2 money supply measure is gaining 20% year-on-year. M3, a broader measure of money no longer published by the Federal Reserve but which is a better indicator of demand, is estimated to grow by 12% annually.
Goldman Sachs's Marcus, CIT, Citibank, Ally, and many more popular online savings banks have lowered their rates, responding to the Fed's historic rate cut in March.
House Democrats have put their bid on the table for the next coronavirus-pandemic relief bill: A $3 trillion effort to bail out state and local governments, send more money directly to citizens, and more. The main Republican response was par for the course:...
A forthcoming Federal Reserve survey says among people who were working in February, almost 40% of those in households making less than $40,000 a year lost a job in March.
“Our forecast assumes one more round of payments similar to what the bill proposes,” Goldman Sachs strategist Jan Hatzius wrote in a note Wednesday, referring to the new $3 trillion relief plan put forward by House Democrats on Tuesday. Under the proposal dubbed the HEROES Act, a second round of checks would include $1,200 per family member and up to $6,000 per household.
Fed’s Mester Sees a Recovery or a ‘Much More Dire’ Scenario as Equally PossibleMay 14, 2020 - 04:54:32 PDT
Cleveland Federal Reserve President Loretta Mester echoed Chairman Jerome Powell's mostly pessimistic view on the economy, telling CNBC on Wednesday that while growth is likely to return by the end of the year, it could be slow.