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May 11, 2020 - 08:52:58 PDT
Treasury Secretary Steven Mnuchin said on Sunday that the White House is willing to do “whatever it takes” to provide economic stimulus but said the Trump administration wants to wait before providing any further aid to states.
The German lender is selling €1.25 billion ($1.35 billion) in unsecured bonds due in May 2031. The debt is rated below investment grade.
‘A Bill Has to Come Due for China’: WH Advisor Navarro Threatens Virus RetaliationMay 11, 2020 - 08:45:07 PDT
White House advisor Peter Navarro on Monday threatened retaliation against China for its role in the spread of the coronavirus pandemic as tensions between the world's two largest economies continue to rise.
BlackRock is about to start buying billions of dollars in corporate bonds for the Fed, reflecting the firm’s rise to financial might but also opening it to scrutiny as it steers money into companies and industries.
The worst recession since the Great Depression is prompting indebted companies to default, and increasingly more will do so in a way that’s harder for investors to detect.Rating firms predict that more companies will pursue distressed debt exchanges, in which they try to overcome liquidity...
Gold Investors Shouldn't Lose Focus: Gold To Soar In Coming Years, Opposite Likely In Coming WeeksMay 11, 2020
"...gold is likely to plunge in the short run, regardless of how favorable other fundamentals are."
Central planners the world over disdain the free exchange of goods and services. They believe they can better shape the world around them according to their wishes. This fatal conceit compels them to intervene in destructive ways.
Even before the Covid-19 pandemic, home prices were on a trend that was unlikely to continue for long.
The Federal Reserve and its unintended mission to support economic growth widened the wealth gap between the bottom 90% and the top 10%.
Summary The Atlanta Fed’s GDP Now is estimating a -34.9 percent Q2 GDP print, which is 3.5x the largest quarterly decline in the post-WWII economy If realized, the 11.3 percent non annualized…
Are negative interest rates in our future?The markets are starting to think so.On Thursday, Fed fund futures contracts began pricing in negative interest rates. They were initially priced in for December but then shifted to early 2021. This doesn't guarantee negative rates, but it does indicate markets are beginning to expect them.
Tudor Jones Says This Will Be the 'Second Depression' If We Remain in LockdownMay 11, 2020 - 07:02:10 PDT
“Just depends on whether unfortunately this goes to a year with this kind of a lockdown,” Jones said on CNBC’s Squawk Box on Monday. The Great Depression from 1929 to 1939 was the worst economic downturn in the U.S. history.
The pace and shape of the U.S. economic recovery when the novel coronavirus outbreak abates is still highly uncertain and will vary across the country, Atlanta Federal Reserve President Raphael Bostic said on Tuesday.
The idea of introducing or increasing tax rates for society's wealthiest has been floated by economists as the long-term impact of the Covid-19 pandemic becomes more apparent.
Free money for everyone!.... there is no reason the Fed can't simply hand out printed money to every citizen. Currently it is legally forbidden from spending money in this way, but this technical distinction has already been deeply eroded, as it is buying up U.S. debt in gigantic quantities — effectively funding the massive coronavirus rescue spending through printing.
The price action of high-yield corporate bonds will signal to investors when the bear market triggered by the coronavirus pandemic is truly at its bottom, according to Longview Economics.
The US Labor Department released its April non-farm payroll report on Friday and it was as bleak as expected. As Peter Schiff put it, it was the weakest jobs report in the history of jobs reports. And even worse, a lot of these jobs are never coming back.A record 20.5 million Americans lost their jobs last month and the unemployment rate surged to 14.7%. It was the largest and most sudden rise in joblessness since the government started tracking the numbers.
May 11, 2020 - 05:27:01 PDT
Treasury Secretary Steven Mnuchin said on May 10 that reopening the economy must be done in a strategic way, but he stressed that “permanent economic damage” might be done if lockdown measures aren’t lifted.
Mark Zandi of Moody's: "If we get a second wave, it will be a depression," the firm's chief economist told CNBC "We may not shut down again, but certainly it will scare people and spook people and weigh on the economy."
In the ECB’s view, the negative effect of lower interest rates was the price to pay for keeping the euro intact. That price to pay keeps rising and rising. This Eurozone Crisis Will Be Even Worse Than Last Time.