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The data is out this morning and it’s not pretty. Nonfarm payrolls collapsed by 20.5 million jobs in April and the unemployment rate rose to 14.7 percent. The United States is now seeing the worst unemployment rates since the Great Depression.
Wall Street’s biggest firms are divided on where markets are heading to next.While most risk assets are well off their mid-March lows, when uncertainty about the global impact of the coronavirus outbreak was at its peak, there is little consensus on what is to follow. At the core of the
A high stock market and double-digit unemployment is not a good look going into the November presidential election, especially for President Trump, who derives much of his support from his populist and anti-elitist rhetoric.
People keep talking about the "new normal" we'll all have to adjust to as we recover from the coronavirus pandemic. So, what does that mean for the economy? In this episode of the Friday Gold Wrap podcast, host Mike Maharrey looks ahead at the new normal, the prospects of an economic recovery and speculates that we might have already caught a glimpse of the future last year. He also covers the gold market and looks at some of the economic data this week.
Big news about the Fed Funds Rate has propelled gold northbound...
A Record 20.5 Million Jobs Were Lost in April, Unemployment Jumps to 14.7%May 8, 2020 - 05:35:31 PDT
Both numbers easily smashed post-World War II era records and help reflect the profound damage done through efforts used to combat the virus.
The International Monetary Fund said that the global economic outlook has worsened since its latest forecast three weeks ago and the world can expect more waves of financial market turbulence.
Every now and then, concern that the European Union will break up drives investors to question whether holding the region’s assets is worth the risk. This time, economies are facing one of the most difficult challenges in living memory, adding to the strains in the bloc,...
Investors Exit Stocks at Fastest Rate Since March, 'Tech Fatigue' Sets InMay 8, 2020 - 05:27:39 PDT
Investors pulled $16.2 billion from stocks in the past week in the largest weekly redemption since the March stock market slump, according to the Bank of America's weekly flows data.
Great Depression Like U.S. Job Losses, Unemployment Rate Expected in AprilMay 8, 2020 - 05:26:02 PDT
The U.S. economy likely lost a staggering 22 million jobs in April, in what would be the steepest plunge in payrolls since the Great Depression and the starkest sign yet of how the novel coronavirus pandemic is battering the world's biggest economy.
US, China Trade Negotiators Talk About Phase One Deal as Uncertainty LoomsMay 8, 2020 - 05:23:07 PDT
The call came as investors globally raised concerns over increasing tensions between the U.S. and China — two of the largest economies in the world.
Facing rising strategic threats from the US, China needs to increase its number of nuclear warheads and complete a technologically advanced nuclear triad by developing the H-20 strategic stealth bomber and JL-3 submarine-launched ballistic missiles to deter potential impulsive military action by US warmongers, experts said on Friday.
The economic war between USA and China is heating up, with both sides now openly discussing the use of the ‘nuclear option’ - join Mike as he explains what it is, how it works, and how most pundits don’t realize they’ve been wrong on this for quite some time. Mike also addresses the recent questions about the upcoming Bitcoin halving.
This has sent the debt to GDP ratio skyrocketing in recent years. The US debt to GDP ratio now stands at 117%—a number just shy of the 118.9% record set just a year after World War II ended. The debt ceiling—defined as the maximum amount of debt the US is allowed to carry—has also been increased four times in the last half a decade, and may need to be increased again soon.
“The possibility of negative rates is modestly bearish for the dollar, given limited market pricing to date and ongoing concerns about the US ‘debasing’ the dollar,” wrote Ebrahim Rahbari, chief G10 FX strategist at Citi in New York.
Weaker personal income growth and rapid job losses kept consumers from using credit in March. Total retail sales fell a record 8.7% in March as the economy was shut down to stop the spread of coronavirus.
The S&P 500 index is trading at more than 22 times forward earnings...
Ken Rogoff, Harvard University professor of public policy and economy discusses the Catastrophic Destruction of Wealth and the possibility of negative interest rates.
Traders on Thursday priced in a negative federal funds rate by December and lasting at least until January 2022, amid expectations that the central bank would need to keep its policy rate that banks charge each other for overnight lending around the zero level it is now.
Financials are still the second worst-performing sector in the S&P year to date, with only energy seeing deeper losses.