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The Federal Reserve's current programs are "standard moves" and do not amount to the monetary finance of the US government, St. Louis Federal Reserve
Fed's Bullard: Way to 'End the Crisis': Pay Companies Developing Tests CostsApr 17, 2020 - 08:06:59 PDT
An ambitious testing regime would give people the confidence they need to resume daily activities, including work, while also containing economic incentives, Bullard said.
As national unemployment rates swell amid the coronavirus, food banks around the country have become overwhelmed with demand and are struggling to keep up due to a lack of volunteers.
Apr 17, 2020 - 07:49:26 PDT
It's All About the Greed.....
The major U.S. stock indexes took off in response to a report about the drug on Thursday evening.
Gold sold off overnight and stock futures soared after President Trump offered some guidelines to "reopen America." There was also news of a promising COVID-19 treatment. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey throws a bucket of cold water on all of the optimism. He explains why the economy won't likely just roar back to life even with an end to the economic lockdown.
More than half a trillion euros of emergency fiscal aid by the EU apparently isn’t sufficient to shift the burden of fighting the coronavirus crisis from the European Central Bank. Just over a week since governments reached an uneasy agreement on a joint rescue package, strains...
“This does nothing to support an economic recovery but will simply prop up asset prices in the short term and perhaps offer a reprieve to market participants who profited handsomely for years by using excessive debt to give the illusion of high returns,” Mr Loeb wrote.
For banks sitting on a pile of high-risk debt they’ve been unable to sell, the full return of Europe’s junk debt market cannot come too soon.Amid the upbeat mood that prevailed before the coronavirus struck Europe, banks agreed to provide nearly $13 billion of bonds and loans to support...
There's been a strong loss in the paper price of gold, but ZERO liquidation...
Treasury Secretary Mnuchin is under growing pressure from industry officials and members of Congress to ease strains on mortgage companies as millions of borrowers skip their monthly payments.
Some of the hedge fund industry’s biggest names made history in March -- for all the wrong reasons. Firms run by Ray Dalio, Michael Hintze, Adam Levinson and others suffered their worst-ever losses last month, with some funds down as much as 40% as the coronavirus pandemic battered global...
Apr 17, 2020 - 06:43:42 PDT
Here’s what is actually happening. The stimulus bill (CARES Act) stipulates that the U.S. Treasury will provide $454 billion of the $2.2 trillion total to the Federal Reserve. That $454 billion will be the loss absorbing capital to leverage the Fed’s purchases of toxic debt from Wall Street to a maximum of 10 times or $4.54 trillion.
“You are taking a lot of downside risk with the U.S. economy including depression as a possible outcome,” he told a U.S. Chamber of Commerce-hosted on-line discussion later on Thursday. “So we really have to play our cards right so we get the rapid recovery that we need on the other side of this crisis.”
The level of stimulus currently going into the global economy is likely to support gold over the coming years with yield curve controls likely to push real yields deeper into negative territory.
I discuss the risk behind Washington’s approach—creating the money out of thin air which will lead to devastating inflation and, worse yet, another economic crisis.
Futures Soar On Reopening, Virus Cure Optimism; Ignore Mountains Of Bad NewsApr 17, 2020 - 05:06:53 PDT
"The market continues to look through terrible data... on anticipation of economies reopening."
China faces a drawn-out struggle to revive an economy that suffered its biggest contraction since possibly the mid-1960s after millions of people were told to stay home to fight the coronavirus.
"With containment or lockdown measures taking hold in most markets from around the middle of the month, the vast majority of European dealerships were closed during the second half of March."
Apr 17, 2020 - 04:55:41 PDT
Americans are on edge as some get their payments while others wait — and struggle to use the new IRS system to speed up the process.