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A small-business loan program at the center of a partisan standoff among congressional lawmakers is expected to run out of money later Wednesday, according to a person familiar with the fund.
The global economic downturn has been so severe that already half of the world has asked the International Monetary Fund for a bailout, the organization's chief said Wednesday.
Once-fringe ideas in economic theory are now nearly official policy as government borrowing surges and the Federal Reserve signals it could buy unlimited debt.
When the man who spearheaded the UK’s austerity program starts campaigning for debt forgiveness, you know the idea’s gone mainstream.
China’s central bank has given the green light for some commercial lenders to run trials of its digital currency, according to people familiar with the matter, bringing it a step closer to becoming the world’s first major monetary authority to issue its own digital tender.State-owned Chinese
Now, instead of Americans buying war bonds to fight the coronavirus, it’s the Fed slurping up debt. The central bank’s work with Treasury is seen doubling its current $6.08 trillion balance sheet, which was already at a record high.
Stocks fell sharply as dismal economic data and weak bank earnings fueled concerns over the coronavirus' impact on the U.S. economy.
The Bank of Canada today maintained its target for the overnight rate at ¼ percent, which the Bank considers its effective lower bound. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent. The Bank also announced new measures to provide additional support to Canada's financial system.
Economic data is even worse than Wall Street feared:...
Banks Take Drastic Steps to Avoid Being Seen Making Money off Virus CrisisApr 15, 2020 - 07:27:52 PDT
“If you’ve made a ton of money on trading, you really don’t want to show massive profits right here,” said the chief economic advisor at Allianz.
Homebuilder Confidence Index Takes Biggest One Month Dive in Its HistoryApr 15, 2020 - 07:24:59 PDT
After millions of Americans had been issued orders to stay home to stem the spread of the virus, prompting historic waves of business closures, layoffs and furloughs.
Cybercriminals Exploiting Fears of Pandemic to Steal Personal InformationApr 15, 2020 - 07:22:15 PDT
Experts say measures to contain the Covid-19 outbreak is providing an opportunity for cybercriminals to target unwitting people through email scams.
As inventories of oil rapidly accumulate, producers could soon be forced to pay consumers to take it off their hands—effectively pushing prices below zero.
BlackRock Leads Investors Worldwide With ‘Follow the Fed’ Mantra: BloombergApr 15, 2020 - 07:12:19 PDT
Whether the opportunity to front-run stimulus has already passed is fast becoming the question.
The dollar rallied against most currencies Wednesday as concerns about the economic impact of the coronavirus pandemic and the lack of a global policy response fueled investor jitters.
The IMF Fund joined a chorus of multilateral institutions urging countries to remove barriers to the shipment of medical supplies during the Covid-19 pandemic as a first step to addressing an epic bind facing the global economy.
US Industrial Production plunged 5.4% MoM (considerably worse than the 4.0% drop expected and the worst MoM since Jan 1946)...
The solution to the coronavirus economic meltdown is to borrow our way out of it. The Federal Reserve slashed interest rates to zero and the stimulus bill makes all kinds of loan programs available to pretty much anybody and everybody. But American consumers were already up to their eyeballs in debt before the coronavirus lockdowns. In fact, consumer debt spiked again to yet another record in February, according to the latest data from the Federal Reserve.
This is the reality behind the phrase “You can’t borrow your way out of a debt crisis.” It’s true.
Manufacturing in the New York area fell by its biggest margin ever to a historic low far worse than anything seen during the Great Recession.