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Millions of Americans may lose their jobs if the coronavirus pulls the U.S. into a recession, which could mean financial trouble for those who don't get severance pay.
When the U.S. Federal Reserve cut interest rates to near zero on Sunday, the dollar fell, since the move blew away the yield on owning dollars and with it much of their attraction. Analysts are already discounting the dollar's Monday slide as modest and maybe temporary, given the scale of the Fed
After multiple sessions of panic selling, the markets caught an up-draft after US President Trump declared a national emergency over the coronavirus, thus freeing up $50 billion in federal aid to help contain the rapid spread of the pandemic.
Mohamed El-Erian said Monday the Fed wasted a large part of its monetary policy arsenal to fight the economic fallout of the coronavirus by doing things backward.
The International Monetary Fund said it "stands ready" to use its $1 trillion lending capacity to help countries around the world.
Stocks cratered at the open, with the major averages dropping more than 5% and leading to a 15 minute halt in trading after the circuit-breaker threshold was triggered.
Central banks started out 2020 buying more gold, but the rate of purchases slowed somewhat.On net, central banks added 21.5 tons of gold to their reserves in January, according to the latest data from the World Gold Council.
Governments Are Using the Coronavirus to Distract From Their Own FailuresMar 16, 2020 - 04:49:27 PDT
The coronavirus card will be used as an excuse to cut growth and employment estimates, blame an outside enemy, and present the government as the solution by throwing billions into more debt-fueled spending.
Fed Has Now “Spent All Their Bullets From an Interest Rate Point of ViewMar 16, 2020 - 04:45:08 PDT
Lockhart said the Fed has now “spent all their bullets from an interest-rate cut point of view” and it remains to be seen whether the central bank will have less options to support the U.S. economy in the future.
It is this likelihood that the Fed will monetize anything and everything at far higher prices than market, coupled with a non-trivial probability that the Fed's next move will, in fact, be to cut below zero, that will keep yields depressed, pushing them ever lower, especially if equities are locked out, until most of the curve eventually drops below zero.
Emerging-market currencies face further sell-downs of up to 30% if the spreading coronavirus outbreak causes U.S. stocks to slide as much as they did in the global financial crisis, an analysis by Bloomberg shows.The dollar may strengthen a further 30% against the Russian ruble and 23%...
The Sunday night action taken by six central banks will be looked back on as one of the biggest, multifaceted and coordinated monetary policy interventions in history. Its immediate aim is to avoid what was feared to be a messy market opening because of the flood of negative coronavirus...
The U.S. economy will contract sharply in late March and April as consumers and businesses slash spending, with the short downturn likely be officially deemed as being a recession, according to Goldman Sachs Group Inc.The world’s largest economy will shrink 5% in the second quarter after...
One of the biggest Nordic fund managers says he's worried that credit might stop flowing across the globe if governments don't step up their game.
The Federal Reserve and five counterparts united to ensure that dollars keep flowing around the world after the coronavirus emergency sparked a rush for greenbacks.In coordinated statements on Sunday, the Fed, Bank of Japan, European Central Bank, Swiss National Bank, Bank of Canada and...
Dr. Fauci, Top Infectious Disease Expert, in Favor of a National LockdownMar 16, 2020 - 04:24:12 PDT
A national lockdown is not out of the question to Dr. Anthony Fauci, the director of the National Institute of Allergy and Infectious Disease. Asked on “Meet...
There’s recognition that commercial banking has become dysfunctional and that most loans by commercial banks are either against assets – in which case the lending inflates the prices of real estate, stocks and bonds – or for corporate takeover loans. The economy’s low-income brackets have not been helped...
Travel bans. Sporting events cancelled. Mass gatherings prohibited. Stock markets in freefall. Deserted shopping malls. Get ready for the Covid-19 global recession.
Goldman Sachs' economists declared the U.S. economy all but recession-proof at the dawning of 2020, but now it appears a coronavirus-induced recession may have begun just a few months later.
President Donald Trump launched another barrage of criticism at the Federal Reserve, saying Saturday that the central bank is behind its global peers in the economic fight against the coronavirus.