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Bank of Japan (BOJ) Governor Kazuo Ueda has said the central bank is unwavering in its stance of patiently maintaining ultra-loose monetary policy, reassuring markets Japan will be a dovish outlier as its global peers combat stubbornly high inflation. But with inflation exceeding its 2% target, markets are rife with speculation the BOJ will soon phase out its massive stimulus...
Central banks risk being late in arresting inflation if they rely too much on forward guidance - a tool used to communicate the future path of monetary policy, a widely respected economist told policymakers at a Bank of Japan-hosted event on Wednesday. Forward guidance is an effective tool when central banks, faced with zero short-term interest rates, want to push down long-term...
US mortgage rates surged to the highest level since early November last week when debt-ceiling talks were still at an impasse, stifling demand for home purchases and refinancings.
Treasury Still Needs to Navigate Around Debt-Ceiling Risks Even as Investor Concerns EbbMay 31, 2023 - 05:39:41 PDT
Investor concerns about the debt ceiling have ebbed now that lawmakers in Washington are pushing toward the finish line an in-principle deal struck by President Joe Biden and House Speaker Kevin McCarthy, but until everything is fully implemented the Treasury Department is maneuvering on the assumption that the government could still exhaust its borrowing authority.
Former Treasury Secretary Summers Sees Higher Fed Interest Rates, Increased US TaxesMay 31, 2023 - 05:33:54 PDT
Former Treasury Secretary Lawrence Summers sees US interest rates headed higher in the short-run and US taxes rising significantly in the longer run as the world’s biggest economy comes to grips with a persistent inflation problem and burgeoning government debt.
Why Yellen Doesn’t Lose Sleep Over US Borrowing That Alarms Most AmericansMay 31, 2023 - 05:30:26 PDT
“We have the highest debt than we ever had before,” House Speaker Kevin McCarthy — who negotiated a deal with the Biden administration to trim outlays, and must steer it through Congress this week to avert a default – said on May 24. “I just don’t think that’s right.” Plenty of others, including Federal Reserve Chair Jerome Powell, have warned that the US debt trajectory is “unsustainable.”
The European Central Bank said that financial markets will be vulnerable to negative shocks as it continues the fight against inflation, with real estate among the sectors at risk.
Prepare for Retail Apocalypse Part II. While this could be considered a continuation of a trend that started years ago the number of closures about to occur will take things to a whole new level. "Soft underbelly" is a phrase that refers to the most vulnerable part of something, whether it be an organization, a system, or a physical object.
For Latin American leaders trying to curb poverty in their own countries, China is a success story. Having experienced staggering economic growth the past four decades, China has brought an estimated 800 million of its citizens out of poverty. The pandemic hit Latin America harder than any other region in the world, and as countries look to emerge from the economic devastation of lockdowns, China offered the trade and investment that Latin American leaders can’t resist.
China’s economic recovery weakened in May, raising fresh fears about the growth outlook and prompting calls for more central bank action to counter the downturn.
Global Markets-Drop Ahead of US Debt Ceiling Vote; China Data Rattles NervesMay 31, 2023 - 05:09:00 PDT
Global shares fell on Wednesday ahead of a crucial vote in Washington on the U.S. debt ceiling, while commodities and the Chinese yuan came under pressure after data highlighted faltering growth in the world’s second-largest economy. Data showed China's manufacturing activity fell more than expected in May, while services growth -- which has been one of the few bright spots...
Over the last several years, central banks globally have added gold to their reserves at a historically high rate.It doesn't appear the buying spree will end anytime soon.According to the World Gold Council 2023 Central Bank Gold Reserve survey, 24% of central banks plan to add more gold to their reserves in the next 12 months.
In March, I warned that the commercial and investment real estate markets could be the next thing to break in this bubble economy. A recent article in the Wall Street Journal put a face on my warning.
When we talk about the spot price of gold and silver, or the return on precious metals investments, some people are quick to remind me that I'm not factoring in premiums.What exactly are premiums?
Despite all of the mainstream talk about a strong, resilient economy, corporate bankruptcies through the first four months of 2023 came in at the highest level since 2010. Meanwhile, monthly bankruptcy filings have hit numbers last seen during the peak of the pandemic.According to data from S&P Global Market Intelligence, there were 235 corporate bankruptcy filings through April. That's a 116.5% increase over the same period in 2022.
You don't have to believe me, but the Guardian News reported in February that the U.S. Pension Fund Market was on the "Brink of Implosion." I agree, as the 2022 State Of U.S. Pension Funds Report data confirms that "State Pensions are Distressed or Fragile"...
Ye Huiling, a 25-year-old middle school teacher in Shenyang, Liaoning province, has been purchasing gold products for the last three years.
May 30, 2023 - 13:18:37 PDT
So far, however, we are witnessing symbolic actions that eventually spell a currency crisis, but we are all guessing when that is.
Gold bounced back from early losses on Tuesday, as the dollar pulled back and Treasury yields slid on wider market optimism about the U.S. debt ceiling deal.
Global debt levels soared by $8.3 trillion in the first quarter of 2023, climbing to $305 trillion, nearly the record high set in the first quarter of 2022, according to the Institute of International Finance. This means almost 335% of GDP.