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GOP, White House Remain 'Far Apart' On Debt Deal, Treasury Asks Agencies About Delayed PaymentsMay 23, 2023 - 07:57:00 PDT
The White House and GOP negotiators plan to meet again on Tuesday at 11 a.m. ET to continue negotiations on a months-long impasse over raising the nation's $31.4 trillion debt ceiling before a default occurs.
Gold prices fell on Tuesday pressured by a stronger dollar, as investors focused on U.S. debt ceiling talks, with this week's Federal Reserve policy minutes and economic data also on the radar.
Treasury Confirms U.S. Default as Early as June 1 Without Debt Ceiling HikeMay 23, 2023 - 06:21:47 PDT
In her third letter to Congress in three weeks, Treasury Secretary Janet Yellen said it was "highly likely" the agency will not meet all government payment obligations by early June, triggering the first-ever US default.
The World Bank will press for more grants and new capital from member countries, even as it leverages its balance sheet to scale up lending for responses to climate change and other global crises, its managing director of operations said on Tuesday. The lender will rally donor support for a newly established crisis facility for the world's poorest countries that face overlapping global...
A US Debt Default Risks Depleting Financial Markets of a Safe Liquid Asset Like the Dollar: KrugmanMay 23, 2023 - 06:16:54 PDT
No other currency will be able to play the role of the US dollar if the country defaults on its debt – and that poses a risk to financial markets, Paul Krugman said.
White House Has Warned Stocks Will Plunge 45% With Recession in the 3rd Quarter if the US DefaultsMay 23, 2023 - 06:03:08 PDT
About 8 million jobs could be lost if the US fails to raise its debt ceiling ahead of the upcoming deadline in early June, according to the analysis.
Is the banking crisis over... or are we just getting started?
Why the US Doesn’t Have to Pay Off Its $31 Trillion Mountain of Debt, According to Paul KrugmanMay 23, 2023 - 05:52:54 PDT
Though individual borrowers are expected to pay off debts, the same isn't true for governments, Krugman argued in a column for the New York Times on Friday. That's because unlike people, governments don't die, and they gain more revenue with each passing generation.
Lowe's Cos Inc cut its annual sales and profit forecasts on Tuesday, joining larger rival Home Depot in highlighting waning demand for home improvement goods with sticky inflation forcing consumers to cut back on discretionary spending. Lowe's expects full-year comparable sales to fall between 2% and 4%, compared to its prior outlook of flat to down 2%.
The debt ceiling has increasingly become a partisan weapon in Washington. The current deadlock is stoking memories of 2011, when talks went down to the wire and ratings agency Standard & Poor’s slapped the US government with its first ever credit downgrade, roiling global markets.
Preliminary readings of the PMIs for business activity in the euro area generally revealed a worse-than-expected deterioration. According to the composite index, the last time the euro area industry suffered this badly was in 2008-2009, when the economy was in a sharp downturn.
The Federal Reserve needs to cool off the overheated labor market to tame inflation, though it’s not clear how far unemployment must rise to achieve that, according to former Fed Chair Ben Bernanke and ex-International Monetary Fund Chief economist Olivier Blanchard.
Fed’s Bullard Sees Two More Interest-Rate Hikes Needed in 2023 to Cool PricesMay 23, 2023 - 05:29:16 PDT
Federal Reserve Bank of St. Louis President James Bullard said Monday that he backed two more increases and his Minneapolis colleague Neel Kashkari said if the central bank does pause, it should signal tightening isn’t over.
In other words, as other banks fail, JPM prospers: here is a history of JPM's Net Interest Income courtesy of Bloomberg. It will only keep rising...
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon warned earlier this month that even going to the brink is dangerous, with unpredictable consequences.
Markets were cautious on Tuesday as talks over the U.S. debt ceiling offered something for optimists and pessimists, leaving European shares just shy of last week's 15-month top, and U.S. benchmark yields at their highest in two months. President Joe Biden and House Speaker Kevin McCarthy could not reach an agreement on Monday on how to raise the U.S. government's $31.4 trillion debt ceiling with just 10 days before a possible default.
The technical analysis last month highlighted the mixed environment at the time:The indicators are once again giving some mixed signals. The price action is definitely needing further consolidation. However, other indicators suggest a market that is just getting started. … Either way, downside does seem limited at this point, especially considering all the bad news has been priced in.The pullback from recent highs is still a healthy correction after the price action got a bit ahead of itself. So, how much more downside can we expect? Let's look at some of the data.
Poland is buying gold again.The National Bank of Poland added nearly 15 tons of gold to its reserves in April, according to data published by the bank last week. It was the largest increase in the country's reserves since June 2019 when the bank boosted reserves by almost 100 tons.
We've talked about the recent selloff in gold. On the other side of the coin, the NASDAQ has made a string of 52-week highs. What is driving these market dynamics?The Fed.The markets generally believe that the Federal Reserve is finished hiking interest rates, or at least close enough to being done that a rate cut is on the horizon.And they're wrong.
THIS TIME IS DIFFERENT: We Won't Have The Future Oil Supply Growth & That's Bad News For The EconomyMay 23, 2023
Yes, it’s true… this Time is Different. Because world economic growth is based upon oil production growth, we have “Run Out The Clock.” With the world running full speed toward the Energy Cliff, the global oil supply will get into serious trouble after 2025...