News and Trends
Mnuchin, Pelosi make last-ditch push for coronavirus relief deal ahead of November election- Fox Business--9.30.20
Treasury Secretary Steven Mnuchin said that he will speak with House Speaker Nancy Pelosi about a coronavirus relief deal on Wednesday. Mnuchin is "hopeful" about the prospects of reaching an agreement before the presidential election.
Markets Don’t Have Much Reason to Believe the Federal Reserve - National Review--9.28.20
The Federal Reserve is ready to go full steam ahead in keeping the U.S. economic recovery strong and has announced a switch to "average inflation targeting" and its commitment to dovish monetary policy. The problem is that the Fed needs credibility to make this work.
Stock sell-off may still have a ways to go as election, virus trigger volatility- CNBC--9.29.20
The S&P 500 lost about a half percent on Tuesday and its volatility suggests the correction has a ways to go. The virus and the election are both factors that could drive volatility into the month of October.
Why the US dollar is only going to fall faster and harder- South China Morning Post--9.27.20
The U.S. dollar slide has entered the early stages of what looks to be a sharp descent. Even with the recent modest correction, the dollar remains the most overvalued currency in the world.
Economist Stephen Roach issues new dollar crash warning, sees double-dip recession odds above 50%- CNBC--9.24.20
Economist Stephen Roach warns next year will be brutal for the dollar. Mr. Roach not only sees growing odds of a double-dip recession but also believes the dollar crash shouldn't be so crazy.
New home sales surge to highest level since before the Great Recession - Market Watch--9.24.20
Sales of new single-family homes in August exceeded an annual rate of 1 million for the first time since 2006. There has been a growing interest in newly-constructed homes largely in part due to the lack of existing-homes for sale.
Social Security missteps could push millions of elderly Americans into poverty - Market Watch--9.23.20
Without Social Security, more than 40% of elderly Americans would live in poverty, according to an analysis by the Center for Budget and Policy Priorities.
Powell and Mnuchin voice optimism but back more economic aid- AP--9.22.20
Fed Chairman Jerome Powell and Treasury Secretary Steven Mnuchin expressed cautious optimism that the U.S. economy is rebounding from the pandemic-induced recession but both also say that more help from the government is needed.
Without fiscal support, U.S. economy risks recession: Fed's Evans- Reuter--9.22.20
Chicago Fed President Charles Evans said the U.S. economy risks a longer, slower recovery, if not an outright recession, if Congress fails to pass a fiscal package to support out-of-work Americans and state and local governments.
Powell pledges the Fed’s economic aid ‘for as long as it takes’- CNBC--9.22.20
Federal Reserve Chairman Jerome Powell stated on Tuesday that the central bank is committed to helping the economy. According to Powell, the Fed will continue aid "for as long as it takes."
Dow drops more than 500 points, S&P 500 posts first 4-day losing streak since February- CNBC--9.21.20
Stocks saw sharp declines on Monday as fears about the potential worsening of the coronavirus pandemic rattled investors. The Dow fell over 500 points while the S&P 500 lost 1.2%.
European bank stocks including Deutsche Bank’s slide after money-laundering allegations - Market Watch--9.21.20
Shares of Europe's top banks dropped on Monday after the release of reports alleging that these banks kept doing business with customers they suspected of money laundering and other wrongdoing.
Bank of England eyes sub-zero rates in face of virus, Brexit- Yahoo! Finance--9.17.20
The Bank of England has indicated that it could cut interest rates below zero for the first time in its 326-year history. The bank is trying to shore up a recovery that is facing both the coronavirus pandemic and Brexit.
Peter Schiff Warns The World Is Ready To Reject The Dollar Standard- Zero Hedge--9.17.20
Peter Schiff believes the world is going to reject the dollar standard and go back to the gold standard. Currently, the Fed is backed into a corner and at this point, there is no way anyone is going to believe the central bank when they say they are going to shrink their balance sheet.
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