News and Trends
Banks And The Digital Dollar- Zero Hedge--10.21.20
Paper money is going away possibly sooner than we realize and could be replaced by a "digital-USD". Once a digital dollar is in place, the government can finally implement policy more effectively.
Dollar index hits seven-week low with COVID stimulus in focus - CNBC--10.20.20
The U.S. dollar has hit a seven-week low against a basket of currencies on hopes for a large fiscal stimulus package. There is still a chance that no large-scale fiscal relief will be passed until the first quarter of next year.
Coronavirus relief deal remains elusive — what are the biggest sticking points?- Fox Business--10.19.20
The chance that Congress passes a coronavirus relief deal before the November elections remains elusive. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin continue to spar over how much money to inject into the economy.
Desperate for a stimulus check, millions of jobless Americans have nearly exhausted their savings - Market Watch--10.19.20
Jobless Americans have used up two-thirds of the savings they accumulated from unemployment benefits and stimulus checks in August.
Jobless claims climb 53,000 to 7-week high of 898,000, point to more labor-market woes - Market Watch--10.15.20
The number of Americans who applied for jobless benefits in early October hit the highest level in seven weeks. About half of the more than 22 million jobs lost in the first few months of the pandemic have been recovered, but that still leaves millions out of work.
Goodbye Middle Class: Half Of All American Workers Made Less Than $34,248.45 Last Year- The Economic Collapse Blog--10.15.20
According to the Social Security Administration's new wage statistics for 2019, the median yearly wage was just $34,248.45 last year. The cost of living has also been rising far faster than our paychecks have, and as a result many Americans have been working themselves to the bone to survive financially.
Jobless claims were worse than expected amid slowdown in hiring- CNBC--10.8.20
First time claims for unemployment benefits totaled 840,000 last week, higher than estimates. Claims have remained above 800,000 every week since mid-March. While the total was worse than expected, it still represented a modest decline from the week prior.
4 Takeaways From The Mike Pence-Kamala Harris Vice Presidential Debate- NPR--10.8.20
While the vice presidential debate wasn't likely to change many voters' minds or shift the trajectory of the race, it still managed to show sharp contrasts between the two parties' agendas for the economy, health care and more.
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.
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