News and Trends

A cash cliff spells trouble for U.S. unemployed, and everyone else- Reuters--6.29.20
Emergency benefits for Americans during the pandemic are expiring in July, leaving many worried about the future. Without new support, recipients face a substantial loss of income.

US GDP fell at 5.0% rate in Q1; worse is likely on the way- AP--6.25.20
The U.S. economy shrank at a 5.0% rate in the first quarter and an even worse performance is expected in the current three-month period as the coronavirus pandemic spreads across the U.S.

41% of businesses closed on Yelp have shut down for good during the coronavirus pandemic - Market Watch--6.25.20
Many American states have been slowly reopening their economies, but thousands of businesses are still closed, and many of them for good. As of June 15, 140,000 businesses listed on Yelp remained closed due to the coronavirus pandemic.

Stocks slide on Wall Street as new coronavirus cases surge- AP--6.24.20
The S&P 500 skidded 2.6% on Wednesday as new coronavirus cases in the U.S. climbed to the highest level in two months, dimming investors' hopes for a quick economic turnaround.

U.S. to hit Japan-like levels of government debt by 2050, budget group says - Market Watch--6.24.20
The level of U.S. government debt red ink is set to explode to more than twice the size of the entire economy, according to one prominent anti-deficit group.

The decline of the U.S. dollar could happen at ‘warp speed’ in the era of coronavirus, warns prominent economist Stephen Roach - Market Watch--6.23.20
One expert is forecasting a sharp deterioration of the U.S. dollar and believes it could be a very near-term phenomenon. The comments come as the expert has been warning for weeks of an epic downturn of the dollar that could signal the end of the hegemony of the greenback as a reserve currency.

When the stock market is this overvalued, it is usually lower 12 months later- CNBC--6.23.20
The stock market could be in some trouble after its historic surge as valuations become increasingly elevated, according to data compiled by RBC Capital Markets. RBC's data shows the market tends to fall over the next 12 months when valuations are this high.

Inflation dog may finally bark, investors bet- Reuters--6.21.20
Investors are pouring money into safe-haven assets on the view that the recent explosion in government spending and stimulus measures will wake inflation up from a decade-long slumber.

The Crisis Goes Up A Gear: Is This The Beginning Of The End For The Dollar?- Zero Hedge--6.19.20
History tells us that every recorded currency collapse has occurred to fiat currencies unbacked by gold or silver. The pattern is always the same: a prolonged period of falling purchasing power, followed by a sudden collapse when a currency's users finally reject it.

Jobless claims total 1.5 million, worse than expected as economic pain persists- CNBC--6.18.20
First-time claims for unemployment insurance totaled 1.5 million last week. This was the 13th straight week that claims have totaled above 1 million.

Conservatives: Feds Close to Spending More Than on Revolutionary, Civil War, WWI, II Combined - CNS News--6.17.20
Recent budget projections have shown that government spending is heading toward 51% of GDP for the first time ever. The federal government has already spent trillions in stimulus funds and the White House and Congress are already considering plans to spend even more.

Stocks suffer their worst day since March, with the Dow plunging more than 1,800 points- CNBC--6.11.20
Stocks suffered their biggest one-day pull-back in three months as traders become more concerned about the number of coronavirus cases increasing in some states that have begun reopening from lockdowns.

Another 1.5 million Americans filed for first-time unemployment benefits last week- CNN Business--6.11.20
Another 1.5 million Americans filed for first-time unemployment benefits last week on a seasonally adjusted basis, according to the Department of Labor. Millions of people remain reliant on government aid to make ends meet since the coronavirus pandemic eliminated their jobs.

Fed sees interest rates staying near zero through 2022, GDP bouncing to 5% next year- CNBC--6.10.20
The Fed voted Wednesday to keep benchmark short-term rates near zero. In addition, the Fed said it would keep buying bonds, targeting $80 billion a month in Treasurys and $40 billion in mortgage-backed securities.

Alarming Study Finds US Public Pensions To Run Out Of Money By 2028- Zero Hedge--6.10.20
An alarming report warns that seven major public pension plans are due to deplete their assets by 2028. The depletion would impact many hundreds of thousands of Americans and their retirement.

"News and commentaries posted at Swiss America does not necessarily express the opinions of Swiss America nor of its personnel. Swiss America attempts to post only credible news and opinions, however we do not take responsibility for the accuracy of external content nor should it be construed as an endorsement."

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