News and Trends
Euro beats U.S. dollar as most used currency globally - SWIFT- Kitco--11.19.20
The U.S. dollar lost to the euro as the number one currency used for global payments for the first time in nearly eight years, according to the Society for Worldwide Interbank Financial Telecommunications.
US jobless claims rise to 742,000; millions to lose aid- AP News--11.19.20
The number of Americans seeking unemployment aid rose last week to 742,000, the first increase in five weeks. This is a sign that the resurgent viral outbreak is likely slowing the economy and forcing more companies to cut jobs.
Global debt to hit record $277 trillion by year end on pandemic spending splurge: IIF- 11.18.20
Global debt is expected to soar to a record $277 trillion by the end of the year as governments and companies continue to pile on debt in response to the COVID-19 pandemic.
Feds Propose Even More Surveillance of Your Banking Habits- Reason--11.17.20
The Federal Reserve and the Treasury Department have proposed expanding what is called the "travel rule" to capture international funds transfers above $250. Currently, the threshold is $3,000, which has held since the rule was adopted in 1996.
Powell says economy will still need more support despite progress toward COVID-19 vaccine- The Hill--11.12.20
Fed Chairman Jerome Powell warned on Thursday that the U.S. economy will likely need further support from Congress and the bank even if a coronavirus vaccine becomes available later this year.
‘Constitutional crisis’ could unleash wave of stock-market selling, says CNBC’s Cramer - Market Watch--11.12.20
Market expert Jim Cramer thinks stock market investors are being too complacent about the number of lingering risks that could cause a potential selloff. Cramer describes a potential "constitutional crisis" coming.
Europe Helps Russia and China Break the Dollar- The Trumpet--11.11.20
The European Union is joining forces with Russian and China to break the dollar. Russia and China have been searching for more independence from the dollar and the trend continues to experience historic milestones.
Stagflation: America's Next Potential Economic Hurdle- Yahoo! Finance--11.10.20
The pandemic has been a shock to income, for both individuals and businesses. The Fed has responded with trillions in stimulus, but the Fed can not simply fix the problem by restoring credit and flooding the financial system with liquidity.
Fed holds rates steady, says US economy remains 'well below' pre-pandemic level- Fox Business--11.5.20
In the latest Federal Reserve meeting, the Fed stated the coronavirus pandemic still poses a considerate threat and reiterated its pledge to hold interest rates near zero and do what it is needed to aid the U.S. economy's recovery.
The growing U.S. deficit raises questions about funding as China cuts U.S. debt holdings- CNBC--11.2.20
The U.S. deficit is set to grow much bigger with a planned second stimulus package to beat the pandemic fallout. The additional cost of funding the package will have to come from issuing more U.S. Treasurys, but the concern is who will buy them since China, the previously top purchaser, is cutting its holdings.
What a Trump or Biden victory would mean for your money- Fox Business--11.2.20
President Trump and his opponent Joe Biden are running for election on radically different platforms. The November 3rd election could shape the way Americans save and spend their money for the next four years.
Biggest U.S. Banks Aren’t as Strong as They Appear, Group Says - MSN--11.2.20
The largest U.S. banks are less healthy than they appear, an advocacy group said. The banks have been boosted by temporary accounting and capital-relief measures as well as massive market support from the Federal Reserve.
More than 95 million Americans have voted with one day to go until Election Day - CNN--11.2.20
More than 95 million Americans have voted nationwide with only one day left until Election Day, according to a survey. Many states are also reporting record turnout compared to last cycle with Texas and Hawaii already surpassing their total turnout from the 2016 general election.
Businesses across nation board up windows ahead of potential Election Day unrest- Fox Business--11.1.20
Businesses and retailers across the country have begun boarding up their storefront windows and taking other security measures in anticipation of potential unrest on or around Election Day. A representative with the Downtown DC Business Improvement District stated that several prominent businesses plan to close on Election Day or for at least the entire week.
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