Senate Banking Panel to Vote on Stalled Shelton Fed Nomination

© Bloomberg. Judy Shelton, U.S. President Donald Trump’s nominee for governor of the Federal Reserve, speaks during a Senate Banking Committee confirmation hearing in Washington, D.C., U.S, on Thursday, Feb. 13, 2020. Shelton, a former economic adviser to Trump’s campaign, has challenged whether the institution should regulate the value of money and whether its mandate, […]

Read More

Fed’s Kaplan Says Mask Use Would Spur Growth, Curb Joblessness

© Bloomberg. A pedestrian wearing a protective mask carries a shopping bag outside the Saks Fifth Avenue store New York, U.S., on Wednesday, June 24, 2020. New York, New Jersey and Connecticut will require visitors from virus hot spots to quarantine for 14 days Photographer: Angus Mordant/Bloomberg (Bloomberg) — Wide-spread mask wearing and following other […]

Read More

Wells Fargo preparing to cut thousands of jobs: report

Wells Fargo is preparing to cut thousands of jobs starting later this year, Bloomberg Law reported Thursday, citing people familiar with the matter. The company’s plans will eventually result in eliminating tens of thousands of positions due to pressure to “dramatically reduce costs,” the report said. Wells Fargo, the fourth-largest US lender by assets, is […]

Read More

U.S. Consumer Comfort Eases for First Time in Weeks on Outbreak

© Bloomberg. Shoppers ride an escalator at a mall in Bloomington, Minnesota in June 10. (Bloomberg) — U.S. consumer confidence cooled for the first time in seven weeks, raising the prospects of a tempering in the economic recovery as a pickup in Covid-19 infections prompts several states to dial back reopenings. The Bloomberg Consumer Comfort […]

Read More

Lagarde Says ECB Has Time to Assess Stimulus Effectiveness

© Bloomberg. Christine Lagarde (Bloomberg) — Christine Lagarde signaled the European Central Bank will keep policy unchanged at its next meeting after its massive emergency stimulus helped calmed markets. Speaking in an interview with Financial Times published on Wednesday, the ECB president said that measures unleashed in the wake of the pandemic have “demonstrated their […]

Read More

Fed’s Bostic Says Virus Spread Threatens to Undermine Confidence

© Bloomberg. Raphael Bostic (Bloomberg) — Federal Reserve Bank of Atlanta President Raphael Bostic said the renewed spread of Covid-19 may be threatening the pace of the U.S. recovery, as businesses and consumers put plans on hold. “People are getting nervous again,” Bostic said Tuesday during a virtual discussion hosted by the Tennessee Business Roundtable. […]

Read More

U.S. Job Openings Unexpectedly Increase as Hires Climb to Record

© Bloomberg. People wearing protective masks walk down a street lined with outdoor seating for restaurants in the Little Italy neighborhood of New York on July 6. Photographer: Angus Mordant/Bloomberg (Bloomberg) — U.S. job openings unexpectedly increased in May as state economies stirred to life and businesses looked to hire anew. The number of available […]

Read More

White House Wants Stimulus by August Recess With $1 Trillion Cap

© Bloomberg. Stools are stored on top of a table at a bar temporarily closed in Tucson, Arizona on June 30. Photographer: Cheney Orr/Bloomberg (Bloomberg) — The White House wants Congress to pass another stimulus package by the first week in August before lawmakers head home for their annual summer recess, and to keep the […]

Read More

Australia’s Central Bank Sits Tight as Second Wave Risks Mount

© Bloomberg. The Reserve Bank of Australia (RBA) building stands in Sydney, Australia, on Monday, May 18, 2020. Australia’s central bank decided against buying government bonds last week, the first time that’s happened since it began a quantative easing program in late March that sought to hold down three-year yields in order to lower interest […]

Read More

Trump Administration Discloses $521.5 Billion in Virus Aid

© Bloomberg. A worker wearing a protective mask and gloves sets a table outside a restaurant in New York. Photographer: Angus Mordant/Bloomberg (Bloomberg) — The Trump administration released details of almost 4.9 million loans to businesses – from sole proprietors to restaurant and hotel chains – under the federal government’s largest coronavirus relief program so […]

Read More

CBO Trims U.S. GDP Forecast for This Year, Lifts 2021 Projection

© Bloomberg. A pedestrian wearing a protective mask waits to cross a street in the Times Square area of New York on May 12. (Bloomberg) — The U.S. economy will see a slightly deeper contraction this year but a bigger rebound in 2021 than previously forecast, according to updated estimates from the Congressional Budget Office. […]

Read More

Merkel Sees Duty to Work With Trump as He Tries to Gather G-7

© Bloomberg. BERLIN, GERMANY – JUNE 03: German Chancellor Angela Merkel speaks to the media following negotiations between the three parties, who make up the current German coalition government, over a federal aid package during the coronavirus crisis on June 3, 2020 in Berlin, Germany. The package, worth up to EUR 100 million, is meant […]

Read More

Ukraine Cancels Eurobond Sale After Central Bank Chief Quits

© Bloomberg. Yakiv Smoliy (Bloomberg) — Ukraine canceled a $1.75 billion Eurobond sale after the head of its central bank unexpectedly stepped down citing sustained political pressure against him and his colleagues. The shock departure late Wednesday came just as the debt was being priced, with the hryvnia and existing Eurobonds plunging when they opened […]

Read More

Recovery Could Take 4 Years If Virus Contained, Fed’s Daly Says

© Bloomberg. Mary Daly, president of the Federal Reserve Bank of San Francisco, speaks during a Bloomberg Television interview in San Francisco, California, U.S., on Wednesday, Nov. 13, 2019. Daly said that monetary is in a good place given healthy momentum in the economy and consumer spending, despite headwinds from weaker business investment and manufacturing. […]

Read More

ECB’s Lagarde Warns of Rocky Recovery After Economy Turns Corner

© Bloomberg. Christine Lagarde Photographer: Alex Kraus/Bloomberg (Bloomberg) — European Central Bank President Christine Lagarde renewed her warning of a difficult road ahead even as an economic recovery following months of coronavirus shutdowns starts to take hold. “The worst is behind us and the hardest is yet to come,” Lagarde said in a video message […]

Read More

Powell Warns of Extraordinary Uncertainty, Urgency to Curb Virus

© Bloomberg. Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a virtual news conference seen on a smartphone in Arlington, Virginia, U.S., on Wednesday, June 10, 2020. The Federal Reserve put a floor under its large-scale asset purchases and projected interest rates will remain near zero through at least 2022 as policy makers […]

Read More

Fed Says Primary Corporate Credit Facility Now Open for Business

© Bloomberg. The Marriner S. Eccles Federal Reserve building in Washington, D.C. Photographer: Andrew Harrer/Bloomberg (Bloomberg) — The Federal Reserve announced that the Primary Market Corporate Credit Facility opened for business Monday, the last of its nine pandemic emergency lending programs to become operational. The program was announced in March as a flight from risk […]

Read More

EU’s Hogan Declines to Enter Race for Top Job at the WTO

© Bloomberg. Commission Chairman Bernd Lange welcomes,European Union Trade Commissioner Phil Hogan speaks to the European Parliament’s trade committee inside the European Parliament’s Jozsef Antall building in Brussels, Belgium, on Wednesday, Feb. 19, 2020. Photographer: Olivier Matthys/Bloomberg (Bloomberg) — European Trade Commissioner Phil Hogan will not enter the race to be the next director-general of […]

Read More

U.K. Firms Get Ready for a No-Deal Brexit With Time Running Out

© Bloomberg. A commuter wearing a protective face mask crosses Westminster Bridge in view of the Houses of Parliament and Elizabeth Tower, also known as Big Ben, in London, U.K., on Monday, May 11, 2020. U.K. Prime Minister Boris Johnson will flesh out his plan for lifting the U.K. lockdown in Parliament as he seeks […]

Read More

Bridgewater’s Bob Prince Says Virus Impact Could Last Two Years

© Bloomberg. Social distance markers are displayed on the ground in front of a restaurant in San Francisco on June 15. Photographer: David Paul Morris/Bloomberg (Bloomberg) — Bob Prince, co-chief investment officer of the world’s biggest hedge fund at Bridgewater Associates, said the impact of the coronavirus pandemic could last 18 to 24 months, complicating […]

Read More

Fed’s Evans Says Intermittent Virus Outbreaks Will Slow Economy

© Bloomberg. Charles Evans (Bloomberg) — Recurring coronavirus outbreaks will probably hold back U.S. economic growth and leave unemployment at elevated levels in the coming years, Federal Reserve Bank of Chicago President Charles Evans said. “My forecast assumes growth is held back by the response to intermittent localized outbreaks — which might be made worse […]

Read More

World Bank Comes to Congo’s Aid With $1 Billion Package

© Bloomberg. Yellow taxi van vehicles line the streets in the Victoire district of Kinshasa, Democratic Republic of the Congo, on Friday, Jan. 11, 2019. The disputed presidential election result could lead to legal challenges and a prolonged period of political uncertainty — the last thing that’s needed in a nation already confronting rampant poverty […]

Read More

Stiglitz Urges Capitalism Rethink as Roubini Invokes Stagflation

© Bloomberg. Nouriel Roubini and Joseph Stiglitz Source: Bloomberg (Bloomberg) — The global economy faces a bleak future in which capitalism could take a beating unless governments get their policy responses just right, two prominent economists warned. Speaking at the Bloomberg Invest Global virtual conference, Nouriel Roubini predicted the recovery from the pandemic crisis will […]

Read More

German Economic Recovery to Begin in Summer Merkel Advisers Say

© Bloomberg. BERLIN, GERMANY – JUNE 19: Tourists stand at Brandenburg Gate during the novel coronavirus pandemic on June 19, 2020 in Berlin, Germany. Travel restrictions originally imposed to stem the spread of the virus have mostly been lifted across the European Union and businesses dependent on tourism are anxiously waiting for tourists to return […]

Read More