35 Burst results for "Reserve Bank"
"reserve bank" Discussed on Bloomberg Radio New York
"For the rest of the day Traders are currently betting the Bank of England will raise its key interest rates close to 6% by September next year. It's a worrying time for the 1.8 million people who need to re mortgage next year. In London I'm you and pots have been big day break Europe. Well now to the war in Ukraine, tensions between Europe and Russia have dramatically escalated as Moscow moves to annex parts of Ukraine. The Kremlin is preparing to declare landslide victories in the hastily organized referendums that it held in the territories that are currently occupied by its forces. It comes as Russia threatens the EU's gas supply state run gas giant Gazprom has warned that it may cut the last link still delivering gas to Western Europe and leaks were reported on the Nord stream pipeline to Germany where authorities have said that they suspect sabotage. The Federal Reserve bank of Minneapolis president Neil kashkari says the current pace of interest rate increases is quote appropriate. Kashkari was one of a host of U.S. policy makers who are doubling down on the need to continue hiking in the face of inflation. He says the fed needs evidence that core inflation is falling. We are moving very, very aggressively. There's a lot of tightening in the pipeline. We are committed to restoring price stability, but we're also we also recognize, given these lags, there is the risk of overdoing it. That is the Minneapolis president Neil kashkari who is speaking there that he's currently a non voting member of the FOMC was speaking virtually as an event hosted by The Wall Street Journal. Okay, those are our top stories for you this morning. We're going to talk about the newspapers and also the latest on the markets. This is Bloomberg
"reserve bank" Discussed on The School of Greatness
"Of the economy. So the inflation problem is still very high. And this high inflation is contributing to a slowing economy. Now, the Federal Reserve bank is working to fight inflation. They're doing that through raising interest rates and they're doing something called quantitative tightening where they are pretty much giving back some of the money that they printed over the last few years. So they bought up a whole bunch of bonds, mortgage backed securities, they bought up a bunch of treasury bonds as a way to stimulate the economy. It's that the Federal Reserve bank has built up this balance sheet of almost $9 trillion of assets. So the Federal Reserve bank doesn't have cash, like they don't have a pile of cash anywhere. They have to print $9 trillion to buy up these assets over the last number of years. And now what they're doing is they're finally starting to sell them off. Now, they're not selling them off very quickly. They are some of them off a little bit slower than what they expected, but they are starting to sell them off now to help free up some of this inflation. The second thing that they're doing is raising interest rates because when you raise interest rates, it makes borrowing money less attractive, which creates less inflation to help cool down the economy. The Federal Reserve bank wants its stock market crash. Really? Betters are bank wants real estate prices to go down. How's the stock market crashed yet? Fully? What defends what you mean by crash? So if we go just by now, it's funny I'm going to say technical definitions because nowadays technical definition seems like they call change. But traditionally the definition of a quote unquote crash would be something going into a bear market, meaning that the stock market has fallen 20% off of their highs. We saw that happen. And then we have since stock market rise since then. So the stock market is very volatile. It has gone down and the Federal Reserve bank wants stock prices to go down. They want real estate prices to go down and they also want unemployment to go up. They want some people to lose their jobs. Why? They want wages to go down. This is going to sound very bad, but they've also made this very public. So the reason why they want these things to go down is because it's a way to cool down the economy. That's why they're raising interest rates. So when the Federal Reserve bank raises interest rates, there's two things that they're looking at. And when they're raising interest rates, they're doing that on the housing market or whether they raising it. So the reason something called the federal funds rate, which is
Richard Fisher Calls out Nancy Pelosi's Insider Trading
"Richard Fisher Federal Reserve bank president was on CNBC yesterday I had tipped daily caller He's taken a look at this And here's what he says Cut 11 go With regard to the House and the Senate clearly people have taken advantage of inside information forever I'm not against their Tapping that down And I'm sorry to see that Paul Pelosi of Nancy Pelosi and others are appear it's all up here it's right now We don't know the facts to have taken advantage of inside information So something needs to be done Yes perhaps they should be taken out in handcuffs I'm sure the Democrat hack U.S. attorney in Washington D.C. will take a very close look at this I mean it is staring him in the face It is right there in his jurisdiction You don't even need to S.W.A.T. team Now we need a S.W.A.T. team
US economy likely grew modestly, if at all, last quarter
"Are we in a recession The Department of Commerce's bureau of economic analysis will release second quarter gross domestic product numbers this morning as the Biden administration tries to spin the definition of an economic slowdown After roaring back from the pandemic with 5.7% growth last year the U.S. economy contracted 1.6% in the January March quarter and is forecast to have grown modestly if at all from April to June GDP estimates for the second quarter range from a glacial 0.2% growth by economists from Wells Fargo the firm fact set predicts a tepid 0.8% annual gain while the Federal Reserve bank of Atlanta is signaling a 1.2% decline The U.S. economy is facing headwinds including higher inflation energy prices and supply chain bottlenecks but fed shared Jerome Powell says the strength of America's job market makes you question the GDP data Jennifer King Washington
"reserve bank" Discussed on Bloomberg Radio New York
"This is a Bloomberg equality special, achieving black equity. I'm shanali bassick. Despite fits and starts on corporate efforts to close the racial wealth gap, the difference in prosperity between black families and white families in America is stark. According to data from the Federal Reserve bank of St. Louis, a typical black family had about 12 cents on the dollar when compared with their white counterparts. That gives a white family more than 8 times the wealth of a black family, and that gap has been unchanged for decades. Equal hiring practices equal pay and access to capital for housing are all hurdles and building wealth. But another is access to capital to start a business. According to a study by Accenture, only 29% of loans sought by black small businesses are approved by large banks, and that figure is twice as high for white small business owners. Ryan Williams is an entrepreneur. He graduated from Harvard, worked at Goldman Sachs and private equity giant Blackstone. Williams started his real estate investment company in 2014 and hit many roadblocks along the way. He had loans turned down by several banks when starting his firm. It hasn't changed that much. It's still really difficult. If you're a minority generally, because there's still a pattern recognition issue, there's still sort of a cookie cutter mold for what successful manager special investor looks like. Most of our large institutional investors. And so I think on the margins, there's more opportunities. But it's still very incremental. And I think that's because people still are fundamentally focused on the kind of blueprint for success looking very homogenous. Frankly, white male as the archetype. And I don't think that's changed. Is it frustrating? Yeah. Oh, yeah. Look, I am incredibly privileged in the team of founders and CEOs of real estate investment management platform, especially black balancers and CEOs. I know I'm at the 1% of the one person in terms of capital I've been able to raise and I take a lot of pride in returns. We've been able to deliver to the investors that have entrusted their capital with me, but I get turned down probably 95% of the time. Ultimately, Ryan Williams was able to start his firm with the help of a black owned bank. While the number of black owned lenders has declined drastically over the past few decades, they play a huge role in black communities. This year, Citigroup created a new team in order to work more closely with minority owned banks and broker dealers. Harold butler was tapped at Citigroup to lead that effort after years of working with the US Treasury Department while at the bank. It was a role in which she also helped city work with black owned banks. Fundamentally, it's all about access to the capital itself. So being able to help banks, for example, create business, to grow their business, and to have the capital to lend is key. But what's different about, say, a mechanic and farmers bank in Durham, North Carolina in a city. Other than the fact that there is a small community based financial institution in cities a large global bank, the difference really is in the power of the neighborhood. That CEO knows his
"reserve bank" Discussed on Bloomberg Radio New York
"Slash RIA Just about an hour away from the start of the trading day over in Sydney over in Tokyo and Seoul Let's get it back to Paul with also that amazingly a surprise move from the reserve bank of Australia Yesterday we're looking ahead to the reserve Bank of India but certainly Aussie bonds getting a big big boost in terms of yields Yeah that's right rich They did jag higher when that decision came out The Aussie tenure right now three 52 88 But yeah only three of the analysts surveyed predicted that supersize move by the RBA on Tuesday 50 basis point hike that is the biggest rise we've seen in Australia for 22 years takes the cash rate to .85% and pretty much everybody we talked to here is expecting many many more to come We will have as you say the reserve Bank of India decision later on another supersized hike of half of 1% expected there and the decision out of Thailand as well but we've just had some data out of South Korea first quarter partial GDP numbers coming in a little weaker than expected 6 tenths of 1% growth for the first quarter revised down from 7 tenths of 1% giving us an annualized number of 3% and later on the south will have fierce quarter GDP numbers out of Japan were expecting to see a contraction there of a third of 1% Speaking of Japan the yen continues to look pretty weak one 32 69 Nike features though pointing to a slightly brighter open and we're expecting some gains here in Australia as well when we get going at the top of the app It'll do it for a market check let's get a check of global news now.
"reserve bank" Discussed on Bloomberg Radio New York
"Com This is balance of power with David Weston Coming up on balance of power the fed's finally started its tightening and thus far the markets don't seem to like it one bit We'll talk with former Minneapolis fed president Mariana Kutcher Lakota about where we are heading But first we get a market check from Charlie palette It's going on we do have the Dow the S&P and medicine all advancing right now ten year yield 2.92% Federal Reserve bank of Cleveland president Loretta master is backing raising rates by half percentage points at the Central Bank's next two policy meetings in order to tamp down surging inflation Stocks pushing higher at the end of what has truly been a chaotic week with a little help from fed chair Jay Powell's reassurance and bigger rate hikes would be off the table for now even after the hot inflation readings of the past few days S&P up 88 now higher by 2.2% the Dow up 377 up 1.5% we do have by a 1.2% We do have NASDAQ up 424 right now up by 3.73% Tenures down 23 30 seconds ten year yield 2.93% spot gold down 1150 the ounce to 1810 lower by 6 tenths of 1% Bitcoin rallying now by 5.3% Bitcoin back above 30,000 now 30,066 West Texas and media crude up 3.4% one O 9 75 a barrel on WTI We will have more on inflation coming up in just a moment but inflation is certainly stomping on consumer confidence as we hear from Bloomberg's diddy del giudice The University.
"reserve bank" Discussed on Bloomberg Radio New York
"Is a Bloomberg business flash Welcome to Bloomberg's world headquarters I'm Charlie Palatin up day for the NASDAQ composite index S&P and did a little change lower by one tenth of 1% of one point the S&P was down 1.94% The Dow today fell 103 down another three tenths of 1% Stocks almost wiped out losses into the close but brutal volatility continues to grip American financial markets royal by the threat that restrictive policy by major central banks will throw the global economy into a recession S&P almost erased its losses into the close after Federal Reserve bank of San Francisco president Mary Daly told Bloomberg news that a 75 basis point increase in rates is not a primary consideration Ten year yield 2.86% again the S&P 500 Index down 5 drop there of one tenth of 1% Spot gold down $29 the OMS to 1823 a drop of 1.6% and West Texas and immediate crude gained 1% one O 6 73 a barrel Fashion retailer poshmark reporting net revenue for the first quarter that beat the average analyst estimate shares today did hit a 52 week low punch mark sees second quarter revenue in the range of 86 to 88 million estimates were for 89.9 million Restaurant software company toast reported first quarter revenue of 535 million estimates were for 491.9 million toasts after ours up by 5% I'm Charlie palatas a Bloomberg business flash All right Charlie thank you so much We told.
"reserve bank" Discussed on WNYC 93.9 FM
"Need to make good offers They know that they need to raise wages and benefits to make attractive offers competitive offers Taylor Schmidt Franz is a senior at the university of Wisconsin eclair who landed a teaching job in April just one day after her first interview February March is kind of freaking out a little bit So I'm like what am I doing with my life Where am I going to live and all that stuff but it feels really good I feel ready to graduate now Even for seniors like UW Claire's Hannah Leah graduating without a job offer isn't that scary It's a really big job market right now so I'm not really too concerned especially because there's a teacher shortage and they're paying people to go back to school to become teachers because they need them so bad The national unemployment rate for those with at least a four year degree was 2% in March the unemployment rate for those with high school diplomas was twice that The Federal Reserve bank of New York reported a record pay gap last year of $22,000 between those with bachelor degrees and those without With the college degree your ability to be employed is greatly enhanced That's Jim Cooper district director for international talent recruiting company Robert half Many employers are getting out ahead of the graduating class And they're locking students in well before they graduate Unlike it's ever been But college enrollment has fallen since 2020 a least Gould with the economic policy institute says the pandemic added new roadblocks for many minority and lower income potential students who may not have been able to come up with tuition That's just not accessible to many people across the country As the race to recruit college students heats up those watching the trends expect things to cool though they're not sure how or when In the meantime those nearing graduation appear to be calling the shots in today's hiring economy.
"reserve bank" Discussed on Bloomberg Radio New York
"The Federal Reserve bank of San Francisco's study of pandemics for 700 years They derive some macroeconomic data It also provided us with a little bit of bibliography We also went looking for more and that is how we are assembling the piece that I have to write in three sections About pandemic shocks not the disease poor We know a lot about the disease part about interest rates inflation rates wages economic changes growth curves reallocation of labor to capital and what we've kind of find is every single pandemic shock delivers a similar sequence And this one is no different All right so hold on I have to interrupt you So when I think about that list that you gave us the black plague the pandemic of 1918 the 1950s these are all very different environments And I want you to walk me through them First the black plague in the middle of the last millennia how do we even have any sort of data from the 1500s and 1600s Tell us a little bit about the economic impact of the Bubonic plague Okay So what we did is this How do you find economic data That was a real challenge And you can't go to Wikipedia or some other source You've got to open a book It's an old fashioned kind of research So I have 25 books sitting around now in my office they are references historical references and they help me And they help me in this search for information And they also help me by saying what isn't in them So a good example is Sydney Homer's treatise on the history of interest rates Because I can look at interest rate data that he accumulated in his research and find information that corresponds with the time periods of plagues and pandemics At the same time I went into Alan Meltzer's history of the Federal Reserve which covered the period of the creation of the fed from 1913 to 1951 It was the first of the two volumes unfortunately Allen Meltzer died and never completed the second volume Quite fascinating Coming up we continue our conversation with David kotok Chairman and chief investment officer at Cumberland advisers.
"reserve bank" Discussed on Bloomberg Radio New York
"That you might have to look in the other direction saying well we do want to have an aggressive rate hike path but maybe we have to just slow it down a bit Cool it off a bit for now Well one of the ups and downs I think the most important thing first is a relative price shock is exactly that It's the price for a good relative to other goods and services And that is reflected relative scarcity when it comes to the oil side with all of the supply constraints that are artificially put on They're sector The level of prices have obviously been forward looking the actual activities that we're seeing in Europe today were being very proud to market So whilst the oil price labels may remain high that's not a prediction It's analyzing they're going to keep rising or forever So eventually they fall out of the consumer price inflation measure And it's of nothing We have no influence with monetary policy around impacting that relative price So on one part you had the inflation expectation components of the near term price But also real income is for households Negatively impacted It's costing you more to go about your business Your skills and cameras being used on higher oil prices So there's a balancing effect over the medium term for us The reserve bank of New Zealand governor Indian ore is speaking earlier to Bloomberg I want to get to a story that caught my eye It's going to be critical at the open as well for investors And that is around one of Saudi Arabia's largest banks a Bloomberg scoop it appears that they're working on an ambitious plan to give this lender a global footprint through a major overseas acquisition spree This is according to people familiar with the matter Basically what we understand is that Wall Street advisory firms have already started pitching opportunities ranging from a takeover to credit of Credit Suisse to approaches of some of the emerging markets focused standard chartered DBS holdings the pony has been suggested in the Swiss wealth manager Julius ber as well It's basically what the goal of forming a national champion with a global footprint 40 $82 billion lender We'll see how stocks both in Switzerland and its Saudi Arabia digest this news I want to flip the board and get to some of the equity action in the futures market specifically We've seen an enormous amount of volatility coming through from overnight but also in the last hour.
"reserve bank" Discussed on Bloomberg Radio New York
"Our guest from quadratic capital Paul You will the ten year last traded at two O two of course we have Japan closed today so no trading in the Japanese session but we had a big move earlier in the Aussie three year one of the biggest moves we've seen since 2019 in response to some of the commentary that we got from not only James bullah but of course that red hot inflation print out of the U.S. as well And we heard from the reserve bank of Australia today as well Still holding the line really feel low the governor saying well there's no intention on the right path He's going to be guided by evidence but he hasn't said that rates won't rise this year So a lovely double negative there from the RBA governor Don't you enjoy Central Bank speak Let's take a look at equities markets as well here in Australia We are weaker by three quarters of 1% Although that said a bright spot on the ASX is the materials sector higher by 7 tenths of 1% and perhaps we can talk about commodity prices a little with Nancy Davis If we take a look at the hang sing mets off by a third of 1% the cost off by about 6 tenths of 1% in Shanghai and Shenzhen both looking kind of flat right now We take a look at the oil price as well That's holding reasonably firm at the moment 89 64 but still at an elevated level and there are still plenty of calls predicting that going higher Gold was having a good day 1825 and outs and Bitcoin hovering just a whisk it No it's not just below 43,000 all right let's get a check of global news.
"reserve bank" Discussed on Bloomberg Radio New York
"Business report on John Tucker brought you by exergen Americans have been quitting their jobs in record numbers Many are starting new businesses Figures from the Federal Reserve bank of St. Louis put the number of new business applications at 400,000 in 2021 but it won't be an easy path forward for those folks Allison schrager senior fellow at the conservative Manhattan institute argues it's become more expensive in terms of regulations Each year she writes brings more rules and oversight for business In some states the cumulative effect can be prohibitive She cites the example of an aspiring entrepreneur in San Francisco who tried to open a nice cream shop and spent $200,000 on permits and related fees before giving up without ever opening his doors A study by George Washington University concludes that regulations impact the economy to the tune of $100 million a year And that's the Bloomberg small business report JIT makes innovation happen It also makes entrepreneurs like Anya odoi founder of innovate a tech driven civil engineering and construction management firm ania says and JIT is defining the future Extremely important as a hub of disciplines all in one space with all of these brilliant minds and GoT's wrong is huge when it comes to defining the future and how from an interdisciplinary point of view they have it all there whether it's the innovation hub the makerspace And JIT is already creating that collaboration between the disciplines and you have civil engineers speaking to programmers speaking to electrical engineers and together they're creating advancements that we wouldn't have been able to do without those three minds coming together and solving a problem as one rather than solving it in isolation And JIT New Jersey institute of technology Learn more at njt EDU Burden LLP accountants and advisers presents industry chat with Jack pulver and partner and leader of burden's hospitality practice The impact the pandemic has had on the hospitality industry.
America's Staggering Inflation Was Totally Avoidable
"We do have Jerome Powell, clip 30. He flooded the system with money. Yes, we did. That's another way to think about it. We did. Where does it come from? Do you just print it? We printed digitally, so we, as a Central Bank, we have the ability to create money. Digitally. And we do that by buying treasury bills or bonds. Or other government guaranteed securities. And that actually increases the money supply. We also print actual currency and we distribute that through the Federal Reserve banks. Yeah, we just printed. We just created massive influx. We literally can't even print the money. As quickly, as it's being created. This is why you've seen prices go up at every turn. And now, you're going to have people. The spin is going to happen soon. I'm going to make the prediction right now. New York Times, Wall Street Journal, they're going to say, this was unavoidable. Inflation isn't every major country. Yeah, because they all shut your country down too, and they created money as well. This was totally avoidable. We never should have locked down. If we would allow to early treatments, none of this would have happened. We never should have passed a single stimulus bill. Period. Whatsoever. We opposed every single one of them. Unnecessary addition to the debt to deficit, America could have been the country that would have embraced early treatments as we would have said this entire show hydroxychloroquine Ivermectin azithromycin, et cetera and all this could have been avoided. All of it. Instead, we are going to see a massive intergenerational issue here. The likes of which we've never seen before.
"reserve bank" Discussed on Bloomberg Radio New York
"On Bloomberg radio This is Bloomberg best I'm at Baxter And I'm dedic Pellegrini Denise lots of news headlines from the fed this week Yeah Including from Federal Reserve bank of Atlanta president Raphael bostic He handed maybe the pace of the fed's tapering needs to be adjusted And he also said he thinks that the reappointment of Jay Powell is fetcher and also the elevation of lael brainard at the fed is really a positive Now here he is with Bloomberg's Kathleen Hayes Yeah this decision really does take some uncertainty out of the Federal Reserve as an issue And I think that's helpful for all of us It means that we will be able to spend a 100% of our attention and focus on really trying to discern what's happening in the economy And I also say that I think the president made a fine choice Both chair pal and governor brainard are very experienced polished and effective policy makers And they both have really managed this institution through really turbulent times and with a lot of uncertainties So I'm looking forward if they are in fact confirmed that I'm working with them And continuing the good work that we've done so far You and the Boston fed the Minneapolis fed have just finished up ten conferences on racism and the economy You look at racism and banking financial services et cetera From that standpoint is it important to fill that vice chair for supervision Supervision of banks with somebody who understands firsthand what these problems are Well you know first I want to say the series has been great and if people have not seen it it's a real opportunity to understand some of the structural barriers that have prevented people from fully participating in the economy And so I'd encourage folks to Google racism on the economy Federal Reserve all of our sessions are on YouTube and it's been really an illuminating series To your specific question I think that the important thing is that whoever is in that role understands that capital markets and financial markets have had these challenges and barriers in the past And as sensitive to look out for them in terms of how we execute our regulatory policy and how banks know about their practices moving forward Whether that needs to be someone who is actually actively discriminated against or not I think that's an open question but I think the sensitivity and the awareness is something that will be important for the next person who holds that position to have So I want to come back to this question I fed policy and this persistent inflation rise we're seeing now a few of your fed colleagues in the just in the past week have either said they are certain that the fed needs to speed up the pace of the bond taper or at least talk about it seriously How about you Raphael Well I think they're a good argument to be made that we really should be considering fast We execute the taper No there's a lot of uncertainty in the market inflation as you know that is at a very high level And I think it's important that if we need to be moving interest rates that we get the taper out of the way first So a faster taper would certainly give us more optionality as we move into 2022 and see where the data takes us Doesn't it seem like maybe the stimulus question in terms of hiking rates is pretty kind of more cut and dried at this point What's the concern about about starting to hike rates and not overstimulating the economy And taking away some of the liquidity and the markets that's helping ultimately to feel inflation Now COVID is driving a lot of the dynamics that we see And I don't like using the T word I'd much prefer epic sonic and it's partially because we are in a COVID episode And there's still uncertainty Europe right now is going through a COVID lockdown that suggests that some of the energy and force might be less assured than what we've seen in the past And so there is still that uncertainty which is one reason why I think it's appropriate for us to show some caution but move in a definitive way that suggests that a position that's really to be able to move our interest rates So I'm not this is not game over We're not done with this episode yet And until we are I think that there's still prudent to be evidence based as much as possible Supply chains when you gave that famous speech famous for me anyway about not saying the word transitory with the swear jar the word transitory to put the dollar And if you say it I have a lot of money already Raphael You talked a lot about supply chains is one of the reasons you're getting a lot more worried about inflation What do you see going on with the global supply chain constraints now How long are they going to last Well you know it's something that we ask our business contacts across the southeast the 6 district all the time And we do some regional surveys We do national surveys as well And in every instance what they are telling us is that they're not expecting these supply chain challenges to resolve before the summer of 2022 in some are even saying as long as 2023 So as long as that's the case there is I think going to be continued increased inflationary pressure And we're going to have to be mindful about whether the extended nature of that pressure is going to result in businesses changing their business models and in consumers changing how they.
Fed to Review Financial Trading Rules for Officials
"The united states federal reserve is reviewed ethics policy that governor financial holdings and activities of senior officials in the wake of resent disclosure that to regional fed presidents engage in extensive trading last ti- financial disclosure form shows arabic's coupling president of the dallas federal reserve bank into into twenty treated millions of dollars of stock in companies. Such as apple. Amazon and google while eric rosengren president of the boston fat traded stocks in real estate investment. Trust coupla hours in green said last week that it trades repeated on the feds ethics rules. They however sat there will sell their holdings at the end of this month and place. In money index funds we truck a wide range of securities or in cash.
"reserve bank" Discussed on Fear And Greed
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I <Speech_Male> definitely think <Speech_Male> the regulators are watching it <Speech_Male> closely bought <Speech_Music_Male> in the midst of an economic <Speech_Music_Male> downturn. <Speech_Male> That not about to talk <Speech_Male> macroprudential policy. <Speech_Male> And i still think it's <Speech_Male> much more of a story <Speech_Male> for twenty <SpeakerChange> twenty to <Speech_Male> the twenty one <Speech_Male> as always. <Speech_Male> Thanks for talking to us. <Speech_Male> Thanks for having me show. <Speech_Male> That was cost <Speech_Male> catcher chief economist <Speech_Male> at job in <Speech_Male> group. This is a <Speech_Male> daily interview. <Speech_Male> Join me every morning <Speech_Male> for the full fear and greed <Speech_Male> podcast with all <Speech_Male> the business news. You <Speech_Male> need to know. I'm <Speech_Male> sure alma enjoy <Music> i. <SpeakerChange>
"reserve bank" Discussed on Fear And Greed
"I <Speech_Male> <SpeakerChange> <Advertisement> <Speech_Music_Male> <Silence> <Music> know the <Speech_Male> definite not concerned about <Speech_Male> inflation right now. <Speech_Male> The lightest wide <Speech_Male> figures out for <Speech_Male> q two remained <Speech_Male> fairly soft. <Speech_Male> Cpi <Speech_Male> while had a <Speech_Male> significant rise <Speech_Male> in june. That's largely <Speech_Male> temporary in. Its <Speech_Male> you to really <Speech_Male> the very wake results <Speech_Male> lost you falling <Speech_Male> out so that <Speech_Male> they're not at all <SpeakerChange> concerned <Speech_Male> about inflation. <Speech_Male> Okay so wendy. <Speech_Male> <Advertisement> Interest rates will <Speech_Male> eventually <Speech_Male> <Advertisement> rise. <SpeakerChange> It's clearly <Speech_Male> not anytime <Speech_Male> soon. Now <Speech_Male> look it's it's still definitely <Speech_Male> somewhere <SpeakerChange> off. 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"reserve bank" Discussed on Fear And Greed
"Welcome to the fear and greed daily interview. I'm sean alma. The past week has been a monster for economics last week it was. Gdp data with australia staying out of recession for now at least then. Yesterday the board of the reserve bank held its monthly meeting to work through all that i wo- combat collins catcher chief economist at johnston group. Call us welcome back to during grade. Thanks for having me sean. Happy today here. The light but not derail. Is that the message from the reserve. Make that same. What telling us in the mating statement certainly versus the full costs from august or stabbing a monetary policy full custom august. That's pretty significant. Near-term downside mr j about dave rudy danced around that issue in really on pin their hopes on a very strong recovery when restrictions raised the side of lockdowns. I said what were the k. Messages out of yesterday statement. I'll look really. it's that i still expect a strong recovery to come through that near-term yes. There are downside. Risks to the outlook and yes. The economy is going to be materially worse-than-expected but that they expect the wants restrictions as we're gonna say a solid recovery as pent up demand is unleashed. They do concede. The pickup is probably going to be a bit softer than last year's recovery. Inara view weakness. Probably some risk to that. We think that this transition to living with covet is probably more challenging than many expect and that means at eight win lockdowns lifted. The economy might still be a bit softer than what we heard. It was interesting reading the statement yesterday because it looked as if the board of the bank was kind of update. But exactly what you just said. Then it's a different way out of lockdown these. Tom moran compared to last year. Yeah and that's a really important point now. Lost year and even the lockdowns we saw earlier. This year with melvin fourth and fifth lockdowns all ended when cases got zero so in restrictions raised. The public could largely return to normal life without any concerns of community transmission. This time we're gonna save.
Circle Wants to Become Chartered Crypto Bank
"Circle has announced it intends to become a bank fully regulated by the federal reserve. Occ and fdic. Which could make its us. Dc stable coin a defacto central bank digital currency. It's a bit arcane. But this could really be a huge deal. Quoting axios circles. Dream is to become a narrow bank one that shoes fractional reserve banking entirely and instead places all deposits on reserve at the central bank. Only banks can open accounts directly at a central bank which credits them with pure money in circles case the depositors would be holders of us dc and the collateral backing up us dc would be the money on deposit at the fed. Circle would pocket for itself the interest that the fed pays on bank reserves if the dream were to become reality than circle with effectively be issuing a cryptocurrency backed by the fed itself for all intents and purposes a central bank digital currency or cb dc. If circle was allowed to do such a thing then presumably other banks would be too and they would rapidly start competing with each other to pass through most or all of the interests that the fed pays on reserves.
Was Grand Central Station One of Hitler's Targets?
"Central station sprawls across almost fifty acres of prime manhattan real estate between train travel and tourism. It welcomes about seven hundred and fifty thousand visitors a day. There's a lot to gawk at its celestial ceiling twinkles above a bustling main concourse bullets restaurants and shops the four faced clog in the middle of the lobby is made of opal glass. But grand. central's most alluring room lies deep beneath its trained tunnels off limits in very much off the radar of the general public. The rooms name even evokes something classified in mysterious m forty the sub basement used to house the rotary converters that powered much of new york city's rail system somewhere between nine and thirteen storeys below grand central station. It's also the deepest place in new york city meaning further underground than the hidden. Money volts at the federal reserve bank downtown. The basement is only accessible through one elevator or unmarked staircase the precise locations of which are secret. Even the terminals official maps and blueprints don't mention the basement m forty two's very existence was seldom acknowledged until the nineteen eighties. Unless you're in the navy during world war two. A naval training film alluded to the mysterious basement marketing. It as the safest place in new york should a nuclear attack occur. Rumor has it adolf hitler. Do all about 'em forty two and wanted to blow it up. Which brings us to conspiracy theory number one. During world war two nazi spies sought to destroy the secret power station beneath grand
Fed's Barkin Says Labor Market Hasn't Healed Enough to Taper Bond Buying
"Reserve Bank of Richmond President Barkin says Fed is not yet ready to Taper Bond Buyer AIn't BUYING He says the labor market has not healed sufficiently in
Reconstruction: Australia after COVID
"Australia's economic recovery in the wake of the pandemic. Well we all know. Australia has weathered the pandemic bit of the most nations. It's been five months since the last reported virus related death and several months since any serious community transmission. It's quite extraordinary. Isn't it in coming. Wakes the most vulnerable. Australians will have been vaccinated on april. Nineteen this news. This week there will be reopening of the trans tasman travel route although they remind risks and uncertainties it's fate aside that the pandemic is pretty much forced drawings. But what does all this main for the economy. John edwards is a senior fellow of the lowy institute and a former member of the board. His new book is called reconstruction australia covered. It's published by the low institute. Get i john. Welcome back to the shy unpleasant to be on for the past year. We've been told we face the most terrifying economic conditions for generations yet australia. You think about it. The unemployment rights less than six percent the stock market is within a few percent of its high level and according to the imf this week international monetary fund australia is poised to grow at its fastest pace in twenty two years. It's four point five percent this year. Indeed we are among the world's standout performance in the recovery from last year's covid recession john. What accounts for our economic resilience. Well first of all. I think we handle the health trip. Caught will lettuce. We responded promptly. We put in social distancing. We prepared our health system for a bigger emergency than one. We presumably and australians will comply with the health guam. So that's that's important that we we contained the pandemic tilting but on the economic side. I think we also risk owner will be response in monetary policy the reserve bank and a very big response from fiscal policy treasurer and the morrison government.
How consumers are using their latest relief checks
"To have you with us. The Federal Reserve Bank of New York is out with a new study today, looking at how people are spending or not spending their pandemic relief checks. So far, most are using the money to pay off debt or saving it. Not exactly the economic stimulus. Many are hoping for marketplaces Nancy Marshall Ganz or has more on why people are holding back on spending. The New York Fed says the consumers it surveyed who've already received their third relief checks are hanging on to the money just like they did with the 1st and 2nd relief payments. The Fed report says. Consumers are only planning to spend a quarter of the most recent check, and most of that will go toward essentials. We were savers Jason Calas are is an eighth grade teacher. He, his wife and teenage son lived near Los Angeles. He says. In the before times they go out to eat once or twice a month. But they won't be using any their stimulus money for that. In fact, he doesn't think they'll set foot in a restaurant until next year. We spent the lad better part of 13 months used, avoiding indoors and people are strangers. And then it would just be a big hurdle to get over. Salazar says they might reconsider once they're all vaccinated. Kathy Bostjancic, an economist at Oxford Economics, says a lot of other consumers feel the same way. The confidence to go out and spend on services is is very directly related to the progress we're making on the vaccinations. Question Sick thinks will make enough progress for consumer spending to jump about 3.5% over the next few months. Other economists, like Joseph Minarik of the Conference board aren't quite so optimistic. The people who worked in hotels or in transportation We're getting up to full capacity is going to take some time. Those folks are going to continue toe hold back in terms of their spending, Min Eric says. Even some people who do have jobs are worried They'll get a pink slip and economic growth won't recover without them, since roughly 70% of the U. S economy
Federal Reserve Bank of Philadelphia president on effect of pandemic on employees
"Indicates many workers are ready to give up their paycheck and say I'm out of here I quit. A Microsoft survey of global workers finds the majority feel they're struggling or just surviving and pandemic work conditions and a large percentage you're considering leaving their employer this year. Same survey shows. Most business leaders feel the employees of thriving Federal Reserve Bank of Philadelphia President Patrick Harker says the problem is obvious. Workers want a feel like they're valued and that they're rewarded for their work. 46% of respondents say they're planning to move to a new location this year, a reflection of the greater flexibility to work from home. 41% say they're mulling leaving their jobs. JP Morgan boss Jamie Diamond says a lot of the problem is remote work, so it's hard to think okay, culture and character and all those things When you have the zoom world, 18 to 25 year olds are faring the worst. Researchers theorize their feelings of isolation or higher because they're more likely to be early in their careers in single, Quite Jared
If You Sell Your Bitcoin, Michael Saylor and Jack Dorsey WILL Buy It
"Before powell spoke investors had started to get nervous in the us around the potential for an early unwinding of the fed's extremely aggressive approach to keeping rates low and stimulus etc. Because of this the market was getting out of stocks and into treasuries driving the yield of treasuries down and by the way if that sounded like greek to you. We're actually going to do a macro one show. And a bond specific show as part of that new kiddo show set as well either way powell gave testimony to the us senate banking committee on tuesday and said that the economic recovery remains uneven and far from complete and the path ahead is highly uncertain the bloomberg headline this morning about it said powell reiterates view that labor market has a long way to go. Pow pointed out that there are ten million fewer people employed. And that's a long way to go to maximum employment and this is really important the mandate the fed is actually two parts market stability. But it's also full employment the tools however that they have to achieve that full employment are limited and what we've seen is that asset prices tend to benefit before full employment is reached over the course of this year. We're likely to shift from the market stability part of that equation to the full employment part of that equation but it still promises a pretty aggressive approach from the fed powell also mentioned digital currencies saying it's a priority and that they'll be reaching out to congress about it in twenty twenty one so we'll have to come back to that soon next up on the brief today trouble in arc land i have discussed kathy would and arc pretty frequently here most recently in the episode last week i find it interesting. How a lot of the macro dynamics that are potentially interacting with bitcoin might be interacting with arc funds as well arc has seen a stratospheric rise over the last year but has been hammered. The past few days in fact it started a couple weeks ago as people started to get nervous about how concentrated arcs of some of their companies were remember. Our funds have specific feces around innovation. So there are frankly. Only so many companies they can buy if their fund owns to high percentage of those companies. The fear goes it could create risk in both directions that an issue in one company could create broader risk for arc or vice versa that arc could create new exhaustiveness risk for the companies themselves over the past few days however the concern has been less about that and more about this rise in treasury yields the innovation. Etf which is their flagship. Fell three sessions in a row. It had its worst today. Drops in september and again basically these yields were reflective as we just discussed of investors thinking that there was going to be pressure for rates to rise and for fed support on wind earlier than expected because of that they were moving out of the pricier parts of the market. I e tak. Now for her part. Kathy would said she wasn't worried said that she welcomed the correction and to be fair. She's gone from three billion assets under management in january twenty twenty two more than thirty in january twenty twenty one to more than sixty billion last week still. I think this is worth watching as a reflection of the bleeding edge of the markets. I don't think. Bitcoin is so correllated that you can watch these things move in tandem. But i do believe that. There's some proxy for how traditional investors might think about bitcoin at any given time based on the macro context lasts up on the today. Let's talk about the latest out of india. India as we've discussed has been very aggressive. Vis-a-vis crypto currencies with that seeming to only heightening right now a couple updates from the last few days rakesh ginger who's likened to an indian warren buffett. The billionaire investor he told. Cnbc never buy bitcoin that. Regulators should step in and ban cryptos in india and called bitcoin speculation of the highest order. So pretty much that. Warren buffett description is accurate at least when it comes to opinions on bitcoin at the same time however he also stated that india should focus on the creation of an official digital rupee. This was echoed by comments of reserve bank of india governor who reiterated that. The rbi has major concerns around cryptos but that they are working aggressively on a digital rupee. I wanted to point this out. Because i think it shows just how much india is going to really draw. This contrast between killing cryptos private cryptos and network cryptos while simultaneously trying to harness that momentum for an official central bank digital currency is that paradigm. That one can't survive while the other one does or are there different ways to look at
The Dollar Privilege
"Federal reserve is taking sweeping him trying to protect the economy from the corona virus. Fed chairman jerome. Powell announced interest rates will be drastically in one of the biggest bet moves since two thousand eight financial crisis in china has a huge vested interest in the american economy because it holds them almost twenty five percent of all four. No us us sanctions against iran over nuclear program were reintroduced iran's economies in freefall soaring inflation and push comes to shove all the world's reserve currency to start off what is a reserve currency. And why does it matter. So i think the first thing is to explain what a currency is before we get to reserve currency. This is sebastian. Mallaby a senior fellow for international economics at the council. You may remember him from our episode on the economic side of the kovic. Pandemic currency has a few different uses. One is that it's a unit of account. It's a way of putting a measure on what something might be worth. The second is once you've decided what it's worth that you should be able to transact transactions are the second idea that you can go buy stuff with the currency and a third idea is that you can use money as a store of value before you transact you can save up this currency and then transaction the future so for those keeping track at home money does three basic things. It lets us agree on prices. It lets us by things and it lets us save up so we can buy other things later now. The same three things that currency does for people reserve currencies do for entire countries pricing buying and saving so neutrally a reserve currency is the cars you hold in reserve s. So it's very linked to the last idea. I mentioned of a store of value and in particular we think of reserve banks central banks global central banks which hose currencies in reserve to protect their economies against there is kinds of financial or economic shock so a reserve currency really has a couple of different functions. One is to cover the need for future imports. If a country for example doesn't have its own energy. Supply needs to import oil. You might want to hold donaldson reserved to make sure that you can buy oil. You need in the future. The second reason central banks hold foreign currency reserves is because of the possibility of a financial crisis. And there again don't as a very useful because most institutions borrowing donna's so in a financial crisis they gonna need donna's to help them pay for fan. Central banks have the unique power to print money but in many other ways they're kind of like a scaled up version of an ordinary bank. Your local bank needs to have enough money to lend to people if they want to buy a home or if things get bad and they need to take some out a central bank needs to be able to do this to but for an entire country in order to be prepared for the future. They need to store up a significant amount of cash that they can trust. Foreign currencies are often a safer bet than a local currency especially in countries with weak or unstable economies. The safest bet of all is the us dollar. What role does the. Us dollars serve in the global reserve system. Will your stone. Now is the largest single reserve. Currency economists estimate that approximately sixty percent of foreign reserves around the world are in us dollars. This is roger ferguson. He is the president and ceo of ti which manages over one trillion in retirement funds for more than five million teachers government workers and well me turns out. Roger was also vice chairman of the board of governors of the federal reserve from nineteen ninety nine to two thousand six. This means he helped determine the supply of us dollars to the country and the world. The euro is about twenty percent the yen. The japanese currency is about five or six percent of british pound also about five or six percent until the us by way of the most important reserve currency. But it's not the only currency it's held in reserve by other economies. The chinese i think would like to see their currency. The renminbi become a larger currency in terms of its holdings as a reserve currency around the world than yet out in terms of reserves. They number four number five. When listed only about two percent. I can definitely remember going to europe at a time. When the euro was way up in my money didn't go as far and you're like damn i time. This really poorly are other countries literally buying dollars the way that i exchange currency when i visit a country. And where do they buy them from. It's not quite the same because they're not collecting lots of five dollar bills to put into a wallet in their belt. They're holding huge amounts and said what they do. is they earn. Us treasury bombs or other kinds of easily traded dollar denominated guns and that could be mortgage bonds as well but you know. Us government debts the most popular instrument to
Some Black-Owned Businesses Are Turning To New Banks For Paycheck Protection Loans
"To help keep workers on payrolls. Businesses owned by black and Latino people were often at the back of the line. Those firms often had to wait longer for money, even though many were desperate for financial help. With a new round of business loans in the pipeline. Authorities are now trying to address that disparity as NPR's Scott Horsley reports like a lot of business sellers. Jennifer Kelly's income took a hit last year when the pandemic struck. She's a clinical psychologist near Atlanta, and some of her clients didn't make the adjustment to online or telephone counseling. Kelly, who has two employees applied to her regular bank for a loan under the federal government's Paycheck protection program. But she says the process was frustrating. It's kind of like trying to get the vaccine. They put my name on the list. And there they finally said, Oh, we all have anymore, And we're sorry that first round of P P p loans was exhausted In less than two weeks. Lots of businesses complained that banks were prioritizing their biggest customers. Bones were especially hard to come by in neighborhoods with a lot of black and brown residents When I needed them. They were not available to man, including. I'm not the big business, but I'm a small business and committed like with the fabric of America. When Congress okayed a second round of P P p loans last year, Kelly applied again. This time through a bank 250 miles away in Savannah, Georgia that specializes in working with black own firms. They were very patient through that entire process, and I didn't get approved for the loan, and I do hope that, especially in the small black banks will survive because We need to have those institutions that second bank Kelly worked with. Carver State Bank was founded 94 years ago with the goal of building financial freedom for its African American customers. 80% of its loans go to black owned businesses. Robert James, who sits on the bank's board, says he received P P p applications from around the country most looking for less than $50,000. Most of our applications are very small businesses individually owned gas station in the neighborhood or restaurants are people deserve a lot of credit for the hard work that they're putting in just to make sure that we get help to the customers that need it. The most According to the Federal Reserve Bank of New York. Even before the pandemic, black owned businesses were more than twice as likely beyond shaky financial footing as white owned firms. CEO Janine Jake Oak of the Community Development Bankers Association, says that means the extra time it took for loans to reach those businesses could be costly. They had a lot less cushion to start with, which made them much more vulnerable when the economy went south. Authorities have tried to address the disparity in P P p lending in a number of ways. First they've made more money available. They also gave banks that specialize in minority and low income communities, a head start when the latest round of paycheck protection loans was launched last month. Finally, while the loans were designed to be forgiven, some black borrowers are suspicious, a legacy of the long history of discriminatory lending. So education is also important. Carver States, James says he tried to reassure African American borrowers they can use P p p loans to keep their businesses and communities afloat. I've heard a lot of stories of customers who were eligible for these funds, but didn't trust that there wouldn't be some sort of a catch. Craig Gordon runs a company that provides in home nursing care in Georgia about 30% of his business is on hold right now because many of his customers are wary of letting anyone even a skilled nurse into their home during the pandemic. With Carver States help Gordon's just been approved for a second p p. P loan. This will buy us probably three of four months, and I'm hoping that all of those vulnerable folks that we served by again will be well vaccinated. In the meantime, cordon says the forgivable loan will help him keep dozens of people on the payroll. Scott Horsley. NPR NEWS Washington
New Zealand central bank says data system hacked
"The Central Bank of New Zealand says one of its data systems has been breached by an unidentified hacker who potentially access commercially and personally sensitive information. The Reserve Bank of New Zealand says in a statement. A third party file sharing service that uses to share and store sensitive information was illegally accessed. Authorities say the breach has been contained. And the banks, core functions or sound and operational.
"reserve bank" Discussed on KFI AM 640
"South Land whether from Ko Phi. Partly cloudy for tonight lows in the mid fifties toe lower sixties on Sunday highs from the mid upper seventies at the beaches to mid eighties to around 90 inland for Metro Allah. Eyes around 88 for inland Orange County highs in the mid eighties to mid nineties for the valleys and the I. E in Anaheim and 73 Laguna Beach, 65 in Diamond Bar 78 in Serie Toes. It's 70 we lead local live from the key. If I 24 hour news room, I'm Claudette Stefania. A secret place. This radio activity is coming for Brian suits defy nearby. A complete radio transmitter will actually broadcast from tape before the shot. I would bomb the darker secret place with Brian suits. Okay, if I Babe. I am 6 40. It is a dark secret place Brian suits here scaring you about well the real world people who are trying to become ghosts. Actually alive everywhere on the I Heart radio up. It's our number two for Halloween. 2020 and now it's time we talked last night about scenarios where civil unrest in the US I might get out of hand next week and how it might affect you in L A. They'll probably want there are some other scenarios That kind of depends on the outcome of next week's presidential election. And one of them sort of showed up as a a rumor that nobody's denying, and it's this That a third party has passed on to the United States, knowing full well that the US would talk to Israel about this. That Iran wants to know if there's a way to do a big, gigantic all in one deal. The deal would be that Iran would join all the cool kids in the neighborhood and sign a document an agreement recognizing Israel's right to exist. Pledging that they would not fight fund or support anyone who is trying to eliminate Israel from the face of the Earth. And possibly even open up a diplomatic relations, etcetera. In return, the US would drop all sanctions and If you don't know this There are many many U N sanctions on Iran and because there's virtually no enforcement mechanism, they're pretty easily sidestepped and violated in the whole thing. But when it comes to US sanctions those go through the United States Department of the Treasury. And let me tell you if you want to talk about one particular arm of the U. S government that has an outsize influence on the entire rest of the world. It's not the Pentagon. The Pentagon is nothing compared to the U. S Treasury and how the U. S treasury If they get wind of their jaws if they get their eyes locked on you Your country is going to have a really, really difficult problem with international banking and government to government in bank to bank banking. It all happens overnight over the Internet. And if the U. S Treasury has a problem With with what your country's doing. It can put the brakes on all of your above board known money conveyances besides the fact by the way, That all international business and government finances done in dollars. And dollars are U S Federal Reserve Bank notes OK, eso at the headwaters of the U. S can affect you and your economy, and this has Absolutely put Ah break on the Iranian economy since 1980 their entire trade economy. If anyone's making money eyes through Ah, blocking trade, they're getting around trade sections, bringing things into the country illegally from the Emirates across the water or over the Azerbaijani Armenian borders. Those that that option's closing up or through Afghanistan or Pakistan or even Iraq. You know they're different borders and and turkey. Guess what. President Erdogan has no problem. Hating the Iranians on the one hand on DH trading, black market oil and goods with Iranians on the other for the Iranians. They're looking at this and they're saying, you know. It's been 40 years that we're at war with the Jews and the Great Satan. Maybe maybe we try it another way. And the leverage that the US has on this, You know, now that Trump has pulled us out of the Joint Commission plan of Action the J C P away the so called Iran nuclear deal. The Iranians have incentive to come back with something better. Well, this is the secondary effect of the January, killing. Of the general in command of the Overseas terrorism Force of the Islamic Revolutionary Guard Corps. Remember I was Qassem Soleimani. As as he deplaned in Baghdad on God in a in a vehicle with the head of the Iraqi militias that the Iranians are our funding. A mysterious Hellfire missile hit hit the Lexus SUV, killing all the occupants. And a CZ. You recall a lot of pundits in American politics, decried this and said, This is reckless. This is dangerous because now they're going to strike back. This is provocative. It's needlessly provocative. All American troops in the Gulf. Are are at risk. Now Trump is ah, he's reckless. He's a reckless cowboy Manhattan cowboy in the whole thing. And if you were listening, I was filling in for Gary in Shannon that Friday. The morning it happened. And I had just heard Joe Scarborough on morning, Joe. That morning. Say that Kasim Suleimani was quote basically their vice president, close quote, which is ludicrous. It displays a complete lack of depth or knowledge about how things really run in Iran. And so I was apparently the only media person who called it the way it wass that day that that Friday because I said back, then on that Friday That The sighs of relief and the high fives were probably louder in Tehran than in Washington, D. C Because make no mistake custom, so lemony sucked the oxygen out of all the politics in Iran. He was the most devout of Muslims and he was killing foreigners. He was doing God's work by killing retired Jewish pensioners in Argentina. I think, 1987. Hey, he formed Hezbollah. He was It was the brave warrior. He was the only guy taking the fight to the Great Satan and that he was the one who personally directed that the IRGC supply. Iraqi militias with these very deadly explosive formed penetrator roadside bombs, which was a real demarcation and the summer of 2000 for when those showed up. You know what a mile away it killed the occupants of the Humvee rather than blowing your tires off and maybe you live for the explosion. So he he killed 2000 of my of my brothers and sisters in in Iraq. On doing so. He he was continuing this cold war between the United States Department of Treasury and the and the average Iranian who just wanted to have a market economy or just a regular functioning economy. So when he died, there were just a cz. Many Iranians, probably more who were glad to see him gone because he was dominating politics. There was there was a fake. Draft Sulamani for president movement About four years ago. It turned out he was funding it. He was funding people online so that he could. He could shrug his shoulders and say no, no, no. I serve the revolution in uniform. That is my calling. Not in political office. I'm I'm above politics. He was a cementing his popularity. Possibly there were many Iranians who thought that if he had wanted, he could have flipped a switch and held a coup. Okay, well, that's no longer a problem now with him out of the way. Now, now, basically with the guy who wants to fight everybody out of the room. Now the Iranians feel like, well, maybe it's time for this big, big generational deal because most people in Iranian government don't remember the Shaw Maybe they were 10 at the revolution, our unborn But now that they see this hold over from the revolution who just needed a fight who had a chip on shoulder gun? The that is what is floating? These rumors are are are keeping these rumors afloat. That since Aleman these death, the Iranians have said, maybe it's time what what would the outcome be? If Trump is re elected? What if Biden is elected? Does.
New GDP Numbers Won't Be Enough To Repair All Economic Damage
"We the are expecting news this morning that the US economy grew at a record pace during the last three months not many people are popping champagne corks though this is because the economy also shrank at a record pace in the three months before that, even the strong rebound in July August September is not enough to repair the damage done by the pandemic earlier this spring, we have NPR's Scott horsely with morning Scott Good Morning David. So what is this morning's report going to tell us about how the economy's doing? It's a snapshot of an economy that has balanced partway back from the depths of the pandemic recession. We know that unemployment's dropped is now just below eight percent and while that's still more than twice as high as it was before the pandemic, it's a lot better than a lot of people for were expecting the we're gonNA see by this time of the year we don't yet know exactly what the Commerce Department will say about GDP, but we do expect it to show a record level of growth in the most recent quarter. And the president has already touting that at campaign rallies as evidence of what he calls a v-shaped recovery having a super V it's called nobody even thought we are doing numbers and where do you see that number? GDP I don't know what it is. The Fed said it may be a thirty five percent increase in GDP in fact, the forecast from Federal Reserve Bank of Atlanta is even better than that they're projecting annualized GDP growth of about thirty seven percent. But a caveat David that headline number is kind of exaggerated. Explain to me why we think that that's an exaggeration. Will the government routinely reports these quarterly shifts GDP as if they were sustained for a full year which makes both the downturn in the spring and the rebound in the summer look bigger than they were and they were. Plenty big to start with in the spring. For example, the Commerce Department said the economy shrank at an annualized rate of about thirty one percent. What that means is if the slide had gone on for a whole year, we would've wound up with an economy thirty, one percent smaller. But of course, it didn't go on for a full year the downturn was really Sharp, but it only lasted a couple of months and likewise the growth spurt we saw this summer is not likely to be maintained Narain vish WHO's chief economist at IHS market says a lot of the growth was actually front loaded in the early part of the year and the result and was the result of a lot of pent up demand when businesses reopened. If you pull back on a rubber band and like Oh, it's going to snap back but then it Kinda goes limp act. Certainly, the fourth quarter and maybe early next year will be pretty weak growth and that's especially true as the corona virus rears its head again and we've seen a sharp selloff in anticipation of that in the stock market. This week of the Dow dropped more than nine hundred points just yesterday.
Federal Reserve Bank of Atlanta's Bostic cautions that US economic recovery is very uneven
"Of the Federal Reserve Bank of Atlantis as he's worried about some parts of the nation's economic recovery on CBS's face, the nation, Raphael Bostic cited the ongoing struggles for hotels, for example, is also concerned about small businesses and low income and minority areas. But he acknowledged other sectors of the economy are seeing a rebound. Wall Street
Atlanta Fed CEO Bostic cautions that US economic recovery is very uneven
"The president and CEO of the Federal Reserve Bank of Atlanta says he's worried about some parts of the nation's economic recovery. On CBS's face. The Nation, Raphael Bostic cited the ongoing struggles for hotels. Bostic is also concerned about small businesses in low income and minority areas. However, Bostic acknowledged other sectors of the economy or seeing a big
Has Scott Morrison spent too much?
"Me. If you've already heard me mention this but one of my favorite quotes during the covid crosses a pdf the guardian. This is the British lift wing newspaper. Now, this was the heart of the coronavirus crisis. It would have been light much quote just as there are no atheists on a sinking ship, there are no free marketeers during a pandemic. Now, the author of that apt quote Jonathan Freedland, he was referring to the audio logical revolution within the British conservative. Party. Now, according to Freedland Boris Johnson's his have defied four decades of thatcherism small-state free-market, thinking I to spend staggering amounts of money and then subsidizing the wages of workers. Could the same thing be said about Australia's Liberal Party they're the party of Howard and Costello now embraces big-spending high deficit government interventionism. And is a permanent state of affairs poor kilis editor at large of the Australian US pipe and Judas Brit is emeritus professor of politics at Latrobe University poll judy welcome back to the show. Hristo Paul, you've written to calms about this subject in the past week, summarize your faces. Will Martha is that all parties and all governments have to respond to the times in which they find themselves on display in Australia. Now we face an extraordinary economic crisis and the response reveals the nature of Scott Morrison, his prime minister and the Mars and government. So Morrison, not responding as Liberal Party progressive or is it Liberal Party conservative? He doesn't see himself in those terms his responses pragmatic selects able and practical. He's not inhibited by former policy and audio logical icons of the Liberal Party. Say What we say is the government has abandoned the long-term syllabus aspirations. It's A. Big Spending government it's a government government intervention focused on Keynesian demand management. It does however on the Liberal Party tradition of tax cuts will see next week. So it's prepared to regulate or deregulate according to the situation according to what's required. So to sum up say that Morrison wants to be defined by results and outcomes not philosophical principle. Okay. You mentioned the tax cuts leaving that aside traditional liberal governments are about balancing the books Paul, how much an as do you think aries in the Liberal Party about in the parliament and outside about these handouts to preserve jobs and livelihoods? Are. I. Don't think there's much on these at all OPTIMA and Tom. and. A couple of reasons for this if there is to be on, he's He's will come through the down the track, but essentially what's happening here is to govern is following the Orthodoxy or what you might call the new Orthodoxy in terms of meeting the financial and economic crisis. So roller response is sort of radical. It's also conventional. The official family is working together very closely. The Treasury the Reserve Bank, what the government is doing is essentially supported by private-sector economists. It's in law and with Patrick amended by the VCD and the IMF not the cabinet is very nodded, the Prime Minister and the treasurer are working very closely together so far the results look good. I think the Overwhelming sentiment on the back benches. Support, the government strategy in the hope that this gives individual employees, the chance of actually being reelected and my will give the government the chance of being reelected. So the reinvention of Australian liberalism is on full display with this budget judith break you agree with Paul Kelly about the the audio logical significance of these changes but actually think the government had much choice in that sense I do think we can see something audio logical preferences in a couple of the policies poor mentioned the tax cuts they've chosen tax cuts over for example, committing to a permanent increase in new act now co Job Seca. They've also, for example, if we look at the way, they wanted to stimulate the housing market. They've gone for giving money to individual owners rather than, for example, embarking on a social housing project. So I think in some of the means, we can still see some of the ideological preferences of the Patty. One of the things I've wondered when I've been watching the events unfold. If Labor had won the last election was in government with the Liberals have supported the same levels of spending or would they have if you like stayed in the sort of ideological bunker bean and attacked the blow out of the deficit? I mean, it's a hypothetical. In some ways I think we've been very lucky that it's been the liberals and the coalition in government because they can sense being able to Ghana much more support. I, think than I have been able to do for the same levels of spending but isn't cameras response to the COVID crosses more consistent with other Western governments during the pandemic Judy. Yes that's what I think. I had much option but the question is if the coalition of being opposition, would they have supported a Labor government going? You've written a lot about this have many many decades about when orthodoxies or overturned. It's usually bipartisan is that you'll since if the coalition cypher argument's sake wherein opposition I would have gone along with this big spending interventionism. Look are essentially agree with what Judy's said about this I think in a sense we're. Fortunate, if you liked that the coalition's in government because it's taken all the big spending decisions. and. Lay has been prepared to go along with back. In fact, it's argued that there should be even more spending. So in that sense, we've had a broad degree of thought-out ship within the economic framework. It is hot the typical of course to tron speculate about what would have happened if alive had been in office doing this but I do think that the coalition in opposition would have been tempted to make caught a lot of criticisms and to suggest that the spending had gone too far. There's a big difference for party thing in government managing across and being an opposition. Cape with this theme of a political realignment among center right parties around the Western world. If you think about Donald Trump in two thousand sixteen, he tapped into widespread anxieties. America's rust belt. What can class constituencies? Boris Johnson showed last December, he resonated with traditional British Library voters in the Midlands and northern England. Judy. Do you think that Morrison in a wise doing the same thing here in Australia? Now, I think they're very different sorts of crises. I mean the pandemic is an external. Crisis, it's not being caused by politics in any way it's not back nationalism versus globalism or any of those things, and so I don't agree with that. I agree with what Paul was saying earlier that Morrison's shown himself to be pragmatic and quick footed in this and I think we're lucky for that. But I I don't think that this lines up with bricks and with trump's appeal to the rest spilled poor Kelly. Well I think conservatism is changing if you look at. America Britain Australia and there's not a dopey getting very significant changes into servitude. Thought. Different changes argued very strongly that there are very substantial differences between Donald Trump and Scott Morrison. I think people who argue that. Morrison is a pilot version of DONALD TRUMP MAUREEN DOWD in the New York Times by the way, but go on. I think. I think turned him mentally misunderstand the situation I. Think the change in conservatism is very dramatic in the United States. If you'd like because we've got the transition from Ronald, Reagan who a generation ago was the great conservative champion, and now we have Donald Trump, who if you lock is a populist conservative? And that transformation is simply enormous install ending content I mean trump violates all the virtues of conservatism in terms of restraint prudence disciplined respect. Regard for the political system, he thrives on division. So he likes all the traditional conservative norms, and then when looks at his policies. Well he's sabotage the global trading system. He's an arch protectionist. He's engaged in this trade war with China he's appraised dictators and suspicious about. So I guess one of the Fundamental Christians here is the extent to which trump is an aberration. And the extent to which post trump American concert is we'll have to try and create a new position cognisant of the damage that trump has done to the traditional Republican Party
"reserve bank" Discussed on 106.1 FM WTKK
"But many Americans this year will have to weigh the thanksgiving travel risks that come along with two major storms wreaking havoc over the wider parts of the country the weather forecast for much of the United States from the sunny beaches of southern California to the wind whipped streets a Chicago calls for heavy snow rain and powerful wind gusts some of the worst weather is expected to peak travel times and some of the largest cities some fifty five million people expected to travel over the next few days please be careful a woman who allegedly shot at a K. F. C. drive through for not getting a fork and napkin with their order has been arrested the thirty three year old woman from sandy springs Georgia was taken into custody almost a month after the incident occurred in Shelbyville Kentucky she is currently awaiting extradition from Georgia to Kentucky all the Federal Reserve Bank in New York is added another ninety two point seven billion dollars in temporary liquidity to the financial systems what the heck is going on they keep feeding the banks all this money let's check in with the author of the global brain Howard bloom Howard happy thanksgiving to you my friend and what's going on with these banks so here's what's happening since September seventeenth the New York Senate actually pumped almost a hundred and nine billion dollars into the banking system a hundred and nine billion dollars that's enough money to buy single family homes all of the families of Philadelphia the fed can afford that kind of thing and now has holdings of a whopping four four trillion dollars but why this confusion careful with the emergency of September sixteenth according to Reuters a spike in the overnight lending rate shop the financial system the short term lending rate rocketed from a mere two percent two whopping ten percent in less than twenty four hours that's like a payment on your car going from two hundred dollars a month to eight thousand dollars a month over night so the Federal Reserve Bank of New York Sir pumping money into the system to bring the landing right down again and to hold it down among other things affect what seventy three billion dollars in mortgage bonds and other securities and seven billion dollars in treasury bills from the biggest banks in the country the spelling of also those banks with a ready supply of cash what's more the fed will probably keep pumping money into the big banks right on up until.