35 Burst results for "Reserve Bank"

Where is everyone driving?

The Indicator from Planet Money

02:13 min | 5 d ago

Where is everyone driving?

"I recently saw a graph showing astounding rebound and gasoline demand returning almost a pre Kobe levels after a forty percent drop in April I just want to stop in the middle of this because I love it. So much I recently saw graph is not sentence like that is not the way that most people start sentences but here the indicator. So many sentences with I recently. Graph and we awesome you're like we've got to take this question whatever comes next we're in that's the indicator tuna. ANYWAYS, here's the rest of Jeff's question about why demand for gasoline is recovered so much after that huge drop in April with so many office workers still working from home many schools still online and airline demand way down how can this be anecdotally the roads do seem more crowded where's earlier going thanks thanks Jeff. So the most recent data we have shows that total vehicle miles traveled on roads and. Streets. So that's cars and trucks in July that was about eleven percent lower than the vehicle miles traveled in July of last year. So driving is still way down but jeff is right. That's nowhere close to the forty percent down that it was an April people are driving more than they were in the months right after the pandemic. So okay I mean as jeff put it like here's everybody going. We can't know where everybody's going, but we do have this one big clue with simply that more people are commuting to work again in May still early in the pandemic forty, eight percent of workers were commuting to work at least one day a week. But as the economy many places reopened and millions of people who lost their jobs were rehired by August it was back up to sixty four percent of people were commuting. That's all according to a monthly survey by the Federal Reserve Bank of Dallas and also it is. Definitely true that there are more people working from home every day now than before Cova two and a half times more in fact but that same survey found that even now it's still only about twenty percent of workers. Now, that's a lot but it is still way fewer than the sheriff workers who commute to a workplace each week. So we can't say for sure where everybody's driving these days but we suspected a big part of the answer is to work people are driving to work. That's where everyone's going to work.

Jeff Kobe Federal Reserve Bank Cova Dallas
Governor Greg Abbott Blasts Dallas City Council For Defunding Police

Chris Krok

00:40 sec | 5 d ago

Governor Greg Abbott Blasts Dallas City Council For Defunding Police

"Abbott calls the Dallas City Council's decision to reallocate $7 million from police overtime pay. A perfect example of de funding. Police. The Federal Reserve Bank of Dallas predicts continued growth in the Texas economy as the state slowly recovers from the financial impacts of the Corona virus pandemic. Dallas Fed Vice president Pia or any OUS says the pandemic brings positive and negative risks and include a possible resurgence of the virus and prolonged low old prices and upside risk is the arrival of a safe and effective covered 19 vaccine, according to the Dallas Feds. Latest Texas ECONOMIC Report. Texas Economic growth has picked up with the decline of new covert 19 cases since July.

Dallas Texas Dallas City Council Dallas Feds Federal Reserve Bank Abbott Vice President
Did ETFs Pass the 2020 Market Collapse Stress Test

Money For the Rest of Us

06:09 min | Last month

Did ETFs Pass the 2020 Market Collapse Stress Test

"There's a paper issued by the Federal Reserve Bank of Boston titled The shift from Active to passive investing potential risks to financial stability. They right to the extent that passive investing is pushing up the prices of index constituents. Two types of potential repercussions for financial stability might arise. I in theory, rising prices can lead to more index investing and the resulting index bubble eventually could burst. But they point out that this might not be the entire market but could be just elements in the market some stocks getting pushed up. While others might have their prices fall because they're not necessarily included in the index. Investors were selling active mutual funds and going in to index funds to the overall market valuation wasn't necessarily going higher. The point out that some stocks will because they are part of that basket that an ETF holds might be more liquid whereas other names are going to be less liquid. So you have different things going on that makes it challenging to figure out whether there is or was an indexing bubble Needed is a stress test. We needed people rushing to get out of ATS and other assets and to see how they hold up. One of the concerns regarding ETF, there would be a flash crash which has occurred in the past where the price of an ETF has fallen dramatically more so than the price of its underlying holdings. And this can occur when there are trading halts in either the ETF or the underlying holdings. These trading halt or circuit breakers that are implemented if the price of security ETF falls below some threshold. And they're there to suppress volatility. Do allow traders time to catch their breaths or trading systems time to recalibrate to timeout. The stress has is very, very important because ETF's are so much bigger than they were. Six trillion dollars in assets in the ETF sector that's up seven fold from two, thousand seven. So. What happened during late February and March as market sold off dramatically. Well I there was no flash crash trading volume, definitely spite. I shares shared some data for the week of February twenty. Fourth Two thousand twenty volatility spikes so the vix, the C. B. O. E. volatility index, it reached forty nine. The highest since February twenty eighteen. and. The S&P five hundred had its largest weekly decline since the two thousand eight global financial crisis. Exchange traded products that week comprise thirty, eight percent of market trading. Whereas back in twenty nineteen, they accounted on average for twenty seven percent. So there was much more trading in ats. Exchange. For the products which include ATS. Traded a record one point, four, trillion dollars volume from February twenty, four, th through February twenty, eighth, two, hundred and seventy percent greater than its average daily trading volume from the prior month. And then that trading was fairly efficient. So the bid ask spreads what investors were buying ETF for or selling e Utah. That price difference was generally line with historical averages in addition, most of the trading volume was trading in the secondary market. Investors trading the ATS with each other, rather than trading facilitated by authorized participants who interact directly with ETF sponsored in creating and redeeming shares. The volume of secondary market trading in exchange traded products was fourteen to one relative to primary activity of this trading with authorized participants. What that means is that ETF in some ways acted as shock absorber when investors were trying to get out even if the underlying securities might have been less liquid by selling ETF's taking much of that trading volume that put less pressure on perhaps some of those less liquid securities. It seemed to function. If we look at what happened during the this market twenty, twenty turmoil compared to the flash crash of two thousand, ten volatility was actually much higher during the march twenty, twenty turmoil. The minimum and maximum levels during a given day for the various indices was higher during March twenty twenty then back in the flash crash twenty ten. And yet the markets seem to function generally speaking at least for equity ETF's. Even. Michael. Berry in March twenty twenty seemed to admit this. He told Bloomberg I have a significant bearish market bat that is working out for now. A global pandemic is absolutely potential trigger for the unwinding of the passive investing bubble. But despite volatility Berry said, he hadn't noticed any signs of dysfunction in the markets that was making it harder for him, the trade or exploit investment opportunities. Equity ETF seems to have passed that stress test it worked even though the volume of trading was so much higher. The number of ATS was so much higher. There were some challenges on the bond side. The vanguard total bond market ETF. B, n De on March Twelfth, it's closing price was six point two percent less than its net asset value per share. The price was less than the supposed value of the underlying holdings on a per share basis. During the prior thirteen years that have had a point one, seven percent premium of the closing price to envy now at six point, two percent discount. Rich powers WHO'S HEAD OF ETF product management at Vanguard said this wasn't unusual. Market prices for Egypt's can move more rapidly than the net asset value that is part of the price discovery process. He's saying that's normal.

ETF Berry Boston Federal Reserve Bank Vanguard Utah Egypt Bloomberg Michael
Did ETFs Pass the 2020 Market Collapse Stress Test?

Money For the Rest of Us

04:28 min | Last month

Did ETFs Pass the 2020 Market Collapse Stress Test?

"A paper issued by the Federal Reserve Bank of Boston titled The shift from Active to passive investing potential risks to financial stability. They right to the extent that passive investing is pushing up the prices of index constituents. Two types of potential repercussions for financial stability might arise. I in theory, rising prices can lead to more index investing and the resulting index bubble eventually could burst. But they point out that this might not be the entire market but could be just elements in the market some stocks getting pushed up. While others might have their prices fall because they're not necessarily included in the index. Investors were selling active mutual funds and going in to index funds to the overall market valuation wasn't necessarily going higher. The point out that some stocks will because they are part of that basket that an ETF holds might be more liquid whereas other names are going to be less liquid. So you have different things going on that makes it challenging to figure out whether there is or was an indexing bubble Needed is a stress test. We needed people rushing to get out of ATS and other assets and to see how they hold up. One of the concerns regarding ETF, there would be a flash crash which has occurred in the past where the price of an ETF has fallen dramatically more so than the price of its underlying holdings. And this can occur when there are trading halts in either the ETF or the underlying holdings. These trading halt or circuit breakers that are implemented if the price of security ETF falls below some threshold. And they're there to suppress volatility. Do allow traders time to catch their breaths or trading systems time to recalibrate to timeout. The stress has is very, very important because ETF's are so much bigger than they were. Six trillion dollars in assets in the ETF sector that's up seven fold from two, thousand seven. So. What happened during late February and March as market sold off dramatically. Well I there was no flash crash trading volume, definitely spite. I shares shared some data for the week of February twenty. Fourth Two thousand twenty volatility spikes so the vix, the C. B. O. E. volatility index, it reached forty nine. The highest since February twenty eighteen. and. The S&P five hundred had its largest weekly decline since the two thousand eight global financial crisis. Exchange traded products that week comprise thirty, eight percent of market trading. Whereas back in twenty nineteen, they accounted on average for twenty seven percent. So there was much more trading in ats. Exchange. For the products which include ATS. Traded a record one point, four, trillion dollars volume from February twenty, four, th through February twenty, eighth, two, hundred and seventy percent greater than its average daily trading volume from the prior month. And then that trading was fairly efficient. So the bid ask spreads what investors were buying ETF for or selling e Utah. That price difference was generally line with historical averages in addition, most of the trading volume was trading in the secondary market. Investors trading the ATS with each other, rather than trading facilitated by authorized participants who interact directly with ETF sponsored in creating and redeeming shares. The volume of secondary market trading in exchange traded products was fourteen to one relative to primary activity of this trading with authorized participants. What that means is that ETF in some ways acted as shock absorber when investors were trying to get out even if the underlying securities might have been less liquid by selling ETF's taking much of that trading volume that put less pressure on perhaps some of those less liquid securities. It seemed to function. If we look at what happened during the this market twenty, twenty turmoil compared to the flash crash of two thousand, ten volatility was actually much higher during the march twenty, twenty turmoil.

ETF Federal Reserve Bank Boston Utah
Boston Fed chief: States' rush to reopen slowed US recovery

AP News Radio

00:50 sec | Last month

Boston Fed chief: States' rush to reopen slowed US recovery

"A Federal Reserve Bank president is criticizing decisions many states meet this spring to re open businesses before getting the corona virus fully under control Eric Rosengren says states in the south and west that allow businesses to re open after just brief shutdowns did register an initial burst of economic activity but spikes in infection rates soon followed in the Federal Reserve Bank of Boston president says those states economies are now lagging behind the northeast with consumers more cautious in bars and restaurants needing to shut down again Rosengren says limited or inconsistent efforts by states to control the virus based on public health guidance are not only placing citizens at unnecessary risk of severe illness and possible death but are also likely to prolong the economic downturn Ben Thomas Washington

President Trump Eric Rosengren Federal Reserve Bank Boston Ben Thomas Washington
Boston Fed chief: States' rush to reopen slowed US recovery

AP News Radio

00:50 sec | Last month

Boston Fed chief: States' rush to reopen slowed US recovery

"A Federal Reserve Bank president is criticizing decisions many states meet this spring to re open businesses before getting the corona virus fully under control Eric Rosengren says states in the south and west that allow businesses to re open after just brief shutdowns did register an initial burst of economic activity but spikes in infection rates soon followed in the Federal Reserve Bank of Boston president says those states economies are now lagging behind the northeast with consumers more cautious in bars and restaurants needing to shut down again Rosengren says limited or inconsistent efforts by states to control the virus based on public health guidance are not only placing citizens at unnecessary risk of severe illness and possible death but are also likely to prolong the economic downturn Ben Thomas Washington

President Trump Eric Rosengren Federal Reserve Bank Boston Ben Thomas Washington
Fed's Kashkari calls for 6-week economic shutdown to control coronavirus spread

Business Beware

00:35 sec | Last month

Fed's Kashkari calls for 6-week economic shutdown to control coronavirus spread

"President of the Federal Reserve Bank of Minneapolis, called for a nationwide economic shutdown of up to six weeks to get the Corona virus pandemic completely under control, warning that the rest of 2020 could be much worse than America has experienced thus far in the New York Times op Ed, he wrote, the next six months could make what we have experienced so far seem just like a warm up to a greater catastrophe. With many schools and colleges, starting stores and businesses reopening and the beginning of the indoor heating season, new case numbers will grow. Quickly using information from the Center for Infectious Disease Research. President

President Trump Federal Reserve Bank Center For Infectious Disease New York Times Minneapolis ED America
Black Owned Small Businesses Disproportionately Hit by COVID-19

WBZ Afternoon News

00:28 sec | Last month

Black Owned Small Businesses Disproportionately Hit by COVID-19

"Report finds that Cove in 19 has hit black own small businesses disproportionately a new study from New York Federal Reserve banks as black owned businesses are twice as likely to fail as the virus crisis continues. The biggest reason. Many black owned businesses are heavily concentrated in cities that have been hardest hit by the pandemic. As a result, scores of black barbershops in salons, restaurants and specialty boutiques have been forced to close for good.

New York Federal Reserve Cove
New York Fed: Black-Owned Business Hard Hit by Pandemic

Newsradio 950 WWJ 24 Hour News

00:29 sec | 2 months ago

New York Fed: Black-Owned Business Hard Hit by Pandemic

"Black owned businesses. A new study from New York Federal Reserve banks as black owned businesses are twice as likely to fail as the virus crisis continues. The biggest reason. Many black owned businesses are heavily concentrated in cities that have been hardest hit by the pandemic. As a result, scores of black barbershops in salons, restaurants and specialty boutiques have been forced to close for good. Maria Garcia, a CBS News New York Following a primary victory last night. Dearborn Congresswoman

New York Federal Reserve New York Maria Garcia Dearborn CBS
Coins and Cash: Shortages, Hoardings, and Threats

Money For the Rest of Us

03:54 min | 2 months ago

Coins and Cash: Shortages, Hoardings, and Threats

"Walking money for the rest of us. This is a personal finance show on money how it works how to invest it, and how to live without worrying about it. I'm your host David Stein today's episode three, Zero Eight. It's titled Cash Coins. shortages. Forty and threats. Weeks ago, my daughter and I were at a bakery buying a couple of loaves of bread. We didn't have the exact change and they didn't have the coins to make chain. So they rounded down, we got a small discount. This week I was going through the McDonald's drive through, and there was a sign that said due to treasury shortage of coins, use credit or debit cards. Round up to the nearest dollar, donate the different to Ronald McDonald house charities or use exact change on cash transactions. There is a coin shortage in the US right now. Federal Reserve Chair Jerome Powell told Congress last month. What happened is that with the partial closure of the economy, the flow of coins through the economy, it has gotten all. It's kind of stopped. We've been aware of it. We're working with the meant to increase supply while working with the reserve banks to get this apply to where it needs to be. The Agency of the US Treasury responsible for minting coins is the US. Meant it was established in seventeen ninety two by Congress when it passed the coinage Jack and it chose Philadelphia as the site of the I meant. Now, the US mint operates production facilities in Philadelphia, San, Francisco Denver, and West Point. Every two years, Congress requires US Treasury to give a report on the US mint its budget and its cost to produce its coins. In twenty twenty, the US meant projected that it would produce fourteen billion circulating coins. Including eight and a half billion pennies. One point, three, billion Nichols two point, four, billion times. One Point, eight, billion quarters. Now. Due to the coronavirus pandemic, the US mint cut back production of circulating coins in March and April. Year to date through July, they had produced eight point, two, billion coins. They said, they were back up to full capacity by mid. June anticipate producing one point six, five, billion coins per month. That would equate eighteen point, one, billion coins. But here's the thing about circulating coins in the US and other countries. The meant only contributes a relatively small percentage of the new circulating coins each year twenty, nineteen, it was seventeen percent. New. Coins. Going into the supply chain? The remainder came from third party coin processors are recyclers as individuals by things they get back and there are machines where you can put your spare change and it will sort it and this recirculating process. Make sure there is a sufficient supply of coins that has broken down. A couple of weeks ago, meant issued a bulletin, which said, we ask that the American. Public start spending their coins, depositing them or exchanging them for currency at financial institutions or taking them to a coin reduction kiosk. The coin supply problem can be solved with each of us doing our part. This isn't the first time that there has been a coin shortage. There was one in the early nineteen sixties in the US.

United States Us Treasury Congress Twenty Twenty Ronald Mcdonald West Point David Stein Federal Reserve Mcdonald Jerome Powell Nichols Philadelphia Francisco Denver SAN
New York Fed: Black-owned business hard hit by pandemic

The Conservative Circus

00:46 sec | 2 months ago

New York Fed: Black-owned business hard hit by pandemic

"Owned businesses are the least and black owned businesses, the most affected by the Corona virus pandemic. So, says a new report from the Federal Reserve Bank of New York. The overall number of active business owners fell by 22% from February to April, the largest decline ever. But for black owned businesses. It was almost twice as bad. 41% folded for Latino ex owned. It was 32% Asian 26% but only 17% of white business owners went belly up. The main reason cited in the study. Black owned firms are more likely to be located in Koven, 19 hot spots, the Paycheck protection program reached 20% or less of eligible firms in states and counties with the highest densities of black owned firms. And black owned businesses had smaller financial cushions and weaker banking relationships before the pandemic even hit

Federal Reserve Bank Of New Yo Koven
President of Minneapolis Federal Reserve Bank: We Need a Full Lockdown for One Month

The News & Why It Matters

01:03 min | 2 months ago

President of Minneapolis Federal Reserve Bank: We Need a Full Lockdown for One Month

"Of the Minneapolis Federal Reserve. Bank is calling for America to go into a quote hard shutdown for at least a month because it's necessary to stop the spread of coronavirus and don't worry the government can't afford it. According to this guy who is the president of the Minneapolis Federal Reserve Bank here's what he had to say if we were to lockdown really hard I know I hate to even suggested. People will be frustrated by it. But if we were to lockdown hard for a month or six weeks, we could get the case camp down. So that are testing in our contact tracing was actually enough to control it the way that it's happening in the northeast right now they had a rocky start, but they're doing a pretty good job right now. Now, if we don't do that and we just have this. Raging virus spreading throughout the country with flair ups and local lockdown for the next year or two, which is entirely possible. We're GONNA see many many more business bankruptcies, small businesses, big businesses, and that's GonNa take a lot of time to recover from to rebuild those businesses and then to bring workers back in and re engaged them in the work force that's going to be a much slower recovery for all of

Minneapolis Federal Reserve Ba Minneapolis Federal Reserve America President Trump
Obituary: Herman Cain

TIME's Top Stories

05:52 min | 2 months ago

Obituary: Herman Cain

"Herman Cain helped define the American black conservative movement. He also set the stage for trump by Philip Elliott. Herman. CAIN remembered the nineteen ninety-six moment that changed his political trajectory as clearly as any in his life. The businessman was advising Jack Kemp's vice presidential campaign and accompanied the boss to the iconic Sylvia's soul food restaurant in Harlem for an event a man in the crowd shouted out to Kane and colleagues Black Republicans, there's no such thing. The. Same Man in canes telling called them Uncle Toms. The episode. So angered Kane that when he got home from that campaign swing, he switched from a registered independent to a card carrying member of the Republican. Party and over the next quarter century, the child of the segregated south became one of the best known black Republicans in the country briefly rising to be his party's presidential front runner for the two thousand twelve nomination and remaining one of the most quotable stars in conservative media. So committed to his party's stick it in the I e host was Cain that he flew to Tulsa. Oklahoma for President Donald, trump's first return to the campaign trail after one hundred thousand US corona virus deaths despite dire warnings from public health experts at that endure rally on June twentieth the stage four colon cancer survivor posed for pictures without wearing a mask and sat in the packed stands with fellow fans of the president on June twenty-ninth Cain tested positive for the corona virus. On July second, his aides announced he had been hospitalized while fighting the disease his twitter account continued to criticize mask wearing and to promote unproven endorsements of hydroxy. On. July. Thirtieth CAIN aides announced he had died from the White House trump attributed the death to the thing called the virus cain among the most prominent Americans to die during this pandemic who was seventy four In many ways, Kane and trump were cut from the same cloth neither had been elected to any political post before running for the White House, both delighted in needling the Republican Party's establishment and the mainstream press they shot from the hip campaigned in slogans and didn't much care to learn the details. Both men were dogged by allegations of sexual affairs and inappropriate behavior, and both denied the allegations they proved disqualifying for Kane who ended his bid in December twenty eleven under intense scrutiny. But they did not derail trump just one election cycle. Later, they were also both savvy exploiters of the media. In saying things they knew would provoke outrage and thus amplify the celebrity at the core of their bids indifference toward if not hostility against what had come before was a cornerstone of their strategy, not a flaw. CAIN was born in Memphis in nineteen forty-five to a domestic worker mother and a janitor father when his dad was hired to be the chauffeur for the head of coca-cola, the family moved to Atlanta where cain would graduate from Morehouse College. He then completed his graduate studies at Purdue University after civilian service in the navy from there Kane moved from engineer to executive with Pillsbury and its subsidiaries of Burger King and Godfather's pizza where he would be its CEO. In nineteen, Eighty Eight, he oversaw Godfather's. From, Pillsbury throughout the same time yelled positions with the Federal Reserve Bank of Kansas City. That part of his resume lead trump to consider cane for a position in his administration a move that drew dissent from fellow Republicans who were not eager to revisit the allegations against Kane for three years. Kane led the national. Restaurant Association a lobbying arm for the industry that paid settlements to at least two women who detailed canes unwanted advances. His was not a typical career in his post. CEO Years Cain became a sought after motivational speaker and unsuccessful presidential candidate in two thousand and a Senate one in two thousand four. As, the tea party movement started to organize after Barack Obama's election to the White House. Kane emerged as one of its strongest spokespeople when the twenty twelve election cycle began kane decided to run the scrappy est of campaigns focused on untrue additional travel schedule that often seemed more like a book tour than an organizing effort. His novel nine, nine nine tax plan proposing a nine percent corporate business flat tax, a nine percent personal income flat tax and a nine percent national sales tax drew I rolls from economists but curiosity from voters. Antipathy toward front runner Mitt Romney proved sufficient to give cain a chance to rise in the late summer and fall of twenty eleven until his personal life just proved too much. But he didn't shrink from podcast life. Instead he became a ubiquitous voice and reliable critic of Democrats

Ceo Years Cain Kane Donald Trump Cain White House Mitt Romney Jack Kemp Pillsbury Philip Elliott Republican Party Godfather Oklahoma Twitter Harlem Barack Obama United States Tulsa
BREAKING: Herman Cain Dies Of Coronavirus At Age 74 in Atlanta

The Erick Erickson Show

03:35 min | 2 months ago

BREAKING: Herman Cain Dies Of Coronavirus At Age 74 in Atlanta

"A political consultant who worked for Herman? Cain on his twenty twelve presidential campaign is announcing that he has passed away. from. covid nineteen. That's breaking news here in Y'all I'm not confide. This is not. Confirmed other than through Ellen. And I'm Yup. nope. It's IT's confirmed folks. Herman Cain has died of the corona virus. age seventy four. In Republican presidential candidate in two thousand twelve. Herman Cain ran his platform very famously was the nine nine, nine tax reform plan. He had been Fox. News contributor and a newsmax contributor newsmax is confirming his death He was admitted to the hospital on July first two days after being. DIAGNOSED WITH COVA night teen. Ten Days Prior, he had been at the Rally for the President they they don't know where he got the virus. And Herman Cain has now. Passed away He was the President of Godfather's pizza. He. Rose through the ranks He joined coca. Cola. He worked for Pillsbury. He was regional vice president for Burger, King, which at the time Pillsbury owned and then he took over. Godfather's pizza turned around made it a profitable company. And his big issue is marketing. He became the chairman of the Federal Reserve Bank of Kansas City in Nineteen ninety-five He was in the position for twenty months in nineteen in two, thousand nine you'll recall the president renominated him for the Federal Reserve. Board? He ultimately withdrew his nomination. He dabbled in politics in one, thousand, nine, hundred sixty was an adviser to the Bob Dole Jack Kemp Campaign for President He ran for the Senate in two thousand four. He was defeated in the primary by Johnny Isaacson actually campaigned for him in two thousand four. Now he beat colon cancer it was stage four and two, thousand six he was diagnosed with it the and then from two, thousand, eight, two, thousand, seven, of course, he had the Herman Cain Show in Atlanta? On WSB, I was actually hired in two thousand eleven to replace Herman on WSB Because Herman had decided, he was going to run for president and he had been in the line to replace Neil Bortz they needed somebody to replace Herman as a result. So they hired me Herman off and ran for president. He at one point was the front runner for the Republican presidential nomination, and then he the ultimately lost the nomination and came back to radio has has wound down his career over time and. Herman Cain now dead he was a good man. Seventy four years old affected by coronavirus virus. Prayers for his family. And for for those who knew and loved and worked with Herman Cain God. Bless him.

Herman Cain Regional Vice President Herman President Trump Pillsbury Consultant Newsmax Federal Reserve WSB Ellen Bob Dole Jack Kemp Federal Reserve Bank Johnny Isaacson Neil Bortz Senate Kansas City Burger Atlanta
Sorry Crypto Maximalists, But QE Is NOT The Devil - Alex Blum from Two Prime

The Cryptoverse

05:32 min | 2 months ago

Sorry Crypto Maximalists, But QE Is NOT The Devil - Alex Blum from Two Prime

"So topic number one. qe Is not the devil, right so Wednesday teasing the central banks fancy word for create new currency and why call Keynesian model. So. We'll just looking at the. The nausea has crypto was born as a reaction to the two thousand eight financial crisis. We can talk about the you can talk about the positive implications for crypto markets that was kind of interesting. I see I would think that the Qe is will be seen as. Positive full crypto is just that what we expect to happen terms of light hyperinflation and then bitcoin going to the moon that's not been happening. Yeah. And with twelve years into bunkers levels of Qe. So can you speak on that? Yes. So I think to start I think a lot of people in the space very little trust for. Governments. Fans `institutions, which basically set monetary policy and end up printing. new money. It's not out of the world. A lot of the growth of Western economies has come from quantity quantitive easing, fractional, banking, fractional reserve banking, and so what this last to do is Basically. Create new acids new opportunities and and put money into things without having everything directly backed by a piece of gold or some other kind of hard asset Actually what's made it possible for our economy to grow post gold and post slavery as a different model I think we're things run into issues when you create this new money and it goes to a junk so. The Super Leverage Politics that have no real value generating a real value and you get this collapse in believer faith in that in the underlying and as well as claps and faith in the money that represents it, and so truly question of allocation. If you do to easing and give the money to chucky cheese dollars, you're GONNA have a problem if the money goes to space exploration and developing new medical research and helping the poor in a way that is reasonable and actually creates value than you have. Okay. You know banks. Currently, they do publication where their lending out money to people to buy real estate. For example, the recently generating that money themselves and then were getting the money returned to them through. The return of principal plus interest, and so you can basically create and get it back plus some if it's done correctly. So. In terms of its relation to crypto space I mean. In the last twelve years obviously bitcoin his done quite well in the last year or two a little bit more flats. It's tough to I. Think Today we look at like bitcoin why isn't going up more but it's pretty astonishing that it exists at all and that it was able to take flight, and so you know you can kind of see this risk premium or maybe a extra. Now the in the price of all this kind of uncertainty especially the early days of Bitcoin. By quantitative easing or new money helps to move into the space. That I think in terms of the. Performance recently and like its relationship to new money printing in the US, for example. I. Think it's. Very early yet to say, that money hasn't come into the space or you we might have seen a giant collapse so they're not been quantitative easing. It's tough to know what to compare it to necessarily but It's not surprising that there's a bit of lag or not an exact timing of like new dollars per did in twenty cents immediately goes Debbie Bitcoin obviously there could be some time lag. Structure Market. Dynamics. That caused the price do not move exactly the same moment and probably a good thing that it's not completely dependent upon the money supply for the price of Bitcoin number just be another leveraged financial product just like any other make bitcoin anything special unique. Okay. Isn't that the argument though like This there's a delay. In between the creation of new currency and having an impact on prices. And The. Question is I think they'll answerable question about. Eighty degrees of that economic effect. Happens. And be will. No. One can tell how long it takes. To to actually have a real effect on relation. In the the question. Show in the. Bitcoin. World. We all love. The fish supply, right Twenty one, million goings. Will ever exist right all twenty, one, million of mind. But we know that that is the absolute guarantee monetary policy. That's most people are into crypto four and it can be changed. You know technically you can change the rules of the network, but it require mass consensus, which is highly unlikely to ever get past right because the bitcoin would lose its value since that's One of the tenants everyone's into it for so just purely by simplifying it. If. There's a pile of twenty, million bitcoin. The. Ratio a prices ratio between one asset. Another right. So if you trade against US dollars, you have a ratio with dolls and wanted to on the other. And if you took old dollars in existence will bitcoin existence and credit ratio than you've got. A bitcoin price say, right. Now, if you increase the supply on one side of the equation, he changed the price.

United States Debbie Bitcoin Nausea Principal
Fast Money

CNBC's Fast Money

03:47 min | 2 months ago

Fast Money

"It's time once again to answer your burning market questions. Total request was such a hit guy of lots of fun, right? We've got so many questions. We thought we'd take some more. And our first question comes from John and Long Island. Guys. This is John from long. Island by question on salesforce, our border in the march lows, and it seems to hit a resistance point at two hundred dollars a share. Do you think I should sell right now as it may not only exhilarated from here. Hold or potentially by more on your thoughts. Thank you. All right John From Long Island, Jeff males! What do you say to him about crm? Well look if you bought at the lowes. You're probably working on a thirty five forty percent gain something like that so I think at that point in time. It's always smart to take a little bit off the table so I would start there. John but I'd also say. The stock is holding a multiyear uptrend. It looks like it wants to break out to a new absolute high. It looks like it wants to break out to a new relative high versus the SNP so I actually think that you can play the momentum and salesforce, but definitely take a little bit off the table if you're games, are that big? I tend to agree I. Mean it's really not just about my view on the stock. It's about what is the prudent way to go ahead and risk manage up thirty five forty percent. You one hundred percent need to be taking some chips off the table. I would agree I would agree as well in terms of the long-term uptrend. I would say it is pressing down a little bit towards if I remember correctly is fifty day moving average, but as long as it holds those long term averages. With, at least a portion of of my investment, absolutely all right, our next question is an international one. It comes to Roberto all the way from South Africa. I'm loving the show all the way from South Africa. Wanted to ask question relating to gold. It has run within one hundred dollars of historical high. So my question is. Is it time to start shorting gold and gold stocks? I mean even full Toronto two thousand. There should be more downside than up rats. I just wanted to say. Thank you for having me on the show. And thank you for your amazing analytics. As! Roberto from South Africa Guy Jami who knew we had fans although in South Africa. That is unbelievable. You know when back in another life one of our largest clients was the Reserve Bank of South. Africa And the road I believe from Pretoria to Johannesburg. Is Route One on one? And that was the codename Anecdotal Story I. Know Nobody Cares shorting gold here to me is a very short term trade. I do not although you had a huge reversal Newmont huge reversal panamerican. Silver today I. Don't think that's the right way to play. It I'm of the belief. That Gold's going to continue to move higher as his silver, and as are the mining stocks. You can be selective if you WANNA try to short them, but Roberto I stay long the commodities specifically gold and silver for the next six to nine months for sure Jaffa was your Taylor South African friend. Yeah I think that's probably too and I'll comment on silver specifically as well you know that's put in a massive base, and it looks to be breaking out to the upside so I agree with Guy Look in this environment. You might be able to play it on the short side for a quick trade, but overall I just think momentum's too strong you. You have had flows that are really aggressive into gold and the gold miner, so for that reason I think you can play it on the short side near term, but the momentum strong so I think looking out any further than maybe a month or so you probably want to stay on alongside of it

South Africa John Roberto Long Island Gold John From Long Island Gold Miner Reserve Bank Toronto Pretoria Johannesburg
US House passes $3 trillion pandemic relief bill, but Senate passage unlikely

WIOD Programming

00:39 sec | 4 months ago

US House passes $3 trillion pandemic relief bill, but Senate passage unlikely

"Three trillion dollar stimulus relief bill passed by the house last night democratic representative Jamie Raskin here a lot in Congress about how much people love the states in the cities and the towns now is the chance to show it let's put our money where our mouth is but chances of getting passed the Republican controlled Senate slim many GOP lawmakers expressing disapproval about the bill's language a price tag Alabama Republican Gary Palmer poses bill because it constitutes a threat to our national security on March twenty six the Federal Reserve Bank of St Louis reported that our debt to GDP was already at a hundred and six point eight percent since that time Congress added over two trillion

Jamie Raskin Congress Gary Palmer Federal Reserve Bank St Louis Representative Senate GOP Alabama
Trump predicts ‘incredibly strong’ third-quarter growth as US faces first downturn in years

Sip Northwest Live

00:49 sec | 5 months ago

Trump predicts ‘incredibly strong’ third-quarter growth as US faces first downturn in years

"But president trump says the third quarter economic numbers could see a steep upswing president trump's chief economic adviser Larry Kudlow on ABC's this week according to the Congressional Budget Office and a bunch of private surveys we're gonna see very strong second half of the year probably twenty percent economic growth policies that were in place on lower taxes and lower regulations are still in place we may expand on those policies with the Congress next year twenty twenty one could be a tremendous not back in the U. S. economy but new cash carry president of the Federal Reserve Bank of Minneapolis saying not so fast the recovery that is if we see a lot of small businesses going through bankruptcy where you're gonna have a and T. empty strip malls for a while until new businesses form the recovery ends up taking a lot longer he says to solve the economy we must first solve the

Donald Trump ABC Congressional Budget Office Congress President Trump Federal Reserve Bank Minneapolis Economic Adviser Larry Kudlow
"reserve bank" Discussed on Chat With Traders

Chat With Traders

03:35 min | 6 months ago

"reserve bank" Discussed on Chat With Traders

"And. What is the goal that the Fed is trying to accomplish by doing this? Their goal is to try to make the system have enough kind of liquidity so that begins to operate correctly again. See what happens is that there's basically not enough money in the system because credit is being contracted the and basically. There's there's not enough chips to go around so therefore it ends up being this kind of game of whack a mole that one person wax it and then it comes up again. They've tried to whack it again. And it just becomes a self fulfilling prophecy where the credit crunch contraction of selling causes the value to go down which then means that more people have to sell and so what they're trying to do is provide enough liquidity to stop that kind of that kind of reinforcing kind of spiral and what they do is the take all the securities that they can that the from the dealers bank balance sheets that they're having trouble financing and having trouble owning so that the dealers can buy other things that are more risky so the goal is to try to make it so that these banks the JP morgans of the world don't need to worry about financing treasuries. Don't need to worry about that. And they can go out and they can buy the more risky securities that basically the Fed should not be buying because the end of the day the Fed is supposed to buy only government securities. Now it is being blend it is being kind of kind of let us just say it's changing this time. In two thousand and eight. There was the tarp program and there was some different things in the Fed. Got In trouble because they blurred the lines of what they were allowed to buy and then Congress went and they actually tied their hands again. But in this case what's happened is the Treasury's gone and actually taking a role where they've worked hand in hand with the Fed so that the Fed can buy corporate bonds but the Treasury takes the first loss so that the Fed is in essence still taking the government risk and it's a risk of security for the for the Federal Reserve because the Federal Reserve is not supposed to be trying to pick which country which countries is a story which companies should survive in. Which shouldn't they shouldn't be sitting there going. I'M GONNA BUY GE paper. But I'm not going to buy Boeing paper. They that's not their goal. Their goal is to provide liquidity for the system now. Unfortunately what happened was because there was this terrible virus and because nobody wanted to own any securities the government was forced to go and say no. We're GONNA backstop investment grade paper as well meaning investment greatest kind of higher grade corporate paper bonds. And so what they did was the Fed found a way working hand in hand with the Treasury to actually by corporate paper. Can you just explain what corporate paper is okay? So that's like a GE or Boeing or Microsoft or apple issues bonds and those bonds traded in the open market and that would be an example of corporate paper investment. Grade has to do with the ratings attached to that Bond and generally that's considered the the higher quality companies and then it goes from there goes into high yield or junk which is anything below triple B and that is kind of what the Fed said. We'RE NOT GONNA buy any of that but we're going to buy investment grade.

Federal Reserve Treasury GE Boeing JP morgans Bond Congress apple Microsoft
"reserve bank" Discussed on Chat With Traders

Chat With Traders

03:20 min | 6 months ago

"reserve bank" Discussed on Chat With Traders

"Directly with the fat. And why would someone like J. P. Morgan or whoever other Parma's might be? Why would they actually want to sell to the Fed? Will they're selling to the Fed because they're making markets in these securities all the time and not only that it is their job to go into facilitate the trades of the Fed? Just like it's their job to be on the securities when the Treasury auctioning securities. They're actually obligated to bid for a certain amount that is there. Is There Judy to actually help? The Fed conduct these operations. Someone has to trade with the Fed. They can't just go out and buy directly from the clients. They're basically a middleman between the clients and the Federal Reserve. Interestingly Enough Erin that the Fed is buying so much right now that the for the first time ever. I was talking to a tips trader. That was telling me that the Fed was trying to buy six or seven billion dollars a tips and the primary dealers only offered them four point seven they were the literally ran out of inventory to offer to the Federal Reserve. And that's what that's the one thing I just would like. People to kind of understand is the level and the speed upon which they're doing. These purchases is completely unprecedented. They announced two weeks ago that they were GONNA do seven hundred billion dollars of quantitative easing and they left it open. They said it was going to be over a period of a couple of months. But they didn't say that they couldn't stagger some more at the beginning and so what they did was they went and looked at the state of the market. And they just. They got a feel for how much they needed to do. Well the literally went through seven hundred billion in the first week they are buying the equivalent of of a two thousand eight quantitative easing we used to be basically sixty to eighty billion. I can't remember the exact number. They were doing that every day for the past two weeks. Stack of blue tickets on the Federal Reserve's desk is monstrous and then there's other ways as well that they can provide liquidity to the market. One of the most interesting things that they've done is that they've done these swap lines where they actually go and provide. Us dollars to other central banks. They did this in two thousand and eight. They did it to the I can't remember I think it's there's four standard banks that they do it with. It's a Bank of Canada. Ecb Bank of England. And I I'm I'm not sure who else it is. But they go and they provide these kind of liquidity these US dollar liquidity to free up the system. Well there was such a demand for US dollars at this time. They expanded their counterparties to ten different banks central banks and this was all in an attempt to try to help the world economy that was in desperate need of US dollars to provide the liquidity. The no one else could provide. You did say something in your aunts that they you spoke bet Tips WHAT TIPS. Tips Treasury Inflation Protected Securities Third. Just another form of government security so the Fed Donald do they buy regular government bonds but they also buy treasury inflation protected securities.

Federal Reserve Us Treasury J. P. Morgan Ecb Bank of England Bank of Canada Judy Parma Erin Donald
"reserve bank" Discussed on 10 10 WINS

10 10 WINS

01:42 min | 7 months ago

"reserve bank" Discussed on 10 10 WINS

"C. for the reserve bank and the northern state also good ride till I'm Judy fail our next report and eleven a one on ten ten wins and now the official ten ten wins accu weather four day forecast one more time for this guy get a live update with accu weather's Matt Benz yeah that get out and enjoy the sunshine here today now we are dealing with us some sunshine here for today mostly sunny skies a little on the bright side but temperatures today rebounding back to forty four degrees here for this afternoon clouds return here for tonight that signals a warming trend not is cold for the overnight hours with a low of thirty seven then for tomorrow turning out mostly cloudy but despite the clouds still quite mild for the Monday with a high fifty five there may be a shower that sneaks in the area though for Monday night for Tuesday mostly cloudy still mild couple rain showers with a high fifty nine by Wednesday clouds breaking for some sunshine in the afternoon many quite mild though with a high of fifty eight right now it's thirty two degrees little breezy northwest winds gusting to twenty five miles per hour we have mostly clear skies repeating the current chapters thirty two going up to forty four in mid town I'm here on this map and on new York's weather station ten ten wins thanks Matt have a good day thirty two degrees right now in Scarsdale thirty four in south ozone park Allendale New Jersey at thirty three wins news time ten fifty three these are the stories of heart and humanity of service and sacrifice let's meet this week's ten ten wins difference maker Barney SpongeBob and tickle me Elmo they are the staples of those precious early years but one of youngsters at let's say the age of three spent some of that time learning words like donate charity and philanthropy that's just what's being taught at the learning experience that's a preschool in Hoboken owner land ends as Ali says it's never to early to teach the lessons.

Judy new York Allendale New Jersey Ali official Matt Benz Hoboken
"reserve bank" Discussed on America Adapts the Climate Change Podcast

America Adapts the Climate Change Podcast

01:55 min | 8 months ago

"reserve bank" Discussed on America Adapts the Climate Change Podcast

"Of the market market okay adapters. That is rap. Thanks to eat Galloway and Tom Flanagan from the Reserve Bank of San Francisco for giving us some background on the Community Kennedy Development Investment Review Folks. It's quite an issue with tons of articles from some of the leading thinkers on adaptation and community development. I'm very encouraged that. The Federal Reserve took a leadership ship role in bringing all these voices together links to the review are in my show notes. Please take a look. There's much to learn and thanks to Jesse for editing that issue and for coming on to talk about the climate intelligence elgin arms race many services and technologies will be coming online in the years ahead many integrating climate data. How can practitioners have confidence? This information will be useful. Inaccurate was Jesse shared. It's still an emerging area and those who are not only innovative in this space but reliable managers of information are likely to do well. It's still a bit of the wild wild in West in this area. It's exciting but something also to be cautious about okay. Also relevant to the Community Development Investment Review. I wanted to share a quote from Jesse recently gently Senator Elizabeth Warren said letter to the heads of all the major banks encouraging them to plan for climate change in her official letter to the banks. She actually included a quote from Jesse and his work in the Community Development Investment Review. Here it is. According to Jesse Keenan the editor of the San Francisco feds publication quote the private sector has always always adapted one either adapts to new markets products or services. Or they go out of business but the current calculus is more than a function of market. Share it is a function of where there it will be a market at all Senator Elizabeth Warren very cool. This came out just after we recorded our episodes of very timely and also demonstrating the influence silence of the review all right some final housekeeping. I'm excited to share this new work that I'm doing. I want to mention that. I'm working with symphonic studios. I mentioned this in my last episode in going forward. You're you're going to hear a lot more about Simpatico I'm going to be hosting live talk shows unsympathetic..

Jesse Keenan Senator Elizabeth Warren San Francisco Federal Reserve Reserve Bank Tom Flanagan Galloway editor official
"reserve bank" Discussed on KCRW

KCRW

03:33 min | 1 year ago

"reserve bank" Discussed on KCRW

"The president of the Federal Reserve Bank of Dallas. And he said on Bloomberg that. You know, maybe the central Bank got a hold off raising interest rates for a bit. And also that maybe the fed oughta think about slowing down how quickly it's ringing its balance sheet, which is a it's a ledger if you will of its assets and liabilities a ledger that we ought to say in the middle of the financial crisis. The fed really expanded as it bought bonds and mortgage backed securities to give the economy a boost because we usually talk about the fed and interest rates, we figured it would be a good idea to look at this other tool, the fed has and how it uses it to control the economy, Victoria, Guido covers the fed for politico. It's good to have you on. Thanks. So what is it about? What Robert Kaplan? The president of the Dallas fed said today that has people looking at it and going so the set has been shrinking its balance sheet, they call it kind of on autopilot. And what that means is up to fifty billion dollars a month worth of bonds are rolling off the balance sheet maturing without being replaced, and the fed did that sort of deliberately because you know, back in two thousand thirteen markets kind of freaked out. The first time the fed said that they were gonna stop buying bonds. And so the fed is very aware of the fact that markets are very sensitive to changes in the balance sheet. So as long as the fed is sort of doing this on a steady schedule, they feel like markets know, what's coming in that it's not going to be a scary. But that is affecting the whole system because basically means that the said is no longer as big of a player in the market, and it's making markets. Let me get you to explain the the actual mechanics here when the fed goes out and buys bonds. It is putting liquidity into the market that is it's putting cash into the market, right? And what does that do it pays for that bond with cash rent? It pays for that bond with cash that wasn't already in the economy. Abc cash into the economy. And now when it says as it has for the past five years, we're going to stop doing that. In fact, we're going to let some of those bonds expire that is doing what it's taking cash back out of the economy. And so you know that affects you know, maybe how easy it is to get alone. Because you think about it. There's there's more cash out there in the economy banks are more likely to lend it out if there's less cash, they're less likely to do that we just sort of the point right? But the Fed's monetary policy is entirely based around, you know, loosening or tightening credit conditions, depending on what's happening in the economy. Right helped me last thing. And then I'll let you go. Help me understand the relationship between the Fed's balance sheet, and what it's doing with that and the federal funds rate, which is the interest rate that the fed controls directly, and which gets so much attention every time Jay Palestinians up in front of a microphone after the fed me. Right. That's actually really interesting part of this is the fact that interest rates completely differently now than it did before the financial crisis. So basically because the fed bought trillions of dollars worth of lawn. There was way more cash them. And so, you know, the federal funds rate used to be banks lending to each other. But because there's so much cash in the economy banks don't really need to do that anymore because they all have enough of it. And so now the way that the sets interest rates is by paying bank's interest in raising the amount of interested at pays those banks on cash deposits at the fed. And so, you know, one of the main reasons why the fed did that was to affect long term interest rates, and then at federal funds rate is sort of how it sets short-term interest rates, basically as the balance sheet shrinks that affects interest rates over the long term. In addition to interest rates over the short-term, Victoria Guido. She does financial.

fed Dallas Victoria Guido president Federal Reserve Bank Bloomberg Robert Kaplan Victoria fifty billion dollars five years
"reserve bank" Discussed on FT News

FT News

03:58 min | 2 years ago

"reserve bank" Discussed on FT News

"Then since then, obviously, it's become a big issue in the media, and in the public domain, but the only thing that the finance ministry has said publicly so far is this rather ambiguous statement a few days off to that speech in which they reaffirmed the right of the ambiance to autonomy. But they also reaffirmed the right of the government to make its case and make its views known in consultation with the governor. So it was sort of slightly even-handed statement. But it seems that the some kind of truce at least for the time being and there's a board meeting. I think on the nineteenth of November where it appears that the government wants to again, make its views. No, no understood or accepted at that board meeting of the I'll be I. And that's where it stands at the moment. I mean, there's always the possibility of further movement. But at the moment, it seems that both sides have taken a step back from the brink and are waiting for the other side to act as you mentioned. This whole episode has unnerved international investors. But what's been the reaction amongst India's business community? Well, that's very interesting. So that the business community is always on the side of low interest rates, boosting the economy and so on and they've come out in support of that. And they both have come out in support of moves to ease. What they think is a very severe and possibly dangerous liquidity crisis among especially the shadow banks, some of the nonbank financial companies which finance housing and building an infrastructure and so on so they think that the RBI has gone too far in trying to curb bad loans to the extent that he's actually endangering the financial system on. There is an argument for that. You know, the the ambience has been in a sense too tight at a dangerous moment and some business. People have spoken out. In public about that on the other hand. I think where the business community would hesitate is if they saw really blatant move by the government to seize the assets of some of the excess reserves of the central Bank for purely political ends. And if they saw a move to really undermine publicly the autonomy of the central Bank that wouldn't go down well with the business community, so they want economic boosting measures. But they don't want a sort of undermining of what is a very important institution as innocence. The represents through successive changes of government of different political hues, it does re present sort of financial and economic orthodoxy and has done for many decades, and it's for a respected institution and to undermine that would clearly be bad for business and bad for investors. As you mentioned this little falls into the context of the upcoming inactions. But could this row perhaps, ironically damage Moody's reelection prospects? I don't think the row will damage in the sense that it's a little bit too obscure for most ordinary voters. They're much more concerned about the day today. Cost of living those kind of issues, I think if Mody or the muddy government got its way, you could see a sort of short term boost for the economy, which would improve the BJP's electoral prospects. But in the longer term, it probably wouldn't be terribly good for the economy. And those always be that damage that is caused by investor loss of confidence, you know, the repeat might full drastically if the central Bank was really damaged or if the governor resigned, if the repeat went on that would increase the price of oil and so on so, you know, it cuts both ways. So what happens next? What's the next installment of this drama? Well, at the moment, it looks like those to be a show done alert, maybe a showdown behind closed doors at the board meeting of the I'll be I a couple of weeks from now that seems to be the next set piece of it. But of course, as always as opposed to -bility that people will come out and say things in public before then and part of it will depend on whether there is a further sort of lurch towards crisis by some of these shadow banks. There was a big one called I l and f s that had to be bailed out by the government awhile back. So that may be the next step or we may see everybody looking at things a little bit more calmly. You know, I think these kind of disputes between central banks and governments not unique to India. This one does seem to be uniquely severe. That was Maui talking.

India Maui BJP Mody Moody
"reserve bank" Discussed on FT News

FT News

03:38 min | 2 years ago

"reserve bank" Discussed on FT News

"I'm Adam Samson, India's prime minister Narendra Modi has become embroiled in a public dispute with the country central Bank and its governor critics say the independence of Reserve Bank of India is at risk and this could undermine confidence in the management of the economy. Victor mallet are Asia News editor tells Katie Martin story. What extent case the government asking the Reserve Bank of India to do? And does it have the power to compel the Bank to do its bidding? What's good question? I mean, they seem to be asking for a lot of things they've always wanted low interest rates like Trump wants the fed to have low interest rates, you know, political leaders always find it convenient to have the economy being boosted, especially when they've got elections coming up, which is what's going to happen in India. The some state elections coming up in a few weeks, and there's a big general election in April-May next year. So they wanted to easier interest rate environment. They've always wanted that. But they also want the central Bank. The Reserve Bank of India to ease up on its restrictions on some rather fragile things called nonbank financial companies these basically shadow bangs that are not licensed buying and it also wants the ABI to ease up on state banks, which have accrued a lot of very bad loans by lending to rather dodgy companies and conglomerates and so on over the years and those are on. The a lot of curbs and restrictions from the central Bank. And then lastly, and this in a way is the most controversial thing they feel that they want to seize some of what they think is excess capital in excess reserves of the central Bank for their own purposes. And that is very controversial because it clearly impinges on the autonomy of the central Bank, and is not very good fiscal practices. Clearly just a way of getting money that they spend on making the economy better than it really is. And in fact, when the deputy governor Varela cherry, I gave a speech that kind of signaled that this crisis between the central Bank and the government was happening. He referred straightaway to Argentina in two thousand ten where the governor of the central Bank of Argentina eventually resigned over exactly that issue. The attempt by the government to seize some of the assets of the central Bank for its own purposes. The mechanisms are available to the government right to do this. But they're just not been used before even in times of some pretty deep crisis. It's a little bit complicated. The Bank is I think you could call it so two semi independent like most central. Bangs probably it's owned by the state, but it does have a degree of autonomy, which the finance minister tube reluctantly confirmed the other day, but there is a provision in the act that set up the Reserve Bank of India, the allows the government to order it to do things in the public interest after the government has consulted with the governor. And this is the section of the law that has not been previously used which the government apparently has been threatening to us, and this is really what triggered the whole crisis. So they all sort of within the legal rights to do something like this. But it would be very negative for investors. I think where the Indian oh foreign if they were to undermine the autonomy of the central Bank in this very blatant way. So they can do it technically probably, but politically and among the investment community would be a pretty negative signal. And this will come to a head really quite recent named. How has the albeit responded? Well, the albeit in a sense brought this to the public domain with this extraordinary speech a week or ten days ago. Oh from barely Charlie the deputy governor, and he was thought to be speaking on behalf of Egypt Patel, who's the governor who is supposed to have threatened to resign. We don't have that from him in person. So they brought it up in this, very fiery speech, where he said, you know, you will regret it if you undermine the tell of the central Bank, and.

Reserve Bank of India country central Bank Bank of Argentina India Narendra Modi Victor mallet Katie Martin Adam Samson prime minister Asia News Charlie Varela cherry Bangs editor Argentina Egypt Patel Trump finance minister
"reserve bank" Discussed on Masters in Business

Masters in Business

04:34 min | 2 years ago

"reserve bank" Discussed on Masters in Business

"It's never badged being quoted. It's always somebody else quoting Paul, Tucker Wright, creating budgets dictum. But again, he did it paldon create this, right? He's referring to something that came before Ben Bernanke is the other one is really popularized this, but only two thirds of Badghis dictum Renfrew lend freely maybe one and a half of Len freely against so so so so collateral, but don't do penalty rate, right? And. But you know Brank his book his memoir the crisis, Huq's the courage to act act yet, right? Yeah. And he notes when he forgave fed chair in two thousand six and the chair has a personal library and in his office. And he said, I brought Badgett's Lombard street and put it there now. Now Ben banenky is a very sophisticated financial historian. I, I assume he's read Lombard street, but I've is book would not give you evidence that did you overlap with Burnett key when you're Princeton, he was the head of the economics department? No, no. I have met him a couple of times before, and you know, we've exchanged views on a variety of topics. I think that he's a remarkable public servant terrific scholar, and I always leave reading any paper or even blog posts these written feeling smarter. But we've also had our differences. We do an argument about an assertion that he makes that I think is false, which is that the reason the fed didn't. Bail out. Leman brothers is that a lack of illegal to do. So that's been the claim. I have a pet theory on that. I'm curious as to what yours is was illegally is false. That's not correct. They did have legal to do it to bail out a dealer. Oh, absolutely. I mean, the statute is in unusual and exigent circumstances a term, which is sounds very heavy, but it's not defy unusual. Negligent is Tuesday could it could be so long as five members of the board of governors vote in favour which he had and the Federal Reserve Bank who's in his district, the institution exists New York, New York is the loan is secured to the satisfaction of the Federal Reserve Bank security. The satisfaction was that mean, well, let's not find right. Although quite bluntly, we know those a ton of fraudulent shenanigans going on Lehman Brothers with the famous repo, one of five and all of that. So you might say, well, then we're not satisfied by that, but that's a discretionary determination. So we lacked legal authority. To do so false. It says we were not satisfied by the cloud will present his different different thing, which of course raises the question then why did they really let it hit the pavement will then why is a edgy different? Their answer is because they had a good insurance business going out all kinds of profitable businesses within their twenty thousand corporations under their their parent company. So again, was the right decision or the wrong decisions, a separate set of questions was politically motivated or not. Should it have been subset of questions? Did Attlee authority to do, so we'll yes, of course they did. And this isn't just me being an obnoxious lawyer saying, well, look at this. The idea that they lacked the legal authority to do so was the single defining idea that motivated the passage of dodd-frank. That's fascinating. And so I think that ends up mattering a huge amount. It just isn't isn't correct. So I wish I was a fly on the wall when they were having this internal debate. But my pet thesis is simply at one point early in the spiral of Lehman Brothers, Warren Buffett of Berkshire Hathaway had the conversation with dick fold made a low ball offer because he's an value investor and to everybody who was an employee Lehman Brothers lasting regret dick fold said disguise trying to steal the company for three billion dollars was only a small percentage ownership, and he rejected buffet and I can't help. But think from a moral hazard perspective, the debate going on with Burnett Anki and Geithner, and, hey, how could we bail out this guy. When he turns down Warren Buffett, who, by the way later made a much more advantageous loan to a much better Bank Goldman sign. So full folly turned out to benefit Goldman and end buff here's my friendly amendment here your theory, I would call it folds follies because buffet was one in a series of suitors who came knocking and dick fold was trying to value the companies, though we're two thousand five thousand seven or eight..

Ben banenky Lehman Brothers Warren Buffett Burnett Anki Badghis dictum Renfrew Tucker Wright Ben Bernanke Goldman Huq fed Federal Reserve Bank Badgett dick Paul Len buffet Leman Brank Berkshire Hathaway
"reserve bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:38 min | 2 years ago

"reserve bank" Discussed on Bloomberg Radio New York

"Services committee this after an upbeat assessments on the economy before the Senate banking committee that helped lift the dollar we're joined now by Mark Vitner senior economist at. Wells Fargo on the line in North Carolina, this morning Mark good, morning welcome Mr Paul seemingly cemented the rate hike path but he preserved his options what was, your. Takeaway from. This Well he did preserve his options I think the the next move is is likely. September and they made that clear that they're going to continue to to gradually raise interest rates for now and I think that that the, insertion of for now was. To to really to is that Things? Can, change and that he talked. A little bit about what trade policy of how they, they don't see anything in the hard data but a lot of businesses are are beginning to tobacco. Away from capital spending plans and again your take on how many more rate increases this year Well our forecast has to more in it and we assume they're going to. Do one is number one December but I do think that there's going to be. Much more discussion about that second night if you look at some of the research by the various Federal Reserve banks a number of Federal Reserve Bank presidents believe they were getting close to a neutral rate, and so I don't think that a second rate hike this year will be decision. So steady, as she goes just sort of a gradualist policy here She goes. But I think that that that certainly even though they concerns about the shape of. The yield curve we don't want to intentionally invert the yield curve There's a lot more moving parts today the trade war, and and even the the the l. sneaky summit Really muddled muddies the, waters a little bit And I think that. In the, next move is is very, certain after that it's a little? Less certain where would you see treasuries going then Well we have we have the tenure ending the year somewhere around three ten maybe maybe his highest three twenty but it's had a. Real hard time remaining above three percent in some of that has. To do, with the slower pace of. Growth overseas and the greater uncertainty? Overseas You know a flight to safety the treasury's and but but certainly within. Inflation creeping up the federal seem, to have, any concerns any concerns about inflation being around two percent in fact you said that it was gratifying to percents because we've been below. That for so long that kind of? Talk, to us. A little bit higher rates than we have we reported, earlier, that.

Mr Paul Federal Reserve Senate banking committee Federal Reserve Bank Wells Fargo senior economist Mark Vitner North Carolina treasury three percent two percent
"reserve bank" Discussed on KYW Newsradio 1060

KYW Newsradio 1060

02:01 min | 2 years ago

"reserve bank" Discussed on KYW Newsradio 1060

"The federal reserve bank of philadelphia advocate for older folks and financial institutions discussed strategies to combat elder financial abuse much of it centers on raising awareness as we hear from kyw's steve tawa joe snyder the chair of the philadelphia financial exploitation prevention task force says it's the fastest rising form of elder abuse he points to a wells fargo bank survey of older folks and their children ninety eight percent of whom say the risk of exploitation increases with age in snyder words will never get ahead of professional scammers in boiler rooms making these calls and we'll never be able to straighten out dysfunctional families so they're going to wear the money is in working with the banks to help prevent elder financial abuse he says most of the abusers though our family members are trusted others the big three that we identify our family members with drug alcohol or mental illness and then you just have people that aren't evil but they think this is my money this is my inheritance steve taiwa kyw newsradio in a major ruling divided supreme court says that police should not be able to obtain cellphone tracking data on suspects without a judge first signing off the opinion by chief justice john roberts says that cell phones offer the government the ability to achieve near perfect surveillance as if each holder of a cell phone while wearing an ankle monitor joining with the courts liberals to form a five member majority roberts's police must seek a warrant before obtaining cellphone tower data short of that he says only the few americans without cell phones could escape tireless and absolute surveillance steven portnoy cbs news at the capitol a little boy was struck and killed in a west philadelphia hit and run friday afternoon it happened just after four o'clock on irving street near fiftieth and spruce lease say the five year old victim was pronounced dead at the hospital there is no description of the striking vehicle at this time nick foles equals sits down for a conversation about faith family and football with trump ten.

kyw joe snyder elder abuse john roberts philadelphia nick foles wells fargo bank steve taiwa steven portnoy ninety eight percent five year
"reserve bank" Discussed on KYW Newsradio 1060

KYW Newsradio 1060

02:03 min | 2 years ago

"reserve bank" Discussed on KYW Newsradio 1060

"As a federal reserve bank of philadelphia advocates for older folks and financial institutions discussed strategies to combat elder financial abuse much of it centers on raising awareness as we hear from kyw's steve taiwa joe snyder the chair of the philadelphia financial exploitation prevention task force says it's the fastest rising form of elder abuse he points to a wells fargo bank survey of older folks and their children ninety eight percent of whom say the risk of exploitation increases with age in snyder's words will never get ahead of professional scammers and boiler rooms making these calls and will never be able to straighten out dysfunctional families so they're going to where the money is in working with the banks to help prevent elder financial abuse he says most of the abusers though our family members are trusted others the big three that we identify our family members with drug alcohol or mental illness and then you just have people that aren't evil but they think this is my money this is my inheritance steve taiwa kyw newsradio in a major ruling a divided supreme court says that police should not be able to obtain cellphone tracking data on suspects without a judge first signing off the opinion by chief justice john roberts says that cell phones offer the government the ability to achieve mir perfect surveillance as if each holder of a cell phone while wearing an ankle monitor joining with the courts liberals to form a five member majority roberts's police must seek a warrant before obtaining cell phone tower data short of that he says only the few americans without cell phones could escape tireless and absolute surveillance steven portnoy cbs news at the capitol a little boy was struck and killed in a west philadelphia hit and run friday afternoon it happened just after four o'clock on irving street near fiftieth and spruce say the five year old victim was pronounced dead at the hospital there is no description of the striking vehicle at this time at penn community bank we put people before profits i'm gene vidana president and ceo of penn community bank as mutual financial.

kyw joe snyder elder abuse john roberts philadelphia penn community bank president and ceo steve taiwa wells fargo bank steven portnoy ninety eight percent five year
"reserve bank" Discussed on WTMA

WTMA

02:46 min | 2 years ago

"reserve bank" Discussed on WTMA

"Borrow reserve monies from other banks that might be flushing their reserve account it's a daily rate now there are other tools as we have learned in the federal reserve toolkit and we've certainly seen the creation of a relatively new tool over the last decade and that would be quantitative easing and quantitative easing is simply the purchase of treasury securities and agency securities such as mortgage backed securities where the federal reserve will go in purchase the securities take them and place them on the federal reserve bank bank statement on their balance sheet which means those securities are taken out of circulation they are sitting on the federal reserve balance sheet and the interest is being collected by the federal reserve and their net interest every year is paid back to the treasury of course that's quantitative easing and that has a tendency because of the demand created in the purchase of those securities at has a tendency to lower interest rates and it also again takes those securities out of the marketplace now of course another tool as we have learned is quantitative tightening quantitative tightening is the direct opposite of quantitative easing and when you have quantitative tightening you have the federal reserve distributing securities from their balance sheet back into the marketplace now there are various ways they can do this they can do this by allowing maturing treasuries and agencies to be redeemed at which point that money goes off their balance sheet because they simply write a check off one of the commercial accounts that they have at the various member banks and that money is at that point representing a reduction in the federal reserve balance sheet and that is tightening measure so quantitative tightening has to do with redistributing securities that have been sitting on the balance sheet at the federal reserve and of course another way that they can engineer a quantity of tightening move is to sell securities they're sitting on all of these securities on the balance sheet and they can go into the open market anytime they wish and sell these securities and of course what does that do that puts these securities back into the marketplace and by putting these securities back into the marketplace it's increasing the supply of.

engineer
"reserve bank" Discussed on C-SPAN Radio

C-SPAN Radio

02:59 min | 2 years ago

"reserve bank" Discussed on C-SPAN Radio

"Never reserve bank president you had some time that your house that like what is that like has a different from being a governor on so a variety of ways on one way is this an important sharp of reserve bank president is to collect information that can be helpful when in bearing on monetary policy in understanding what's happening in the economy so the reserve bank's are structured on their up quayside public quayside private kind entity the were chartered to serve for public purpose but structure like banking organizations with privatesector boards of directors and those directors on a president meets with regularly and important role that they have is to provide information on what they're seeing in the economy and more broadly reserve bank presidents are expected to interact with all significant groups in the areas that they serve both business leaders also are members of community groups labor groups ought to try to understand what's happening in the economy so um duda i suppose historical accident the twelve regions of the federal reserve the twelve districts are into pequal size um the san francisco reach and i guess up back in 1913 there was simple all that much out west but they've got to be quite a bit and so my district represented twenty percent of the national economy and covered nine states in so you know i travel though low for our district meeting with people in trying to understand what was happening in to distill all that i heard into something that could be rolf and input from monetary policy we also had a lot of operational responsibilities course supervision is something that's important annual for see the supervisory staff but we also had operational responsibilities for checking the chaos and other things and um some of these things like check their businesses and under us law they have to when there's competition with the private sector they have to cover their costs when i got to the san francisco fed check volumes were declining edited an astonishingly rapid great so it was clear that check was going to be a contracting business and you can imagine with substantial fixed costs and hugely huge declines in check walling unions covering costs.

president rolf san francisco twenty percent
"reserve bank" Discussed on WDRC

WDRC

01:39 min | 2 years ago

"reserve bank" Discussed on WDRC

"Is will see rate hike number six in the tightening cycle which is ongoing and the third week of march at that federal open market committee made and if that happens then the new federal funds rate will be one on one half the one and threequarters percent and for those of you who are wondering what we're talking about when we save federal funds here's what we're talking about every bank that is a member of the federal reserve system is required to keep on deposit at the central bank the federal reserve bank is the central bank of the united states and each member bank is required in order to be a member they are required to keep a percentage of their deposits at the federal reserve bank every night they have to meet that percentage every night it's walked to the market every single business day well sometimes banks at the end of the day they look at their account and they say well were a little under were little under deposited in our federal funds account and so they will go into the open market which is the federal funds market that's a daily rate and a trade to during the day it's like the ultimate real time mother of all real time rate so they will go into the federal funds market at the prevailing rate at that time right now the rate is one on the court for one and a half percent and they will go in there and they will.

united states threequarters
"reserve bank" Discussed on KKOB 770 AM

KKOB 770 AM

02:13 min | 2 years ago

"reserve bank" Discussed on KKOB 770 AM

"Circuit on monday the atlanta federal reserve bank president wherever failed bostick we'll be out there as well as the san francisco federal reserve bank president john williams on tuesday morning the minneapolis federal reserve bank president neil cash carry he'll be out there wednesday morning the chicago fed president charles evans and also for rubber chicken duty on wednesday james bullard the st louis fed president and uh it's just going to be one of those weeks there will be a lot of fed jabbering going on more than that though more than that on tuesday will get the nf ib small business optimism index and this has been highly favorable the consensus is 1079 less reading want to seven point five lots of optimism out there tons of optimism we'll also get the jolts employment report tuesday uh you know the four point one percent unemployment rate is extremely low using historical data and certainly represents full employment by virtually any economic definition and job openings which will be part of the jolts report actually are exceeding hiring which suggests there is a scarcity of qualified workers we've talked about it a scarcity of qualified workers that will become more and more important if we start to see wage inflation which could be the beginning of the end but it hasn't happened yet we'll keep an eye on it that's not all also this week will be getting the consumer price index report friday morning estimated at one tenth of one percent if it comes in there the over a year will be two point one the core estimated at zero point two if it comes in there the year over year old be one point seven we'll get retail sales on.

president chicago charles evans unemployment rate wage inflation retail sales atlanta bostick san francisco john williams minneapolis neil cash james bullard consumer price index one percent
"reserve bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:46 min | 3 years ago

"reserve bank" Discussed on Bloomberg Radio New York

"Federal reserve bank of chicago president charles evans says 'weaken flation in the us may not be entirely due to temporary factors evans spoke this morning with blue berg television and radio in zurich the inflation data had been disappointing i understand i read the arguments i've heard them that uh it's likely due to transitory factors there certainly have been a number of those in the u s i would say that uh in a low inflation is a global environment in so the whole world is deal with trans toury effects in the airline industry delta airlines says fares are set to improve in all major markets confirming a healthy or financial outlook after a summer of us price wars and longtime weakness on transpacific routes delta air lines advancing now by one point one percent tenure up four thirty seconds the yield two point three four percent gold down to 04 the ounce to twelve 85 down twotenths of 1 percent west texas intermediate crude oil up twotenths of one percent to fifty one oon a barrel recapping stocks higher s p of appoint up by one tenth of one percent it is one o2 on wall street that means it's time for the market drivers report and a look at american depository receipts and now here's dave wilson thanks charlie adrs or bautists directionless as us shares both the s p adr index and the sp five hundred or higher by less than a tenth of a percent germany's ga group is risen three point seven percent in us trading the machinery maker said activist investor elliott management owns a stake that exceeds three percent elliott's run by billionaire paul singer who is increasingly targetting companies in europe turkish mobile phone company turkcell as gained three.

charles evans mobile phone europe ga germany dave wilson texas airline industry zurich Federal reserve bank president chicago turkcell paul singer elliott crude oil us one percent four thirty seconds three four percent seven percent three percent 1 percent
"reserve bank" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:07 min | 3 years ago

"reserve bank" Discussed on Bloomberg Radio New York

"Six seventy four twenty seven at one point but we actually weakened a lot for the on your just in the last little bit worth six seventy five ninety three now well the reserve bank of dallas president robert kaplan is sticking to his outlook of two more interest rate increases this year that he says is strengthening in hiring and his outlook for inflation but my own view as inflation will slowly but gradually over the next two or three years not immediately by the next two or three years get to two percent indeed in the same time of course we do have the core inflation rate lead been declining of laden governor was speaking with bloomberg reduce a term keane is an event hosted by the council on foreign relations while the us is slipping in global competitiveness that's according to a new survey get that story from bloomberg denise pellegrini the us slip from the top three countries when it comes to economic competitiveness that's according to a new survey published by the i am d world competitiveness center the survey puts the us in fourth place now behind hong kong singapore and switzerland as executives perception of the world's biggest economy deteriorated after donald trump's election as president china climbed seven places to eighteen th place to these telling queenie bloomberg apec asia well as you as president trump and news announcing his final decision on the powers of climate change agreement he is getting an earful from industry leaders ed baxter is covering global news in of bloomberg nine 60cent resist good news of ad though shorter we begin let's start with apples tim cooke with lastminute urging to stay in also from the top of dow and must tweeting don't know which way paris will go but i've done all i can to advise directly to potus through others in a wh and via councils that we remain and mr trump acknowledges he's been hearing from a lot of people both ways meanwhile european commission president jeanclaude juncker saying that president trump should read the agreement before it decides what to do the unaccountable if a system came up common police the americans can't just get out of the agreement mr.

jeanclaude juncker european commission mr trump tim cooke ed baxter climate change queenie bloomberg switzerland denise pellegrini president dallas paris china donald trump hong kong singapore us bloomberg inflation rate robert kaplan three years two percent