Tag Archives: Economy

Financial Daily Dose 7.31.2020 | Top Story: Amazon a Juggernaut?

BY: Juvian Hernandez | July 31, 2020

Amazon a juggernaut? Quarterly sales and profit prove how indispensable tech giants have become to our society. In the midst of a pandemic, Big Tech mostly shows gains. – WSJ Market Snapshot: S&P 500 Index increased 0.3% as of 8:23 a.m. London time; Bloomberg Dollar Spot Index declined 0.3%; 10-year Treasuries fell one basis point to … Continue reading

Financial Daily Dose 7.30.2020 | Top Story: Fed Recommits to Covid Relief Efforts as US GDP Craters

BY: Michael D. Reif | July 30, 2020

As expected, the Fed left rates unchanged at near zero as the Open Market Committee broke on Wednesday but managed to buoy stocks by pledging to “keep supporting the United States economy as the pandemic continues to depress economic growth and sideline millions of workers” – NYTimes and WSJ and Bloomberg and MarketWatch and Marketplace … Continue reading

Financial Daily Dose 7.14.2020 | Top Story: US Deficit Hits New Monthly High in June on Covid Relief Spending

BY: Michael D. Reif | July 14, 2020

The Treasury Department announced on Monday that the U.S. budget deficit hit a new record in June–$864 billion—“as the federal government continued pumping money into the economy to prop up workers and businesses affected by the coronavirus pandemic” – NYTimes and MarketWatch That outlay won’t be shrinking any time soon, either, especially now that a … Continue reading

Financial Daily Dose 6.17.2020 | Top Story: Consumer Spending Surged 17.7% in May, but Economists Warn of Yearslong Recovery Ahead

BY: Michael D. Reif | June 17, 2020

May saw a huge jump in consumer activity to the tune of +17.7%, as Americans unleashed their pent-up demand. It was welcome news for markets and beyond, but “the underlying data presents a more complicated picture and shows just how arduous an economic recovery from the coronavirus pandemic will be” – NYTimes and WSJ and … Continue reading

Financial Daily Dose 6.9.2020 | Top Story: NBER Declares US Entered Recession in February

BY: Michael D. Reif | June 9, 2020

No one—truly, not even the most casual economic observer—should be shocked by yesterday’s official declaration from the National Bureau of Economic Research that the U.S. is in a recession that officially began in February. But we’ll all dutifully report that designation anyway, along with the fact that the “longest expansion on record” [records, mind you, … Continue reading

Financial Daily Dose 6.2.2020 | Top Story: CBO Projects Decade of Recovery and GDP-Contraction From Pandemic-Induced Econ Harm

BY: Michael D. Reif | June 2, 2020

New estimates from the Congressional Budget Office suggest that the “U.S. economy could take the better part of a decade to fully recover from the coronavirus pandemic and related shutdown” and see as much as a 3% contraction in GDP over that period – WSJ and NYTimes and MarketWatch Zuck and Co. are facing a … Continue reading

Financial Daily Dose 5.26.2020 | Top Story: Covid-19 Drives Already-Troubled Hertz to Bankruptcy

BY: Michael D. Reif | May 26, 2020

Unable to reach a last-minute deal with investors, rental car mainstay Hertz filed for bankruptcy late Friday night, doing so “without a clear plan with creditors in place—a rare move for a company of its size.” Though, like the other big-name bankruptcies in recent weeks, the pandemic pushed the company over the edge, Hertz has … Continue reading

Financial Daily Dose 5.20.2020 | Top Story: Fed Chair and Treasury Secretary Urge Action to Support U.S. Economy

BY: Michael D. Reif | May 20, 2020

In testimony to the Senate Banking Committee on Tuesday, Fed Chair Powell and Treasury Secretary Mnuchin both “offered a stark assessment of the fragile state” of the U.S. economy, though they differed in a solution. Powell stressed the need for additional monetary support from Congress and the Fed for states and businesses, while Mnuchin focused … Continue reading

Financial Daily Dose 5.14.2020 | Top Story: Fed Chair Warns About US Economy, Urges Congressional Action

BY: Michael D. Reif | May 14, 2020

The latest from Chair Powell and the Fed from his Peterson Institute appearance yesterday, including the stark warning that the U.S. was “experiencing an economic hit ‘without modern precedent’” that could “permanently damage the economy if Congress and the White House did not provide sufficient financial support to prevent a wave of bankruptcies and prolonged … Continue reading

Financial Daily Dose 3.24.2020 | Top Story: Fed’s “Unlimited” QE Promise Doesn’t Reassure Markets Amid D.C. Deadlock

BY: Michael D. Reif | March 24, 2020

A promise of “unlimited” QE from the Fed Monday morning briefly turned the tides on Dow futures but wasn’t enough to overcome another day of COVID-19-related fears and DC gridlock over the $1.8 trillion stimulus package III that combined to drive markets down still further by day’s end – NYTimes and WSJ and MarketWatch Early … Continue reading