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The Deadline To Turn in Your Gold – May 1st, 1933
Postet: 02.05.2024
We'll also take you back 91 years to reflect on Executive Order 6102 — one of the most highly controversial pieces of legislation in American history.
Starbucks, McDonald's Feel the Pinch as Diners Tighten Belts
Postet: 02.05.2024
The long-anticipated consumer pullback in spending is now evident in the restaurant industry, with notable chains like Starbucks, KFC, and McDonald’s experiencing declines in same-store sales. Starbucks saw a significant 17% drop in share prices following a surprising sales dip, attributed partially to adverse weather. Similarly, Yum Brands cited January snowstorms and challenging year-over-year comparisons for underwhelming performance across its brands, including Pizza Hut and Taco Bell.
Biden Administration Cancels $6.1 Billion in Student Debt for 317,000 Amid Fraud Claims
Postet: 02.05.2024
The Biden administration has announced the forgiveness of $6.1 billion in student debt for 317,000 former students of The Art Institutes, following the chain's closure last fall amid fraud allegations. This move is part of President Biden's broader strategy to address the nation's $1.7 trillion student debt, especially after broader relief efforts were hindered by the Supreme Court last year. The Art Institutes were accused of misrepresenting employment rates and salary data, leaving many graduates with significant debt and few tangible benefits, according to U.S. Secretary of Education Miguel Cardona.
Steady Unemployment Claims Signal Robust U.S. Labor Market
Postet: 02.05.2024
Despite a slight stall in worker productivity in the first quarter, the U.S. labor market remains tight, with unemployment claims maintaining a steady, low level last week. Economists are optimistic, attributing the productivity slowdown to seasonal quirks and maintaining a positive outlook for the economy’s performance in the second quarter.
Powell Dismisses Stagflation Fears
Postet: 02.05.2024
During a recent conference, Federal Reserve Chair Jerome Powell dismissed concerns about stagflation, referencing historical contexts where stagflation involved much harsher economic conditions than those seen today. Despite a GDP growth report of 1.6% and a core PCE price index increase of 3.7%, Powell cited current solid growth and inflation under 3% as evidence against imminent stagflation. However, given Powell's previous misjudgments on economic trends, including a missed prediction on post-pandemic inflation spikes, UBS has developed strategies in case his current assessments prove incorrect again.
U.S. Labor Market Holds Strong; First Quarter Productivity Sees Minor Dip
Postet: 02.05.2024
The number of new unemployment claims last week stayed low, indicating a strong economic support into the second quarter. Despite a near halt in worker productivity growth in the first quarter, economists dismissed concerns, attributing the slowdown to seasonal patterns and affirming the overall solid productivity trend.
Gold Prices Dip as U.S. Rate Cut Hopes Diminish Amid Inflation Concerns
Postet: 02.05.2024
Gold prices declined on Thursday as investors reevaluated the likelihood of U.S. interest rate cuts after the Federal Reserve indicated that inflation progress has stalled, suggesting higher interest rates may persist longer. Despite a brief surge in gold prices following a dip in the dollar and Treasury yields, the gains were short-lived. The Fed’s recent decision to maintain steady interest rates, coupled with cautious remarks about potential rate cuts, reflects ongoing concerns about inflation. Analyst Ross Norman noted that while delayed rate cuts are generally seen as negative for gold, the market's fluctuations offer temporary relief.
Fed's Powell Cautious on Rates, Inflation Data to Guide Future Decisions
Postet: 02.05.2024
Federal Reserve Chair Jerome Powell emphasized the potential for declining inflation while maintaining a cautious tone on interest rates, acknowledging them as restrictive. Despite Powell's optimism, recent disappointing inflation and wage data have shifted investor focus from the Federal Reserve's forecasts to actual economic trends. Powell asserts his views, but as Neil Dutta from Renaissance Macro Research notes, it is the concrete inflation figures that will ultimately guide the Fed's actions. Meanwhile, the Fed's latest policy statement hints at a potential rate cut, though former advisor William English suggests that persistently high inflation could lead to a reversal of this stance, increasing the likelihood of rate hikes.
Chinese Gold Trading EXPLODES
Postet: 02.05.2024
Join Alan Hubbard in today’s update on the massive increase in Chinese gold trading activity.
Stress Tests Reveal Hundreds of U.S. Banks at Risk Due to Loans and Rate Hikes
Postet: 01.05.2024
Hundreds of small and regional banks in the U.S. are under financial stress, with 282 facing significant risks from commercial real estate loans and the effects of higher interest rates, according to a study by Klaros Group. While these banks, predominantly holding less than $10 billion in assets, are not nearing insolvency, their strained financial conditions could lead to a reduction in investments like new branches and technology, potentially impacting communities and limiting direct services to customers. Fitch Ratings' Christopher Wolfe and Klaros Group's Brian Graham emphasize that the risk is more about financial pressure than outright failures.