The U.S. economy grew by a scant 0.7 percent in last year’s final three months, the commerce department’s Bureau of Economic Analysis reported last week.
Tag: Federal Reserve
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KRAKEN TO RECEIVE A FEDERAL RESERVE MASTER ACCOUNT
The Federal Reserve announced last week that it will give Kraken, a cryptocurrency exchange, a master account that allows the company to connect to the central bank’s Fedwire service, which was seen as the latest example of the U.S. government’s push to integrate these crypto exchanges into an ecosystem normally reserved for traditional banking institutions.
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TRUMP’S INTERVIEW WITH REUTERS: IS HE UPSIDE DOWN OR INSIDE OUT?
President Donald Trump sat down with Reuters last week to discuss the direction of the administration and how he plans to achieve his top foreign policy goals, while trying to maintain public support in the U.S.
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COMPANIES ANNOUNCE FEWER LAYOFFS, ALSO SLASH HIRING PLANS
In September, U.S. employers announced layoffs affecting 37 percent fewer workers than in July. However, that bit of good news was darkened by announcements that companies plan to hire the fewest number of workers since 2009 in the months ahead, outplacement firm Challenger, Gray & Christmas reported.
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SEASONAL HIRING TO BE THE LEAST IN 16 YEARS
Hiring seasonal help for the year-end holiday shopping season is poised to be the lowest since 2009 in the Great Recession, a signal that retailers expect especially weak sales, outplacement firm Challenger, Gray & Christmas in a report last week.
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CONSUMERS INCREASED THEIR SPENDING IN AUGUST
U.S. households spent 0.6 percent more in August than in July, the commerce department reported. Economists in a Reuters poll expected a 0.5-percent gain.
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INVESTORS FLEE U.S. STOCK FUNDS
U.S. investors cashed out a net $10.44 billion from U.S. equity funds in the week ending 10 September.
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OFF WITH THEIR HEADS 2.0: DALIO WARNS THAT U.S. IS HEADING TOWARDS AN AUTOCRACY
Ray Dalio, the hedge fund billionaire, said in an interview with the Financial Times last week that the U.S. under President Donald Trump, and considering the wealth gap in the country, is “analogous to what happened around the world in the 1930-40 period.”
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POOR JOBS REPORT HALTS U.S. DOLLAR’S COMEBACK
The dollar’s value increased 1.5 percent against a collection of other major currencies last week, the London Stock Exchange Group reported, marking the buck’s best week since last November’s presidential election.
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AS FORECAST, PRES. TRUMP DEMANDS FED LOWER INTEREST RATES
As we had long forecast, President Trump will keep pushing the Federal Reserve to lower interest rates. After the U.S. Bureau of Labor Statistics reported the U.S. economy added 139,000 jobs in May—more than expected—Donald Trump took to social media to demand that the U.S. Federal Reserve and its Chairman Jerome Powell lower the central bank’s interest rate.