NO ‘POLOZ PUT’ – BOC GOVERNOR
By Peter Diekmeyer OTTAWA (MaceNews) – Bank of Canada head Stephen Poloz Thursday denied the existence of a central bank backstop if a collapse in Bitcoin and FANG stocks spreads to other sectors. The central bank governor made the comments following a now-annual presentation to Toronto’s business community, which focused on growing financial vulnerabilities. Poloz […]
“SUPER EXPONENTIAL” CHANGE OUTPACES COMPREHENSION
By Denny Gulino WASHINGTON (MaceNews) – It’s dawning on governments that robots do not necessarily pay taxes and it’s becoming apparent to workers that their future income is in the hands – or probes or sensors – of these same robots as public policy falls to keep up and protect them. Sounds like chaos in […]
BE AFRAID, GDP – VERY AFRAID
By Denny Gulino WASHINGTON (MaceNews) – What is more basic to an understanding of the economy’s current state than the government’s quarterly report on gross domestic product? A lot, it turns out. That is the premise of a two-day forum being held by the International Monetary Fund which has drawn economic data experts from around […]
UK PM MAY VOWS TO ‘SEE BREXIT THROUGH’
By Laurie Laird LONDON (MaceNews) – British Prime Minister Theresa May has pledged to lead the UK out of the European Union, but her forceful claim to the premiership failed to dispel concerns that she could face a leadership challenge over the coming days. Addressing a hastily-called press conference Thursday, May reaffirmed her commitment to “see […]
US GOVT’S FISCAL YEAR BEGINS WITH STEADY DEFICIT
By Denny Gulino WASHINGTON (MaceNews) – The U.S. government’s fiscal year has begun with the deficit remaining virtually unchanged compared to a year earlier, at $110 billion – at least after adjusting for some special factors – and not yet showing the widening that most analysts say is inevitable later this year on into the […]
FOMC DOESN’T SURPRISE; HOLDS STEADY FOR NOW
WASHINGTON (MaceNews) – The Federal Open Market Committee Thursday did the expected, held the federal funds rate steady for now, with its statement altered only slightly to say business investment has moderated – without suggesting any reason. The meeting, delayed to place it after the mid-term elections, is to be followed in December with what […]
DEMOCRATS WIN CONTROL OF THE US HOUSE OF REPRESENTATIVES
By Denny Gulino WASHINGTON (MaceNews) – The political earthquake that shook Washington Tuesday night was widely anticipated yet still arrived as something of a shock, as the House of Representatives was transferred to Democratic control, posing a significant threat to the White House of Donald Trump. As first projected by Fox News, the media of […]
US WAGE GAINS TOP 3%; OCT PAYROLLS STRONG AT 250K
By Denny Gulino WASHINGTON (MaceNews) – One of the most over-anticipated economic breakthroughs finally did happen Friday as the job report’s annual increase in U.S. wages pierced the 3% mark, hitting an increase of 3.1% – thanks in part to a favorable comparison month a year ago – while payrolls in October added 250,000 new […]
ECB CONFIRMS END OF QE DESPITE EZ SLOWDOWN SIGNS
By Laurie Laird FRANKFURT (MaceNews) – The European Central Bank Thursday confirmed plans to reduce its quantitative easing programme by year end, even as its leadership acknowledged a recent slowdown in the euro zone economy. The ECB reduced its purchase of assets to €15 billion at the end of September, and will cease the programme at […]
BEIGE BK GOES BEYOND ‘MODEST TO MODERATE’ W/CONCERNS
WASHINGTON (MaceNews) – The Federal Reserve’s latest Beige Book survey of economic conditions Wednesday left behind some of its usual “modest to moderate” blandness on the expansion to include rumblings of concern about tariffs, price pressures and labor shortages. The following is the Beige Book summary, prepared by the Richmond Fed: Overall Economic Activity Economic […]