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Showing posts from July, 2021

Wonking Out - Paul Krugman: Keynesian Republicans, Supply-Side Democrats?

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  Source:   nytimes.com Paul Krugman 7-8 minutes Paul Krugman July 30, 2021, 2:09 p.m. ET Credit... Shawn Thew/EPA, via Shutterstock So Joe Biden appears to have his bipartisan infrastructure deal . Of course, progressives will be bitterly disappointed if that’s the end of the story. But it probably won’t be. In the end, Democrats will probably pass a second bill through reconciliation, adding several trillion dollars in “soft” investment — especially spending on children, which almost surely will have bigger economic payoffs than repairing roads and bridges, important as that is. But today’s newsletter won’t be about legislative maneuvering. Instead, I want to talk about a funny thing that has happened to economic policy debate, detailed in a recent article by Jim Tankersley. Suddenly, Republicans have become Keynesians, while Democrats are talking about the supply side. Traditionally, Democrats sought to ju

U.S. Market at Close Report: S&P 500 Closes Friday Lower on Friday, July 30 2021

 Source:   cnbc.com Yun Li 3-4 minutes U.S. stocks fell on Friday amid a slide in Amazon shares, but the S&P 500 is still on track to notch its sixth straight positive month. The S&P 500 fell 0.4%, dragged down by the consumer discretionary sector. The tech-heavy Nasdaq Composite slipped 0.6%. The Dow Jones Industrial Average dipped 108 points. Amazon sank 7.3% after it reported its first quarterly revenue miss in three years and gave weaker guidance. Pinterest fell even further, down 17%, after saying it lost monthly users during the three months ended June 30. Major averages are still on pace to wrap up a solid month, although volatility has picked up amid concerns about the economic recovery in the face of the spreading delta variant. The Nasdaq and Dow have added 1% and 1.4% respectively in July, while the broad S&P 500 is up 2.2% over the same period. Utilities, health-care, real estate and technology

Europe Markets at Close Report: European Stocks Close Lower as Investors Reacted to Economic Indicators.

 Source:  cnbc.com Elliot Smith 3-4 minutes LONDON — European stocks retreated on Friday after closing the previous session at all-time highs, as investors reacted to another deluge of corporate earnings and economic data. The pan-European Stoxx 600 index provisionally ended down 0.4%, with most major bourses and sectors in negative territory. Travel and leisure stocks dropped 2.5% to lead losses while chemicals stocks climbed 1%. Shares in Asia-Pacific declined again on Friday, heading for their worst month since March 2020, as volatile trading continued for Chinese tech stocks amid regulatory actions in China and Hong Kong's Hang Seng index tumbled. Stateside, stock futures are pointing to a slightly lower open on Wall Street, with futures contracts on the Nasdaq 100 falling sharply after e-commerce behemoth Amazon 's first earnings miss for three years. The rapid spread of the delta Covid-19 variant and t

Gold Price Report (Morning Edition): Gold Set For Strongest Weekly Gain in 2 Months.

 Source:   cnbc.com Reuters 2-3 minutes Gold prices held firm near a two-week high on Friday, heading for their biggest weekly gains in more than two months after the U.S. Federal Reserve cemented investors hopes that interest rates are going to stay low for some time. Lower interest rates reduce the opportunity cost of holding non-yielding bullion. Spot gold was steady at $1,827.68 per ounce by 7:54 am. ET after hitting its highest since July 15 at $1,832.40 on Thursday. It is up 1.4% so far for this week. U.S. gold futures eased 0.3% to $1,831.10. "The Fed's accommodative stance this week is sinking the dollar and Treasury yields are relatively low. There is a bit of fluctuation but overall these factors have been quite supportive for gold," said Xiao Fu, head of commodity market strategy at Bank of China International. Fed Chair Jerome Powell on Wednesday said the U.S. job market still had some ground

Oil Price Report (Morning Edition): Oil Prices Fall, but still on Track for a Weekly Gain.

  cnbc.com Reuters 2-3 minutes Oil prices fell on Friday but remained on track to post weekly gains with demand growing faster than supply, while vaccinations are expected to alleviate the impact of a resurgence in COVID-19 infections across the globe. Brent crude futures for September, which expires on Friday, dipped 2 cents to $76.03 a barrel, following a 1.75% jump on Thursday. The more active Brent contract for October was down 14 cents, or 0.2% to $74.96 per barrel. U.S. West Texas Intermediate (WTI) crude futures slid 8 cents to $73.53 per barrel, whittling down a 1.7% rise from Thursday. But both benchmark contracts were headed for gains of around 2% for the week. Even with coronavirus cases rising in the United States, all around Asia and parts of Europe, analysts said higher vaccination rates would limit the need for the harsh lockdowns that gutted demand during the peak of the pandemic last year. "The oil ma

Bonds | Treasury Yields Report(Morning Edition): Inflation Data Line Up Making Treasury Yields Dip Slightly Lower on Friday.

 Source:   cnbc.com Vicky McKeever 2 minutes U.S. Treasury yields ebbed slightly lower Friday after a key inflation reading came in near economists' expectations. The yield on the benchmark 10-year Treasury note fell 2 basis points to 1.249% at 9:10 a.m. ET. The yield on the 30-year Treasury bond dipped 1.2 basis points to 1.904%. Yields move inversely to prices. One basis point equals 0.01%. Treasurys The personal consumption expenditures index — the Federal Reserve's preferred measure of inflation — increased 3.5% in June from a year prior. Economists surveyed by Dow Jones expected a 3.6% jump. The June reading "was the second consecutive deceleration in the [month-over-month] pace of core-PCE -- consistent with the notion that inflation might have peaked for the time being," BMO Capital Markets' Ian Lyngen said in a note. The Fed said in its latest policy decision on Wednesday that while progress h

Republicans Blame Pelosi for Jan. 6.

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  Source:  mailchi.mp 11-14 minutes An update from FactCheck.org

Cryptocurrency Prices as of July 30 2021:

  Source:   news.abplive.com ABP Live 4-5 minutes Cryptocurrency Prices Today, 30 July 2021: Check and compare cryptocurrency prices. Get to know how much bitcoins, Ethereum, Litecoin, Ripple, Dogecoin and other cryptocurrencies rate, value, worth today, compare prices, and check market capital across all the top Indian exchanges. Cryptocurrency Prices in India: Cryptocurrency remains a volatile market, and prices change very frequently. Even if you look at just the most well-known ’coins’, like Bitcoin, Ether, Dogecoin, Litecoin and Ripple, there have been constant changes in their value. Bitcoin is the oldest and most well-known cryptocurrency token that can be purchased and in the last 24-hours, its value has changed by 0.80%. It was priced at ₹29,61,991, according to CoinMarketCap, and is now at ₹29,85,645. Bitcoin’s market capital is now ₹56.0T. Crypto prices can vary slightly a

How did Asia-Pacific Markets Close on Friday, July 30 2021? Hong Kong's Hang Seng Ends Friday Lower, Volatile Trade Posts a 5% Weekly Loss.

 Source:   cnbc.com Weizhen Tan 3-4 minutes SINGAPORE — A week of volatile trading in Chinese markets has left Hong Kong's Hang Seng index 5% lower. Both Hong Kong and mainland-listed stocks fell on Friday, losing the partial recovery they made after diving earlier this week . Hong Kong's Hang Seng index ended Friday off session lows, but still closed about 1.4% lower at 25,961.03. Tech stocks fell, reversing from their Thursday gains. Alibaba tumbled around 4%, Tencent was down about 2.6%, and Meituan dived nearly 6%. The Hang Seng Tech index overall lost around 2.6%. Mainland-listed stocks were also subdued. The CSI 300 tumbled 0.81% to 4,811.17, while the Shanghai composite declined 0.42% to 3,397.36 and the Shenzhen component was down 0.29% to 14,473.21. The yuan, however, recovered strongly after selling off earlier this week, tracking the stock losses. The offshore yuan was at 6.4624 on Friday afternoon, aft
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The Ezra Klein Show

Source: nytimes.com ‘The Ezra Klein Show’ 58-74 minutes [MUSIC PLAYING] ezra klein I’m Ezra Klein, and this is “The Ezra Klein Show.” So if you’ve been listening to the show, you know I’m a little worried about the Republican Party’s turn against democracy. But look, maybe I’m being alarmist. There’s a case for that. If you dig into the research, whatever you think of voter ID laws morally, they don’t seem to have a huge effect on outcomes. These various laws Republicans are passing to politicize the election administration, they don’t really need new laws to do that. They have all kinds of powers that could be used or misused now. So maybe it’s all just for show. Donald Trump, he’s a waning force. The guy doesn’t even have a Twitter account anymore. And so maybe the unique dangers he posed have passed. This isn’t my take exactly, but it’s close to my colleague Ross Douthat’s take. He’s had a series of columns arguing t