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    President Joe Biden signed an executive order Thursday morning granting the Department of the Treasury sweeping authority to sanction Russian companies and individuals connected to a series of malign activities. The order and sanctions come after the Biden administration completed its three-month review of the 2020 SolarWinds hack in early April, at which point officials indicated the administration would specifically target “people close to Russian President Vladimir Putin as well as agencies linked to election interference.” The U.S. also joins allies in launching sanctions over the attempted assassination and jailing of Russian opposition leader Alexei Navalny. (RELATED: U.S. Determines Russia Responsible For ‘Most Or All’ Of Massive Federal Breach) Russian Prime Minister Vladimir Putin (L) and US Vice President Joe Biden (2nd R) meet on March 10, 2011 with their delegations in Moscow. Putin on March 10 proposed to Biden that Russia and the United States abolish visas in a...
    By Herbert Lash NEW YORK, Apr 2 (.) – The dollar and benchmark Treasury bond return rose slightly in low-volume trades on Friday, after data showed a surge in US hiring in March pointed to an economic recovery. which is on its way to being the strongest in decades. * Stock markets were closed due to Good Friday in America, Europe and other regions, but it is not a US government holiday and the Department of Labor released the report on non-farm payrolls. * The US economy added 916,000 jobs in March, more than economists’ forecast of 647,000, and the unemployment rate fell to 6.0% from 6.2% the previous month. February employment figures were revised up. * Wall Street S&P 500 Index futures extended gains to 0.43% after the report. * Despite the strong numbers, the data will not alter the Federal Reserve’s stance on monetary policy, said Steven Ricchiuto,...
    By Brijesh Patel Apr 1 (.) – Gold rose on Thursday as a slight decline in the dollar and US Treasury yields helped the bullion regain some of its appeal as a hedge against inflation in the face of the billionaire. President Joe Biden’s infrastructure investment plan. * Spot gold was up 0.42% at $ 1,714.87 an ounce at 1014 GMT, after hitting its lowest since March 8 at $ 1,677.61 on Wednesday. Most of the markets will be closed on April 2 due to Good Friday. * “The forces (the dollar and US Treasury yields) that drove gold prices lower earlier this week have been reduced and we are also seeing some buying down,” said Xiao Fu, Head of Commodity Markets Strategy at Bank of China International. * “After the details of Biden’s infrastructure plan, the market’s focus has returned to this prospect of potential inflation. But I wouldn’t...
    Social security recipients and other federal beneficiaries who do not normally file a tax return can expect to see a direct payment from the IRS and the Treasury Department this weekend.According to the U.S. Department of Treasury's website, the announcement was made Tuesday that they anticipate payments to be sent electronically and received on April 7."After receiving data from the Social Security Administration on Thursday, March 25, the IRS began the multi-step process to review, validate, and test tens of millions of records to ensure eligibility and proper calculation of Economic Impact Payments. If no additional issues arise, the IRS currently expects to complete that work and to begin processing these payment files at the end of this week," the department wrote on its website.SEE ALSO: Still no stimulus money? Here's how to uncover the status of your checkSo who exactly qualifies under this?The Treasury Department's website states that Tuesday's...
    New York, Mar 25 (EFE) .- Wall Street opened this Thursday in red and its main indicator, the Dow Jones of Industrialists, fell 0.40% despite the fact that the latest labor market data continue to point to the economic recovery. Half an hour after the start of operations on the New York Stock Exchange, the Dow Jones cut 129.37 points, down to 32,290.69 integers; and the selective S&P 500 fell by 0.0.17% or 6.42 points, to 3,882.72 integers. The Nasdaq index, which hovered near the flat line, was down 0.03% or 3.38 points, standing at 12,958.51 integers. The US Department of Labor reported that the number of applications for unemployment benefits fell to below 700,000 last week, the first time since that has occurred since the COVID-19 pandemic began. In the debt market, the 10-year Treasury yield was slipping early to 1.596%, but the stabilization did not seem to generate...
    New York, Mar 24 (EFE) .- Wall Street opened this Wednesday in mixed terrain and its main indicator, the Dow Jones of Industrialists, rose 0.71% in a rebound after the generalized losses the day before. Half an hour after the start of operations on the New York Stock Exchange, the Dow Jones added 231.43 points, to 32,654.58 integers; and the selective S&P 500 advanced 0.34% or 13.47 points, to 3,923.99 integers. The Nasdaq index, which in the first minutes was in the green, went to losses with a decline of 0.21% or 27.54 points, standing at 13,200.15 integers and weighed down by large technology companies. The New York stock market closed yesterday its worst day in three weeks after the appearances of the president of the Federal Reserve, Jerome Powell, and the secretary of the Treasury, Janet Yellen, in Congress. Powell and Yellen highlighted the stability of financial markets, noted...
                        Live from Music Row Tuesday morning on The Tennessee Star Report with Michael Patrick Leahy – broadcast on Nashville’s Talk Radio 98.3 and 1510 WLAC weekdays from 5:00 a.m. to 8:00 a.m. –  host Leahy welcomed author and financial advisor Tim Pagliara to the studio to discuss his book and the conservatorship of Fannie Mae and Freddie Mac and two looming lawsuits. Leahy: Tim Pagliara author of a great new book, Another Big Lie: How the Government Stole Billions from the American Dream of Homeownership and Got Caught. So this is all related to him to the 2008 financial crisis and a lawsuit stemming from that. Give us the story. Pagliara: Lots of lawsuits. So the Fannie Mae and Freddie Mac were put in conservatorship like a lot of banks. Leahy: When was this? Pagliara: September 2008. Leahy: Okay, we...
    Madrid, Mar 23 (EFE) .- The Anticorruption Prosecutor’s Office accuses the former economic vice president, Rodrigo Rato, of eleven crimes against the Public Treasury, as well as money laundering, punishable insolvency, corruption and documentary falsification, and asks for him up to 83 years in jail. In a note dated Tuesday, Anti-Corruption requests prison terms of between four and six years for each of the eleven crimes against the Public Treasury, six years for the crime of money laundering, four for the crime of punishable insolvency, another four for the crime crime of corruption in business, and, finally, three for the crime of document falsification. Likewise, it requests the corresponding fines and accessory penalties and compensation to the Tax Administration for the amounts defrauded in each of the indicated fiscal years. On March 1, the head of Instruction Court number 31 of Madrid decided to prosecute the former vice president of...
    VIDEO5:4505:45Key takeaways from Treasury Secretary Janet Yellen and Jerome Powell's testimonyPower Lunch Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell on Tuesday agreed that higher elevated asset valuations in pockets of the markets are not yet reason for alarm. Speaking before the before the House Financial Services Committee, both said they are confident in the stability of the financial sector as the U.S. economy recovers from the Covid-19 pandemic. But Rep. Jim Himes, D-Conn., asked the pair if they are at all worried about eventual market turmoil when trillion-dollar fiscal stimulus efforts fade and the Fed begins to curb its easy monetary policy. Yellen, the first woman to lead the Treasury Department, answered first. "I'd say that while asset valuations are elevated by historical metrics, there's also belief that with vaccinations proceeding at a rapid pace, that the economy will be able to get back on track," she...
    The Anti-Corruption Prosecutor’s Office has requested in its brief of provisional conclusions more than 80 years in jail for him former Minister of Economy Rodrigo Rato for supposedly defraud more than 8.5 million euros, accusing him of crimes against the Public Treasury, money laundering and corruption in business, among others, in the case of the alleged illicit origin of their assets. The Public Ministry has accused Rato of eleven crimes against the Public Treasury, calling for sentences of between four and six years in prison for each; one of money laundering, for which he claims six years; another of punishable insolvency, for which he asks for four years; another of corruption in business, with a request for a sentence of another four years; and a crime of documentary falsity, to which he packs another three years. To this request, the Public Prosecutor’s Office has added the corresponding fines and...
    Chairman of the Federal Reserve Jerome Powell listens during a Senate Banking Committee hearing on "The Quarterly CARES Act Report to Congress" on Capitol Hill in Washington, U.S., December 1, 2020.Susan Walsh | Reuters The Federal Reserve could remain a source of angst for markets in the week ahead, with chairman Jerome Powell scheduled to testify twice before Congress and more than a dozen other Fed speeches expected. The bond market's reaction to the central bank this past week was unusually volatile. Though the market was initially steady after the two-day Fed meeting and Powell's briefing Wednesday, Thursday came with a big selloff in bonds and spiking rates. Traders reacted to the fact that the central bank is willing to let inflation and the economy run hot while the job market recovers. In the approaching week, bond market professionals will be watching Powell and other member of the Fed for...
    By Brijesh Patel Mar 19 (.) – Gold headed for its second consecutive weekly rise on Friday as a slight drop in the dollar and Treasury bond yields provided support for the gold metal. * Spot gold was up 0.3% at $ 1,740.99 an ounce at 0947 GMT, up more than 0.6% so far this week. Gold futures in the United States were up 0.5% at $ 1,741.60. * “A correction to the 10-year US Treasury yield and indeed the dollar index is offering a little boost to gold prices, but we’ve been here before around the $ 1,745 level and gold it has encountered some resistance, “said Ross Norman, an independent analyst. * “Gold doesn’t appear to have had much or enough momentum to get past that level. We could require a compelling indication that these corrections in yields and the dollar are more sustainable, and there is no...
    The Public Treasury has captured 6,165.62 million euros in 3-year bonds and 7 and 30-year government obligations on Tuesday, practically in the expected midrange, with a demand that almost doubles what was finally awarded. Despite the fact that so far in 2021 the body under the Ministry of Economic Affairs and Digital Transformation has registered higher returns in its operations, investor interest in public debt remains. In fact, the demand for this Tuesday’s issue has reached 10,608.13 million euros, which is 1.7 times more than what was finally awarded, which shows that investment interest in Spanish securities. 100,000 million this year Specific, has placed 2,131.68 million euros in three-year government bonds, compared to a demand of 3,906.69 million euros, and the yield has increased by registering a marginal interest rate of -0.388%, less negative than the -0.403% reference of the auction on February 18. Likewise, has issued 3,047.30 million...
    (CNN)Republican state officials are up in arms over one of the strings attached to the $350 billion in state and local aid contained in the Democrats' massive relief package enacted last week.The restriction, which was added by Senate Democrats, prompted Ohio's attorney general to file a lawsuit Wednesday and his GOP peers to write an angry letter to Treasury Secretary Janet Yellen.At issue is a provision in the $1.9 trillion stimulus law that could limit states' ability to cut taxes. It says states cannot use the funds to "either directly or indirectly" offset a decrease in net tax revenue resulting from changes such as rate reductions, rebates, deductions, credits or delays in tax increases or the imposition of a tax. The rule may apply through 2024, which is the deadline for states to use their aid. The Treasury Department said Thursday that the relief aid is not meant for tax...
                      
    Atlanta shootings suspect may have targeted massage parlors he frequented; too soon to tell if killings were racially motivated, police say Joe Manchin pours cold water on push to gut filibuster © Bill Oxford/Getty Images Bill Oxford/Getty Images The Treasury Department said on Wednesday it's already issued 90 million direct payments. It means Americans can start accessing stimulus cash, including those with accounts at major banks. Individuals earning up to $75,000 qualify for a full check from the federal government. See more stories on Insider's business page. The Treasury Department announced Wednesday it has distributed 90 million direct payments to Americans, and people can start tapping into their federal relief funds. Load Error "The first batch of payments were mostly sent by direct deposit, which some recipients started receiving this past weekend," the Treasury Department said in a statement. "As of today, all recipients of this...
    Sen. Elizabeth Warren of Massachusetts may have been passed over for Treasury Department in the Biden administration, but a network of her prominently placed protégés are poised to execute a quiet revolution in how the federal government approaches oversight of the financial industry. According to Politico, a host of Warren alums and other close allies who share her approach of aggressively overseeing Wall Street and other financial institutions have been cast in key roles throughout government. The Warren charges represent a boon to progressive policy at the micro level and a way for the liberal firebrand to have measurable impact while remaining at her post in the Senate. Already placed Warren allies/alums include: Bharat Ramamurti: Deputy director of the White House National Economic Council Julie Siegel: Treasury deputy chief of staff Julie Morgan: a senior adviser at the Education Department Sasha Baker: senior director of strategic planning at the National...
    New York : The banks argue that the decision to release the funds by stimulus checks before March 17 is not in their hands. Photo: AAMIR QURESHI / . / . In the face of customer complaints about the delay in the arrival of funds from the third stimulus check of $ 1,400, JPMorgan Chase and Wells Fargo banks They indicated that they cannot do anything to advance the release of the money, arranged for this Wednesday, March 17. As indicated by the Internal Revenue Service (IRS) At the time of making the announcement of the first deposits of the third round last Friday, the official payment date is tomorrow, so many beneficiaries will continue to see the funds credited to their account as “pending” or “provisional” until 9 o’clock. am on Wednesday. Both banks indicated yesterday that they are not holding the payments, but...
    Hi, MarketWatchers. Don’t miss these top stories:Personal FinanceI married ‘the life of the party’ — but he’s different at home. He takes his money woes out on me and calls me a ‘gold digger’ ‘He was a generous man and financially stable, or so I thought.’I lost my job at 55 and started my own successful business. I now constantly get texts from friends and former coworkers asking how I did it. What do I do? ‘I liken these friends and former colleagues to the kids at school who march right to the head of the lunch line to get their food, without waiting in line like the rest of us.’ I found an old lien on my home from a past refinance. How do I get rid of it? Old liens can become major roadblocks when trying to refinance or sell your home.How financial advisers can talk about their...
    By Karen Pierog CHICAGO, Mar 15 (.) – Longer-term U.S. Treasury yields fell on Monday and the yield curve flattened, amid investor caution ahead of the Fed meeting. This week’s Federal and new government debt auctions. * Yields rose sharply late last week, fueled by optimism about the US economy and better debt supply expectations with the enactment of a $ 1.9 trillion federal fiscal stimulus plan related to the pandemic. . * The benchmark 10-year return, which hit 1,642% on Friday, its highest level since February 2020, was down 2.8 basis points to 1.6073%. * “After the moves we saw last week, I wouldn’t be surprised if there was some short coverage and position alignment ahead of tomorrow’s retail sales and the Fed meeting,” said Ben Jeffery, strategist at BMO Capital Markets in New York. * The US Department of Commerce will release retail sales data for February on...
    A FAMILY of four will get $8,200 more in stimulus cash under a new American Rescue Plan. President Joe Biden's plan will see each parent and child be given $1,400 in direct payments and because of expanded Child Tax Credit, families will also be granted $2,600 more in tax credits. 1Families could be given an extra $8,200Credit: Getty The additional money is aimed to help families struggling the most in the pandemic. According to The White House, the Treasury and the IRS are working to ensure that payments will start going out this month. The government's website states: "The IRS and Bureau of the Fiscal Service are building on lessons learned from previous rounds of payments to increase the number of households that will get electronic payments, which are substantially faster than checks." Households who haven't filed for 2020, the IRS will review records from the year before to...
    Traders on the floor of the New York Stock ExchangeSource: NYSE Bonds could be volatile in the week ahead. If yields go higher, that could make it difficult for big tech and other growth stocks to gain traction. Rising bond yields have been challenging growth stocks. Names like Apple, Tesla, and Amazon have been lagging as investors move to cyclical groups that do well in an economic recovery. Even so, the S&P 500 and the Dow both closed at record highs Friday, while the Nasdaq Composite was lower. The Nasdaq, home to big tech, did gain 3% in the past week, but it is down 5.5% over the last month. The bond market in the coming week will likely take its cues from the Federal Reserve, which meets Tuesday and Wednesday. The central bank is expected to give a nod to much better growth. Bond pros are also watching...
    By Gertrude Chavez-Dreyfuss NEW YORK, Mar 11 (.) – U.S. Treasury yields rose in volatile session Thursday on concerns about deals, as the focus shifted to a 30-year bond auction and a large debt placement. from Verizon. * The Treasury will sell $ 24 billion in debt reopening 30 years later in the day. That follows a $ 38 billion 10-year sale on Wednesday, which had good demand, and which eased fears that investors would have a hard time absorbing the strong supply falling on the market. * On the corporate side, Verizon launched a seven-tranche offering that carriers said was oversubscribed. The firm did not disclose the amount of the placement. * “Today has to do with the Verizon issuance and the 30-year auction and that makes people nervous because of the volatility we have had in the market,” said Steve Feiss, managing director of fixed income at Etico...
    Mar 11 (.) – Major Wall Street indices opened higher on Thursday as bond returns fell to week-long lows on fears of a sharp spike in inflation, while data showed that subsidy requests unemployment rates fell more than expected last week. At the open, the Dow Jones Industrial Average was up 57.5 points, or 0.18%, to 32,354.5 points. The S&P 500 gained 16.7 points, or 0.43%, to 3,915.54 points, while the Nasdaq Composite advanced 204.5 points, or 1.56%, to 13,273.31 points. (Report by Shashank Nayar in Bengaluru; Edited in Spanish by Javier Leira)
    An American diplomat sexually assaulted a woman while working at the US embassy in Mexico City - the same outpost where a staffer allegedly raped dozens of women years later - but the government has kept his name a secret, Department of the Treasury documents obtained by DailyMail.com show. The married Treasury attache was fired in 2014 after an investigation found he forced the 22-year-old woman to perform oral sex at a New Year’s Eve party at his taxpayer-funded apartment - but his name has been redacted in all documents and his name has never been released, despite constant requests and the Biden administration’s pledge for more transparency.  His case has resurfaced after Brian Jeffrey Raymond, another staffer at the Mexican embassy, was arrested for allegedly drugging and raping 23 women over ten years while on the federal payroll.  A copy of a report obtained through a Freedom of Information request...
    The battle between Kiko Matamoros and Makoke is raging, despite being separated for almost two and a half years, and is reaching a height from which it is difficult not to fear the fall. Basically because They can receive sentences of several years in prison. Since their fight went from a brawl on the Telecinco sets to a war in the courts, the future has been clouded for both, because if the investigations of the Tax Agency are true, as the magazine explains in its pages Readings, the collaborator of Live life He would face two years in prison for the 6 to which the former representative could be sentenced. As explained in the aforementioned medium, Kiko Matamoros derived his debt with the Treasury to Makoke, explaining that he was the one who, to despite the fact that the property was registered in her name, paid the mortgage on the...
    New York, Mar 9 (EFE) .- Wall Street opened with gains on Tuesday and one of its main indicators, the Nasdaq index, rose 2.56%, strongly driven by the technology sector, coinciding with a decline in the profitability of public debt. Half an hour after the start of operations on the New York Stock Exchange, the Nasdaq, which yesterday entered correction territory by accumulating a 10% loss from its last record, bounced 323.08 points and stood at 12,932.25 units . For its part, the Dow Jones, which posted an intraday maximum the day before, advanced 0.32% or 103.22 points, to 31,905.66 units, and the selective S&P 500 advanced 1.11% or 42.37 points, up to 3,863.72 units. The technology sector soared 2.54% in the first hour, followed by non-essential goods (1.97%) and health (1.86%), and they operated in the red in energy (-1.91%) and financial (-1.74%), contrary to the last days. According...
    Mixed sign on Wall Street after Friday uploads, as investors have once again unwound positions in technology, as the strong hand asset turnover towards more cyclical stocks. To highlight, the Dow Jones has exceeded 32,000 points and it has set new all-time highs, while the Nasdaq continues to suffer and remains below 13,000 points. The falls in technological values ​​are such that the Nasdaq has entered correction this Monday. It is 10% of its all-time highs recorded in February. To the good unemployment data for February in the US published last Friday has been added this weekend the approval by Congress of the new economic stimulus plan driven by the Biden Administration, which has been valued at $ 1.9 trillion. After the approval in the Senate, all that remains is for it to be reviewed again by the House of Representatives, to be subsequently signed by Biden before the...
    The table of weekly variations that we always see does not reflect what happened this week, especially in the US. In Europe The week ended with general increases in all indices, leaving the IBEX 35 at 8,286.8 points, rising 0.75%. The Dax it was up 0.97% and the EURO STOXX 50 up 0.91%. In U.S.A The S&P 500 is up 0.81% weekly and the DOW JONES Ind. 1.82%, while the NASDAQ 100 is down 1.87% and the Russell 2000 2.45%. But the weekly variation does not show what happened during the week that in Europe prices are lateralizing and despite the fact that the Dax has left a new historical maximum on Wednesday, it does not show that strength that it has been showing consistently with respect to the rest of the indices Europeans. To continue the gains, the Dax should show us all-time highs again and do it with...
    Bloomberg Higher fiscal deficit, inflation data; Crude up: Colombia Today (Bloomberg) – S&P futures erase losses as US unemployment data awaits 10-year Treasury yields stabilize, Bloomberg Dollar index rises and MSCI emerging markets currencies index falls. Oil futures top $ 65 a barrel in New York after OPEC + decided not to ease supply cuts, even as the world economy recovers from a pandemic-sparked slump. In Colombia, the market could react to the presentation of the 2021 financial plan by the Ministry of Finance and where it revealed that it expects an increase in the fiscal deficit this year to 8.6% of GDP compared to 7.8% in 2020 and to a previous estimate of 5.1% presented last June. The government expects to borrow US $ 10,110 million in international markets between issuance of bonds and multilateral loans, and at the local level it plans to issue debt for 42 trillion...
    Nearly 160 million U.S. households to get virus stimulus checks: White House YouTube CEO: Trump to be reinstated once risk of violence passes A notable resource that is difficult to come by in Loop Hero is scrap metal. If you earn 13 pieces of it, you can turn it into stable metal, which is vital to unlock several of the starting upgrades that you need to access to expand your camp. There are not too many ways for you to acquire scrap metal in the early portion of the game, but the most reliable way we’ve discovered is by placing down a treasury. The treasury card by itself is nothing special, and doesn’t do anything. However, when you place Meadows and Rock cards around it, you gain access to it and slowly begin to unlock items hidden inside of it. Scrap metal is a resource that regularly flows from...
    The Treasury Department on Friday imposed asset freeze and business ban sanctions against Saudi officials after a government report implicated them in the murder of American journalist Jamal Khashoggi. The sanctions target Ahmad Hassan Mohammed al Asiri, former deputy chief of the General Intelligence Presidency of Saudi Arabia, and the Rapid Intervention Force (RIF) of Saudi Arabia, also known as the ‘Tiger Squad’. The Treasury said in an announcement Friday that Al Asiri was the « ringleader » responsible for sending a 15-man assault squad to assassinate and dismember Khashoggi in October 2018 inside the Saudi consulate in Turkey. Several members of the team sent to intercept Khashoggi were members of the « Tiger Squad », according to the announcement. “Those implicated in the heinous murder of Jamal Khashoggi must be held accountable. With this action, the Treasury is sanctioning the Saudi Arabian Rapid Intervention Force and a senior Saudi official who was directly...
    Federal Reserve Chairman Jerome Powell dismissed concerns of inflation, indicating that the central bank would stay the course as bond yields creep up. Powell told the House Financial Services Committee on Tuesday that the dollar was "perfectly reliable and stable in value" and emphasized that the central bank's actions were "providing accommodative financial conditions and supporting the economy" out of the pandemic-induced recession. After the coronavirus pandemic caused one of the worst market slides in modern history, investors flocked to safe-haven assets like Treasury bonds, causing yields to plummet to all-time lows — the 10-year Treasury yield bottomed out at just 0.318% in March. 'STATEMENT OF CONFIDENCE': POWELL SAYS BOND MARKETS VALIDATE FED STANCE AMID INFLATION FEARS But after trillions of dollars in federal relief, accommodation from the Federal Reserve, and a number of reports projecting one of the strongest periods of economic expansion in decades, investor optimism has...
    A death sentence: Activists call on Florida governor to prioritize vaccines for farmworkers Capitol security officials in charge on Jan. 6 blame Pentagon, intel failures © Provided by The Motley Fool Stimulus Check Update: Treasury Secretary and Walmart CEO Both Support $1,400 Direct Payments © Getty Images A hand holding a small American flag and a stimulus check from the U.S. Treasury. Democrats are moving swiftly to provide $1,400 stimulus checks to Americans. The House is expected to vote this week on a newly-drafted $1.9 trillion stimulus bill that would authorize these checks, as well as many other forms of financial relief including additional help for the unemployed. Once the stimulus legislation passes the House, it will then move quickly to the Senate. There, passage through a process called reconciliation is likely. This process enables the bill to pass with just 51 votes. As a result, Democrats -- who...
    Treasury Secretary Janet Yellen signaled the administration is open to new corporate taxes but dismissed the idea of a 'wealth levy,' saying President Joe Biden opposes it. Yellen said Biden favors boosting taxes on companies and could raise rates on capital gains, noting the idea was 'worth considering.' The administration is looking to boost the corporate tax to 28 per cent, Yellen noted. But she ruled out a wealth tax - an idea favored by progressives.  'A wealth tax has been discussed but is not something President Biden' favors, Yellen said at a virtual Dealbook/DC Policy Project conference Monday hosted by the New York Times.  'It's something that has very difficult implementation problems,' she noted.  Treasury Secretary Janet Yellen signaled the administration is open to new corporate taxes to help pay for COVID relief in an interview with the New York Times In the wide-ranging interview, she discussed COVID relief,...
    PRECIOUS METALS-Gold bounces due to lower US Treasury yields and dollar weakness
    Gold falls due to rising Treasury yields and firm dollar
    Dominant Halep into second round at a canter Amazing photos of nocturnal animals European stocks and U.S. bond yields climb on expectations stimulus will heat economy © joseph prezioso/Agence France-Presse/Getty Images EUROPE MARKETS Load Error European stocks, U.S. stock futures and U.S. bond yields rose on Monday on expectations additional stimulus will heat up the U.S. economy, which is the world’s largest. After advancing 3.5% last week, the Stoxx Europe 600 rose 0.4%. U.S. stock futures rose after a 4.7% advance for the S&P 500 last week. The yield on the U.S. 10-year Treasury rose as high as 1.20%, and Brent crude-oil futures topped $60 for the first time in a year. The backdrop to the gains was the renewed talk in Washington, with House Democrats set to introduce a new $3,000-per-child tax credit, after the Senate last week approved a budget package for the stimulus plan. Leading...
    Traders work the floor of the New York Stock Exchange.NYSE Stocks head into the week ahead with a tailwind, as investors focus on a hefty fiscal stimulus package and the solid earnings season against a backdrop of rising interest rates. There are several dozen S&P 500 companies reporting earnings, including Coca-Cola, Pepsico, Cisco and The Walt Disney Co. On the data front, there are just a few reports in the coming week, but the consumer price index inflation report is the important one to watch when it is released Wednesday. Federal Reserve chairman Jerome Powell speaks mid-week at a webinar hosted by the Economic Club of New York. Stocks surged in the past week, with the S&P 500 jumping 4.65% to a new record high, in its best week since November. The S&P 500 closed Friday at 3,886. Zoom In IconArrows pointing outwards The hyper-activity around short-squeeze names, like GameStop,...
    Janet Yellen, the former chairwoman of the Federal Reserve who is now His Fraudulency Joe Biden’s Treasury Secretary, made millions off Wall Street “speaking fees” over the past two years. In some cases, she didn’t even have to show up to speak. Her appearance was “virtual.” In just two years, according to the Wall Street Journal, Yellen pulled in “more than $7 million in speaking fees during more than 50 in-person and virtual engagements … according to financial disclosures[.]” The far-left Politico adds: Yellen listed $952,200 in income from speeches to Citi, one of the nation’s largest banks. She also disclosed speaking fees from PIMCO, Barclays (BCS), Citadel, BNP Paribas, UBS (UBS), Credit Suisse (CS), ING, Standard Chartered Bank and City National Bank. Nearly a million bucks … from one bank! Fox Business reports: Other companies shelling out big bucks for Yellen’s words of wisdom have included Goldman Sachs, Google, City National Bank, UBS, Citadel LLC,...
    Related news He Public Treasury raises debt issuance rates for the second time this week. This Thursday, the agency has placed 6,104 million euros in bonds and obligations for which, in those of shorter maturity, it has had to assume a higher yield than in previous auctions. Specifically, the agency under the Ministry of Economic Affairs has placed 1,569.13 million euros in the five-year bond, against a demand of more than 2,800 million. In them, it has offered a marginal interest of -0.368% compared to -0.396% on January 7. In the seven-year obligations, 1,333 million euros have been captured, although requests for 2,543 million had been registered. Here, the marginal profitability has been situated at -0.239%, also something less negative than -0.260% of the auction of November 19 of last year. Likewise, the Treasury has placed 1,752.29 million euros in the issuance of 15-year bonds, significantly below the demand...
    Fox Business’ Lou Dobbs has been one of the most vocal Trump supporters in all of cable news, but on Friday he had some brief words of praise for one of Joe Biden’s Cabinet picks. Dobbs tore into the new president elsewhere in his show multiple times, but he had this to say about Janet Yellen, Biden’s nominee to be Secretary of the Treasury: “Janet Yellen — that’s one of the reasons I have been a fan of the new Treasury Secretary for years. She is reasonable, she is pragmatic and smart.” The comments about Yellen came at the end of a segment about the Biden administration’s approach to China, with the Treasury Secretary nominee saying, “We need to take on China’s abusive, unfair, and illegal practices. China’s undercutting American companies by dumping products, erecting trade barriers, and giving illegal subsidies to corporations. It’s been stealing intellectual property.” Back in...
    New York : Currently, the IRS and the Treasury Department distribute the second stimulus check. Photo: William Thomas Cain / . Democratic Rep. Rashida Tlaib announced through his account Twitter which will reintroduce the measure known as “ABC Act” for an initial stimulus check per person of $ 2,000 and subsequent monthly payments of $ 1,000 until the end of the pandemic crisis coronavirus. “The ABC Act will be reintroduced in Legislative Assembly 117. Recurring payments and the ‘BOOST Act’ is critical to address the damage caused by this pandemic (for many before COVID-19)”, reads the tweet from the representative of the most progressive wing of the Democratic Party. The #ABCAct will be re-introduced in the 117th Congress. Recurring and the #BOOSTAct is critical to addressing the harm caused by this pandemic (for many prior to COVID-19). https://t.co/gX684UQG6R – Rashida Tlaib (@RashidaTlaib) January 15,...
    The Federal Housing Finance Agency and the Treasury Department have reached an agreement that will allow Fannie Mae FNMA,   and Freddie Mac FMCC, -0.51%   to keep their earnings for the foreseeable future. The FHFA and Treasury agreed to amend the preferred stock purchase agreements for the shares in the two enterprises that the federal government continues to hold following the Great Recession. The amendments will let Fannie and Freddie retain all earnings until they have reached the requirements set by FHFA’s new capital rule issued late last year. Under that rule, the two mortgage giants would have been required to hold $283 billion in unadjusted total capital as of June 30, 2020, based on the size of their assets at the time. In 2019, the two agencies reached an agreement to let the mortgage giants retain up to $25 billion in earnings. Prior to that, all of Fannie...
    The Federal Housing Finance Agency and the Treasury Department have reached an agreement that will allow Fannie Mae FNMA, and Freddie Mac FMCC, -0.51% to keep their earnings for the foreseeable future, until they reach the capital targets needed to exit conservatorship. The agreement was solidified through amendments to the preferred stock purchase agreements held by Treasury. Last year, the two agencies reached an agreement to let the mortgage giants retain up to $25 billion in earnings. Prior to that, all of Fannie and Freddie's earnings were swept to the Treasury Department to repay the federal government for the funds used to bail the two enterprises out. FHFA Director Mark Calabria warned that retained earnings would not be enough to recapitalize Fannie and Freddie, and that without access to private capital they were still at risk of failing in a future housing crisis.
    Law enforcement braces for more extremist violence in DC and around the US ahead of Inauguration Day US Capitol riot investigation: FBI wants your help in IDing the man carrying a Confederate flag Dow edges back from record high as investors monitor impeachment push, COVID surge and rise in bond yields © Spencer Platt/Getty Images MARKET SNAPSHOT Load Error Stock-market benchmarks fell slightly Monday midday, pulling back from record highs set last week, as investors weighed rising risks around a continued surge in COVID-19 cases and monitored the fallout from a violent mob attack on Capitol Hill. Equities ended last week in rally mode, with the Dow, S&P 500 and Nasdaq Composite each logging a record close on Friday. Equity analysts said worries that stimulus efforts could be slowed by a move to impeach President Trump, on the grounds that he helped incite a riot on the Capitol,...
    U.S. surpasses 300,000 daily coronavirus cases, the second alarming record this week US logs record virus caseload as millions in Asia enter new lockdowns Mortgage and real estate news this week: Rising Treasury bonds and what to expect in the new year Welcome to 2021, a year that - so far - seems a lot like 2020. © Guerrier Nathanael/EyeEm/Getty Images Snow covered rooftops. We’re back in the rhythm of rounding up the week’s top mortgage and real estate stories, and here are the ones you shouldn’t miss. Load Error 1. 10-year Treasury bonds upThe rate on 10-year Treasury notes rose above 1 percent this week for the first time since the coronavirus pandemic put the brakes on the nation’s economy in March. It’s a good sign for the broader economy, which shows that investors are optimistic about the incoming government, but it could hit homeowners and buyers...
    More On: iran EU says it will boost efforts to save Iran nuclear deal despite violations South Korea to send delegation to Iran over tanker seizure Iran launches campaign of aircraft drills with ‘suicide drones’ Trump told Pentagon chief to keep USS Nimitz in Persian Gulf amid threats: report The US government on Tuesday sanctioned 17 companies, including firms based in China, Germany and the United Kingdom, for being linked to Iran’s steel industry. The sanctions, applied during President Trump’s final month in office, follow Iran’s Monday announcement that it will refine uranium close to the purity needed for nuclear bombs. Treasury Secretary Steve Mnuchin said, “The Trump Administration remains committed to denying revenue flowing to the Iranian regime as it continues to sponsor terrorist groups, support oppressive regimes, and seek weapons of mass destruction.” Trump withdrew the US in 2018 from former President Barack Obama’s Iran nuclear deal...
    The United States announced new sanctions Tuesday against a number of companies involved in Iran’s metal production industry. The U.S. Treasury designated 17 companies and one Iranian national, Majid Sajdeh, claiming that revenue generated by them helps the Iranian regime fund its alleged nuclear weapons program and support terror networks around the globe. The new designees include 12 Iranian metal producers, a Chinese graphite electrode producer, and three international firms that sell on behalf of Iranian mining companies. (RELATED: Iran Reportedly Resumes Uranium Enrichment, Seizes South Korean Oil Tanker) NEW YORK, NY – SEPTEMBER 25: U.S. President Donald Trump speaks as U.S. Secretary of State Mike Pompeo and Treasury Secretary Steven Mnuchin listen during a press conference on the sidelines of the United Nations General Assembly on September 25, 2019 in New York City. Speaker of the House Nancy Pelosi announced yesterday that the House will launch a formal impeachment...
    THE $600 stimulus checks are already on their way to Americans, US officials say. Treasury Secretary Steve Mnuchin said on Tuesday direct deposits could appear in some bank accounts by that night and checks would mailed out on Wednesday. 5Steve Mnuchin and the IRS confirmed payments were being sent out already 5Mnuchin said direct deposits could appear as soon as December 29 Credit: Alamy Live News He confirmed the US Treasury had delivered a payment file to the Board of Governors of the Federal Reserve System for the payment. “Treasury and the IRS are working with unprecedented speed to issue a second round of Economic Impact Payments to eligible Americans and their families,” Mnuchin said in press release. “These payments are an integral part of our commitment to providing vital additional economic relief to the American people during this unprecedented time.” Electronic deposits will continue into next week but...
    A massive and ongoing cyberattack targeting U.S. agencies and large companies could compromise a trove of government and corporate secrets, with the scope of damage still unclear. “We have a problem,” retired Air Force Gen. Philip Breedlove told the Washington Examiner about damage from the massive cyberattack, which Secretary of State Mike Pompeo has blamed Russia for. Both the public and private sectors have been affected. For instance, hackers operated undetected for months in probing systems of SolarWinds, a major IT management software company. And the list of compromised systems includes “dozens of email accounts” at the Treasury Department, according to a senior Senate Democrat. More broadly, it's a breach that raises the specter of overt and covert efforts to manipulate or humiliate senior officials. “A lot of what they're doing is casting wide nets and trying to find leverage of all manners of ways — leverage that...
    President-elect Joe Biden vowed to make cybersecurity a “top priority” in his administration after it was revealed that hackers recently breached numerous U.S. agencies and three states. Biden noted in a statement published Thursday afternoon that “a good defense isn’t enough” and said he plans to “disrupt and deter our adversaries from undertaking significant cyber attacks in the first place” by “imposing substantial costs on those responsible for such malicious attacks, including in coordination with our allies and partners.” (RELATED: US Treasury Emails Monitored By Suspected Russian Hackers) WILMINGTON, DE – DECEMBER 17: U.S. President-elect Joe Biden arrives at the Queen Theater for a virtual appearance on the Late Show with Stephen Colbert on December 17, 2020 in Wilmington, Delaware. (Photo by Joshua Roberts/Getty Images) “There’s a lot we don’t yet know, but what we do know is a matter of great concern,” he wrote. “I have instructed my team...
    THE FBI said the US government hack is "significant" after Russia was reportedly blamed for attacking the Treasury and other federal agencies. The federal agency acknowledged the was a major "ongoing cybersecurity campaign" on Wednesday after hackers believed to be acting on behalf of the Kremlin stole data from the government. 6The FBI, CISA, and ODNI acknowledged there was a 'significant and ongoing cybersecurity campaign' on WednesdayCredit: AP:Associated Press 6Hackers believed to be acting on behalf of Russia stole data from the US governmentCredit: AP:Associated Press 6There was an emergency National Security Meeting on Saturday after the breachCredit: Getty Images - Getty Agencies were affected within the Treasury Department and the United States Department of Commerce, prompting an emergency National Security Meeting on Saturday. Other departments, like the Department of Defense and Department of State, as well as the National Institute of Health, also reported parts of their systems were...
    RUSSIA has virtually declared war on the US and Trump is totally compromised, comes the warning from a senior Democrat. Senator Dick Durbin has warned that the massive Russian hack on the US was a virtual declaration of war and Trump is completely compromised. 2Hackers believed to be acting on behalf of the Russian foreign intelligence service SVR hacked the US governmentCredit: AP:Associated Press 2Hackers breached the Treasury Department and the U.S. Department of CommerceCredit: Getty - Contributor Senator Durbin’s comments come after hackers believed to be acting on behalf of the Russian foreign intelligence service SVR breached and stole data from the US government. Agencies were affected within the Treasury Department and the U.S. Department of Commerce, prompting an emergency National Security Meeting on Saturday. Senator Durbin said on CNN: “Let’s put it on the line here. We need an honest reset in terms of relationships between the United...
    The United States has designated Switzerland and Vietnam as currency manipulators for allegedly meddling in foreign exchange markets, sparking disputes with two trading partners. The countries were labeled as such Wednesday in a U.S. Treasury Department annual report aimed at stopping countries from manipulating their currencies to achieve unfair trade advantages. It is the first time the U.S. has branded another country as a currency manipulator since August 2019, when China was given the label while engaged in tense trade talks with the U.S. Washington dropped the designation in January after the two countries reached trade agreements, but Beijing’s yuan has remained on the Treasury Department’s list of currencies it is watching. China’s Yuan Drops to New Lows After Trump’s Tariff Threat The yuan’s drop will surely fuel tension with Washington and signal the possibility of a currency war with the US The report said Switzerland and Vietnam were...
    The United States Treasury released a new report on America’s trading partners that labeled both Vietnam and Switzerland “currency manipulators” for the first time. Both countries met all three criteria outlined by the Trade Facilitation and Trade Enforcement Act of 2015, and Treasury will, based on the Omnibus Trade and Competitiveness Act of 1988, “press for the adoption of policies that will permit effective balance of payments adjustments and eliminate the unfair advantages in trade that result from their actions.” WASHINGTON, DC – AUGUST 13: U.S. President Donald Trump looks at Jared Kushner (C) and Secretary of the Treasury Steven Mnuchin (R) during a meeting with leaders of Israel and UAE announcing a peace agreement to establish diplomatic ties with Israel and the UAE, in the Oval Office of the White House on August 13, 2020 in Washington, DC. (Photo by Doug Mills-Pool/Getty Images) The report additionally placed ten of...
    Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Tags: Associated Press
    WASHINGTON (AP) — US Treasury brands Vietnam and Switzerland as currency manipulators while putting China and 9 others on watch list. Copyright © 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
    HOMELAND Security and thousands of businesses were revealed to have been hacked in what security officials believe to be an orchestrated attack by Russia. Emails sent by the department officials were monitored by hackers in a series of sophisticated breaches against the department, which oversees border security and hacking defense. 5The Department of Homeland Security was infiltrated by suspected Russian hackersCredit: AFP or licensors The hackers also targeted the Treasury Department and Commerce Departments. Other departments, like the Department of Defense and Department of State, as well as the National Institute of Health, also reported parts of their systems were hacked. "For operational security reasons the DoD will not comment on specific mitigation measures or specify systems that may have been impacted," a Pentagon spokesperson told Reuters. Hackers initially used SolarWinds, a technology company that said up to 18,000 of its customers had downloaded a software that allowed hackers...
    VIDEO1:0501:05Wells Fargo cites vaccines for its bearishness on long duration bondsTrading Nation Wells Fargo Securities is pushing a bearish case for the prices of bonds in its official 2021 outlook. Michael Schumacher, the firm's head of macro strategy, expects the 10-year and 30-year Treasury Note yields to move meaningfully higher due to progress against the coronavirus. "In a word, it's vaccines," he told CNBC's "Trading Nation" on Monday. "As vaccine distribution picks up, we think it's going to boost confidence dramatically. That's when you see a lot more hiring going on. Importantly, that's when policymakers should become a lot more comfortable with yields ticking up a bit." Schumacher's call comes as Wall Street gets ready for Tuesday's final Federal Reserve meeting of the year on interest rates. "My colleagues and I at Wells Fargo think that vaccine distribution goes on for a couple of months, [the] situation looks a lot...
    The Trump administration offered Congressional leaders a new coronavirus stimulus proposal Tuesday which includes both some aid for states and another round of direct payments to taxpayers. The proposal marks a significantly smaller price tag than the $2.2 billion package pushed by House Speaker Nancy Pelosi and Democrats in recent months, but at $916 billion is slightly larger than the packages offered by both Senate Majority Leader Mitch McConnell and a bi-partisan group of lawmakers following the 2020 election. The new bill does not, however, offer any additional aid for weekly unemployment benefits, according to the New York Times. WASHINGTON, DC – SEPTEMBER 11: U.S. President Donald Trump, flanked by U.S. Treasury Secretary Steven Mnuchin (L) and U.S. Vice President Mike Pence (C), speaks in the Oval Office to announce that Bahrain will establish diplomatic relations with Israel, at the White House in Washington, DC on September 11, 2020. (Photo...
    Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin urged Congress to approve COVID-19 relief funds without further delay, though Democrats continued to attack a decision by Mnuchin to allow five Fed lending programs to expire during the pandemic. In his most direct comments so far, Powell told the House Financial Services Committee on Wednesday that it's "very important" for Congress to provide economic support. New funding would serve as a "bridge" for the economy to get from the current environment in which virus infections are spiking, to next year when vaccines should be widely available, Powell said. Get Breaking News Delivered to Your Inbox "We are trying to get as many people across that bridge as we can," Powell said. Without more assistance, Powell said, people will lose their homes and small businesses will fail. "You could lose parts of the economy," which would slow any recovery...
    By MARTIN CRUTSINGER, AP Economics Writer WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin urged Congress to approve COVID-19 relief funds without further delay, though Democrats continued to attack a decision by Mnuchin to allow five Fed lending programs to expire during the pandemic. In his most direct comments so far, Powell told the House Financial Services Committee on Wednesday that it's “very important” for Congress to provide economic support. New funding would serve as a “bridge” for the economy to get from the current environment in which virus infections are spiking, to next year when vaccines should be widely available, Powell said. “We are trying to get as many people across that bridge as we can,” Powell said. Without more assistance, Powell said, people will lose their homes and small businesses will fail. “You could lose parts of the economy,” which would slow any...
    WASHINGTON – Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin urged Congress to approve COVID-19 relief funds without further delay, though Democrats continued to attack a decision by Mnuchin to allow five Fed lending programs to expire during the pandemic. In his most direct comments so far, Powell told the House Financial Services Committee on Wednesday that it's “very important” for Congress to provide economic support. New funding would serve as a “bridge” for the economy to get from the current environment in which virus infections are spiking, to next year when vaccines should be widely available, Powell said. “We are trying to get as many people across that bridge as we can,” Powell said. Without more assistance, Powell said, people will lose their homes and small businesses will fail. “You could lose parts of the economy,” which would slow any recovery next year, he said....
    [The stream is slated to start at 10 am ET. Please refresh the page if you do not see a player above at that time.] Federal Reserve Chairman Jerome Powell and Treasury Secretary head over to the House Financial Services Committee for the second day of testimony on Capitol Hill. The two officials are required to update Congress on the status of funding provided through the CARES Act, aimed at getting the U.S. economy through the coronavirus pandemic. In testimony Tuesday before the Senate Finance Committee, the two were questioned over the state of the economy and what help is needed as coronavirus cases spread. Mnuchin in particular faced tough questions about his decision to end several lending programs the Fed had been using that will wind up Dec. 31. Powell said the economic outlook is "extraordinarily uncertain" and pledged to keep using the tools at the Fed's disposal until...
    Janet Yellen, former chair of the U.S. Federal Reserve.Getty Images Former Federal Reserve Chair Janet Yellen has been nominated by President-elect Joe Biden as his Treasury secretary — a position that would make her, if confirmed by the Senate, a critical figure in U.S. trade negotiations with China. U.S.-China tensions have escalated since President Donald Trump took office in 2017. Actions Trump has taken against China include slapping elevated tariffs on Chinese goods and restricting access to the American market for some Chinese companies. He argued these measures would address what he said were risks to U.S. national security and unfair trade practices by Beijing. Yellen has in the past acknowledged concerns about Chinese industrial practices. Her policy stance on China is less known, but she has supported open trade and the international trading system — an indication that she, like many on Biden's team, would be a moderate voice.VIDEO15:2715:27President-elect...
    Imagine for a moment that you were an incompetent public official, and you didn't want anyone to know you were incompetent. What would you do? Well, your first task would be to destroy the meritocracy, the system that rewards people in this country for their effort and their talents as opposed to rewarding them for irrelevant criteria like how they look. A meritocracy is the main threat to incompetent people. It keeps them from getting rich and powerful, so they hate it.  So what does tearing down a meritocracy look like in practice? It looks a lot like Joe Biden staffing a presidential administration. A recent piece in Politico reports that the Congressional Black Caucus is demanding that Biden select a Black secretary of defense. Not a secretary of defense who is good at defending America, mind you, a secretary of defense with the correct skin color. Now, feminist groups are mad about this, says Politico -- not because...
    US President-elect Joe Biden's economic team at The Queen Theatre in Wilmington, Delaware, on December 1, 2020. (Top L-R) Chair of Council of Economic Advisers nominee Cecilia Rouse, Treasury secretary nominee Janet Yellen, and Deputy secretary of the Treasury nominee Adewale Wally Adeyemo. (Bottom L-R) Council of Economic Advisors nominee Jared Bernstein, Office of Management and Budget nominee Neera Tanden, Council of Economic Advisors nominee Heather Boushey.Chandan Khanna | AFP | Getty Images WASHINGTON — President-elect Joe Biden introduced six key members of his economic team to the nation on Tuesday. Together, they comprise a diverse group of experts whose personal histories and economic philosophies represent a sharp departure from the past four years of President Donald Trump's administration. "This is a family-oriented team," Biden said during an event in Wilmington, Delaware, featuring the nominees. "This team will always be there for you and your families." Indeed, family was the consistent,...
    Joe Biden unveiled his economic team on Tuesday, including the first female Treasury secretary and a lightening rod budget expert that has conservatives and liberals up in arms. The president-elect also was seen for the first time wearing a medical boot on his right foot after he fractured it this weekend playing with his German Shepard Major. The minor limp didn't stop Biden from introducing his team to help the American economy recover from the coronavirus pandemic. But it did require a tweak in the format to the event - instead of standing the entire time like he did last week when he introduced his national security team, Biden sat at a table while his economic choices spoke. His remarks and focus, however, was on reassuring the American people that help was coming as many who lost their jobs at the start of the pandemic are seeing their additional unemployment...
    [The stream is slated to start at 10 am ET. Please refresh the page if you do not see a player above at that time.] Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin head to Capitol Hill on Tuesday for the first of a two-day trip to provide mandated updates on CARES Act funding. The $2.2 trillion rescue package has gone created a variety of programs aimed at helping the U.S. economy get through the coronavirus pandemic. In prepared remarks, Powell said the Senate Finance Committee that the Fed's portion of the money has served as "a backstop to key credit markets and have helped restore the flow of credit from private lenders through normal channels." However, Mnuchin has pulled the plug on many of the programs the Fed has used, and he said the unused funds would be better spent elsewhere. Read more:Powell stresses importance...
    Treasury Secretary Steven Mnuchin asked Republican senators to keep their faith in the future of the Treasury Department and the Federal Reserve when he leaves his post. Mnuchin asked lawmakers to trust the agencies' ability to manage coronavirus relief programs shortly after he faced criticism from President-elect Joe Biden and Democrats for letting federal coronavirus lending programs expire, according to Reuters. His move limits the ability of Treasury secretary nominee Janet Yellen and the incoming Biden administration to deploy $455 billion in borrowed cash meant for the coronavirus pandemic without congressional approval. “It is my hope that, because of our responsible use of these authorities in a manner consistent with congressional intent, Congress will show similar trust in Treasury and Federal Reserve leadership in the future," Mnuchin said, adding, "We have been successful in restoring confidence in financial conditions." Last week, Mnuchin said he wouldn't extend emergency loan programs set...
    Denver mayor travels for Thanksgiving after urging people to stay home U.K. to End Lockdown; Merkel’s Skiing Warning: Virus Update Biden is reportedly considering Roger Ferguson, Gary Gensler, and former American Express CEO Kenneth Chenault for top economic policy positions © Provided by Business Insider Kenneth Chenault, Roger Ferguson, and Gary Gensler John Lamparski, Chip Somodevilla, Justin Sullivan, all via Getty Images President-elect Joe Biden is considering Roger Ferguson, former vice-chair of the Federal Reserve Board of Governors, for National Economic Council director, sources close to the matter told CNBC. Biden is considering regulatory veteran Gary Gensler, who worked for both the Obama and Clinton administrations, for Deputy Treasury Secretary, they said. Kenneth Chenault, who spent nearly 40 years at American Express, is also being considered for a top economic policy position, they added.  Visit Business Insider's homepage for more stories. President-elect Joe Biden is considering Roger...
    U.S. outgoing Federal Reserve Chair Janet Yellen holds a news conference after a two-day Federal Open Market Committee (FOMC) meeting in Washington, U.S. December 13, 2017.Jonathan Ernst | Reuters President-elect Joe Biden's choice of Janet Yellen as Treasury Secretary was seen as a win for markets, since the former Federal Reserve chair should focus on fixing the economy rather than the progressive Democratic agenda feared by some investors. The first woman Fed chief would also be the first woman Treasury Secretary and faces unprecedented challenges of massive unemployment and a record level of debt, as the government spends even more to reverse the impact of the pandemic during the Biden administration. "To me it shows Biden is taking stuff pretty seriously and definitely not pandering to the left. She's a very serious economic thinker, and they have some very serious problems to deal with," said Barry Knapp, head of research...
    U.S. Treasury Secretary Steve Mnuchin testifies before the U.S. House Select Subcommittee on the Coronavirus Crisis and the Trump administration's response to country's economic crisis, on Capitol Hill in Washington, D.C., September 1, 2020.Nicholas Kamm | Pool | Reuters This is breaking news. Please check back for updates. Treasury Secretary Steven Mnuchin said Friday that he and senior GOP lawmakers will attempt to draft a targeted stimulus package and meet with Democrats in the coming weeks.Related Tags Breaking News: Markets Breaking News: Politics Politics U.S. Economy Economy
    The Trump administration plans to pull the plug on five loan programs that supported the economy during the coronavirus crisis — prompting a rare objection from the Federal Reserve. Treasury Secretary Steven Mnuchin said his department won’t renew the emergency programs — which shored up the corporate bond market, municipal governments and struggling Main Street businesses — after they expire on Dec. 31. Mnuchin also asked the Fed on Thursday to return all unused funding for the programs that came from the CARES Act stimulus bill, which he said would allow Congress to “re-appropriate” $455 billion for other coronavirus aid efforts. But the usually staid central bank issued a blunt statement opposing the move, saying it “would prefer that the full suite of emergency facilities established during the coronavirus pandemic continue to serve their important role as a backstop for our still-strained and vulnerable economy.” Fed Chairman Jerome Powell and...
    The Justice Department announced that it was filing a forfeiture complaint related to two large shipments of Iranian missiles the U.S. Navy seized that were bound for Iranian-backed militants in Yemen sent by Iran’s Islamic Revolutionary Guard Corps, which has been designated a foreign terrorist group by the United States. The agency simultaneously announced the court-approved sale of 1.1 million barrels of Iranian petroleum that the U.S. seized from four foreign-flagged oil tankers in transit to Venezuela from the IRGC in defiance of U.S. sanctions, with the U.S. intending to take the proceeds from the fuel sales and provide them to the U.S. Victims of State Sponsored Terrorism Fund. The Justice Department called these moves “the government’s largest-ever forfeitures actions for fuel and weapons shipments from Iran.” U.S. Navy Central Command seized the weapons from two flagless ships in the Arabian Sea in November 2019 and February 2020,...
    The Washington Post releases documentary, “America’s pandemic: Decades of warnings and a failed response” A New Website Tracks Broken McFlurry Machines, Because Weve All Been Heartbroken Before Firefighters and advocates applaud restoration of 9/11 funds for FDNY © Provided by AMNY The Trump administration did an about-face over the weekend and restored $4 million that was siphoned from a 9/11 program designed to track and treat FDNY firefighters and medics suffering from illnesses related to work at World Trade Center after the terror attacks. The Treasury Department started withholding parts of payments meant to cover medical services for firefighters, emergency medical technicians and paramedics treated by the FDNY World Trade Center Health Program, starting four years ago. The payments were siphoned as a result of a dispute between the city and federal government with the Treasury Department seeking to have the city pick up the tab on funds already distributed...
    Izusek/Getty For indispensable reporting on the coronavirus crisis, the election, and more, subscribe to the Mother Jones Daily newsletter.This story was published in partnership with ProPublica, a nonprofit newsroom that investigates abuses of power. Sign up for ProPublica’s Big Story newsletter to receive stories like this one in your inbox as soon as they are published. In the spring, Congress created a program to save aviation worker jobs. Then the Trump administration undermined that program by granting hundreds of millions of dollars in relief to aviation companies for jobs they’d already largely eliminated, according to a House report released Friday. As a result, thousands of workers at airline caterers and other contractors are out of work while their employers received public funds that were supposed to be passed to workers. What’s more, at least two companies that received hundreds of millions in taxpayer funds restored full pay to management, the...
    US President Donald Trump shows a signed Paycheck Protection Program and Health Care Enhancement Act in the Oval Office of the White House in Washington, DC, on April 24, 2020.Olivier Douliery | AFP | Getty Images The Treasury Department privately encouraged banks to prioritize existing clients when implementing the federal government's Paycheck Protection Program that provided coronavirus relief to small businesses, according to a report Friday from a House oversight panel. The Trump administration's directive to favor existing clients in PPP lending decisions disproportionately hurt minority and women-owned business, the Democratic-led Select Subcommittee on the Coronavirus Crisis said in its report. "As a result, small businesses that were truly in need of financial support during the economic crisis often faced longer waits and more obstacles to receiving PPP funding than larger, wealthier companies," the congressional panel said in statement.  Congress established the PPP as a part of the CARES Act,...
    Skate Canada canceled The Classic Sandwich to Order in Every State Treasury yields are little changed as traders weigh latest coronavirus and stimulus news U.S. government debt prices were muted Wednesday morning as investors monitored potential stalls on both a federal stimulus package and Covid-19 vaccine and treatment trials. © Provided by CNBC The 10-year Treasury yield traded at 0.712%. The 30-year bond rate dipped to 1.5%. Yields move inversely to prices. Democrats and Republicans remain at odds over the size and scope of a potential coronavirus relief bill, with House Speaker Nancy Pelosi saying Tuesday that a $1.8 trillion package proposed by the White House "falls significantly short." Video: Market has priced in stimulus, which will come either before or after the election: BNY's Ajene Oden (CNBC) Market has priced in stimulus, which will come either before or after the election: BNYs Ajene Oden CNBC See more...
    A man walks near the New York Stock Exchange (NYSE) on August 31, 2020 at Wall Street in New York City.Angela Weiss | AFP | Getty Images Whoever wins the presidential election is likely to seek an infrastructure program next year, but if Democrats win the presidency and Congress, the program could be bigger and come faster. The pile of new debt from such a program is one of the issues the bond market has been grappling with this week, as former vice president Joe Biden has risen in the polls against President Donald Trump. Treasury yields were at a 4-month high, and the 10-year yield rose to as high as 0.78%, breaking a range it had been in for weeks.  Separately, the market has been expecting a stimulus package of $1.5 trillion or more aimed at helping businesses, the unemployed and state and local governments, hurt by the coronavirus...
    WASHINGTON – Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell said Thursday that the government’s top priorities in any new economic relief package should be to provide affordable loans to small businesses and further support for millions of Americans still unemployed. With the prospects for any new federal aid package appearing dim, members of the Senate Banking Committee pressed both officials to list improvements that could be quickly made in the nearly $3 trillion in support that Congress has passed to fight the pandemic-induced recession that has nearly 11 million people still jobless. Democrats on the panel urged Mnuchin, one of the administration’s top negotiators, to work harder to persuade Republicans in Congress to raise the amount of money they would be willing to support in a new bill. And Republicans urged Democratic members to consider a lower amount that might clear both the House and Senate with...
    [The stream is slated to start at 10:00 ET. Please refresh the page if you do not see a player above at that time.] Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin are testifying Thursday before the Senate Banking Committee. The hearing will mark the the second time both men have appeared together before Congress this week to discuss their agencies' roles in handling the economic fallout caused by Covid-19. Since March, the Fed and Treasury have introduced a litany of programs aimed at lending money to businesses struggling for liquidity as Americans stay at home. Their efforts include the Main Street Lending Program aimed at companies with fewer than 15,000 employees, the Paycheck Protection Program and direct stimulus checks to U.S. workers. Though Powell said earlier in the week that the U.S. still looks like it's in an economic rebound, the Fed chief warned Tuesday that there is still...
    President Donald Trump was furious with Treasury Secretary Steven Mnuchin over the way the TikTok Global agreement was sold to him, two current Trump administration officials and one former administration official confirmed to the Daily Caller. Since August, Mnuchin has been the administration’s lead official in searching for a U.S. company to purchase TikTok from parent company ByteDance, despite some administration officials — including White House Trade and Manufacturing Policy Director Peter Navarro — pushing Trump instead to ban the social media app entirely. (RELATED: Sen Hawley Wants TikTok Deal With Oracle Rejected, Says Move Allows For China’s Control Over The App) WASHINGTON, DC – JULY 29: U.S. President Donald Trump speaks as Secretary of Treasury Steven Mnuchin (L) and White House Chief of Staff Mark Meadows (R) listen prior to Trump’s Marine One departure from the South Lawn of the White House July 29, 2020 in Washington, DC. (Photo...
    WASHINGTON (AP) — Millions of Americans are in danger of missing coronavirus relief payments of up to $1,200 per individual because of incomplete government records, a government watchdog said in a report issued Monday. The Government Accountability Office, Congress’s auditing arm, said that possibly 8.7 million or more individuals who are eligible for the economic impact payments have yet to receive those payments because of inadequate IRS and Treasury Department records. That was one of a number of findings in the latest GAO report on the handling of the unprecedented $2.6 trillion in support passed by Congress last spring to cushion the impact from a sharp recession triggered by the global pandemic. The GAO also called on the Centers for Disease Control and Prevention to do a better job in providing guidance to local schools on when they can safely reopen schools. GAO said that the IRS did implement several...
    Nearly nine million eligible Americans have yet to receive their $1,200 stimulus check and have until October 15 to submit their information to IRS before losing out on the funds.  According to a report released Monday by the Government Accountability Office, 8.7million Americans have yet to file for the check seven months after the CARES Act made the money available.  The GOA, a nonpartisan congressional watchdog known as 'the investigative arm of Congress', estimates that many of those yet to receive the money are 'low-income' and most in need of the financial support.  They will need to use the IRS non-filer tool before the deadline or miss out.    There are 8.7million eligible Americans still without a $1,200 stimulus check In April, it was determined that the Treasury Department had no data for 14million people who were eligible for the money.  These people generally have an income so low they do not...
    WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin expressed cautious optimism Tuesday that the U.S. economy is rebounding from the pandemic-induced recession with federal support but that more help from the government is likely needed. Powell told the House Financial Services Committee that he believed the economy was “healing.” Mnuchin, the chief economic spokesman for the Trump administration, proclaimed that the country was in the “midst of the fastest economic recovery from any crisis in history” after the steepest economic plunge since the Great Depression of the 1930s. Striking a more cautious note, Powell noted that the job market has regained only about half the 22 million jobs that were lost in March and April when the virus flattened the U.S. economy, triggering a recession. Both officials stressed that major sectors of the economy were still suffering. Some Republican lawmakers complained that House Democrats were...
    By MARTIN CRUTSINGER, AP Economics Writer WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin expressed cautious optimism Tuesday that the U.S. economy is rebounding from the pandemic-induced recession with federal support but that more help from the government is likely needed. Powell told the House Financial Services Committee that he believed the economy was “healing.” Mnuchin, the chief economic spokesman for the Trump administration, proclaimed that the country was in the “midst of the fastest economic recovery from any crisis in history” after the steepest economic plunge since the Great Depression of the 1930s. Striking a more cautious note, Powell noted that the job market has regained only about half the 22 million jobs that were lost in March and April when the virus flattened the U.S. economy, triggering a recession. Both officials stressed that major sectors of the economy were still suffering. Some Republican...
    The federal judge who shut down Postmaster General Louis DeJoy's sabotage of the U.S. Postal Service sort of just scratched the surface when he said the case presented to him showed that DeJoy and Donald Trump are “involved in a politically motivated attack on the efficiency of the Postal Service” and said “this attack on the Postal Service is likely to irreparably harm the states’ ability to administer the 2020 general election.” There are a lot of rocks being turned over right now, and every one of them reveals a teeming mass of corruption, not just with DeJoy but also with USPS Board of Governors Chairman Robert "Mike" Duncan, a major Republican donor, former RNC chairman, and great friend of Senate Majority Leader Mitch McConnell. DeJoy's appointment to the job is one of the first very big problems for him, for Trump, and for Treasury Secretary Steven Mnuchin, who has...
    Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, Jan. 29, 2020.Andrew Harrer | Bloomberg | Getty Images The Fed does not expect to see inflation pick up for years, and it is willing to keep rates at zero even after it does. Stocks initially surged after the Fed released its post-meeting statement and its latest economic forecast, showing it will keep interest rates at zero at least through 2023, as expected. Stocks gave up their gains as Fed Chairman Jerome Powell briefed the media, and described the Fed's guidance as strong and "powerful."  "He's the great and powerful Oz. Investors got duped. They thought enhanced forward guidance meant something, but when they peeked behind the curtain they realized the Fed didn't do anything, and the market rolled over," said Michael Arone, chief investment strategist at...
    Las Palmas For an alleged crime of fraud that will amount to 20 million euros The president of Las Palmas, Miguel ngel Ramrez, in his office. EFE Miguel Angel Ramrez, president of the UD Las Palmas, faces an accusation from the Tax Agency and Social Security for an alleged fraud to the public coffers. According to El Pas, they ask 73 years in prison for the maximum yellow president for five crimes against the Treasury and nine against Social Security, for a total value of 20 million euros. Between 2009 and 2013, and always according to the information from the aforementioned media, Ramrez would have defrauded a total of 6.5 million to the Treasury and 13.7 to Social Security through the company Canary Islands Comprehensive Security. Public bodies understand that Security Integral Canaria camouflages bonuses and overtime of its staff such as allowances and travel,...
    Ukrainian lawmaker Andriy Derkach attends a news conference titled "Publication of facts of pressure of U.S. Embassy on Ukraine's law enforcement agencies to interfere in electoral process in U.S.", in Kiev, Ukraine October 9, 2019.Gleb Garanich | Reuters WASHINGTON — The U.S. Treasury Department imposed sanctions on three Kremlin-linked individuals and a Ukrainian lawmaker Thursday for attempting to meddle in the 2020 U.S. presidential election. In a statement Thursday, Treasury described Andrii Derkach, a member of the Ukrainian parliament, as an "active Russian agent for over a decade" with close connections to Russian intelligence services. "In the United States, Russia has used a wide range of influence methods and actors to target our electoral process, including targeting U.S. presidential candidates," Treasury said in a statement without naming Biden or Trump. "From at least late 2019 through mid-2020, Derkach waged a covert influence campaign centered on cultivating false and unsubstantiated narratives...
    PRESIDENT Donald Trump has joined a TikTok rival app called Triller – and has already racked up millions views. It follows Trump's threat to ban Chinese-owned TikTok in the US, which could happen before the end of the year. 4Trump now has a Triller account and is already hugely popular TikTok now has until November 12 to find an American corporate buyer, or it faces being outlawed in the USA. Trump's first video is a promotional clip for his 2020 US Presidential Election campaign. It begins with a quote of the President saying: "I'm a professional at technology." This is followed up by Trump saying: "Nobody can do it like me. Nobody." 4Trump is using his Triller account to boost his 2020 US Presidential Election campaign The clip, which was uploaded on Friday, already has 4.8million views. There are three other videos on Trump's profile so far, two of which...
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