🔥 U.S. corporations want a retroactive tax break from Congress that would cost Americans $33 billion
Retroactive removal of deduction limits is a giveaway to corporations.
The retroactive elimination of these deduction limits is now enshrined in a compromise bill, which recently passed the House by a 357-70 vote because it also includes a temporary expansion of the child tax-credit. Although I support the expansion of the child tax credit, I strongly urge the Senate to offer business relief only to the future years when the relief could influence corporate behavior.
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Retroactive removal of deduction limits is a giveaway to corporations.
The retroactive elimination of these deduction limits is now enshrined in a compromise bill, which recently passed the House by a 357-70 vote because it also includes a temporary expansion of the child tax-credit. Although I support the expansion of the child tax credit, I strongly urge the Senate to offer business relief only to the future years when the relief could influence corporate behavior.
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🔥 Powell: Economy Progresses but Inflation Still 'Too High' to Adjust Benchmark Rate
On Wednesday, March 20, 2024, the Federal Open Market Committee (FOMC) declared that there will be no change to the federal funds rate for the time being. The committee emphasized its intention not to lower the target rate until there is “greater confidence that inflation is moving sustainably” toward the 2% target.
Fed Pauses Rate Changes, Awaiting ‘Greater Confidence’ on Inflation
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On Wednesday, March 20, 2024, the Federal Open Market Committee (FOMC) declared that there will be no change to the federal funds rate for the time being. The committee emphasized its intention not to lower the target rate until there is “greater confidence that inflation is moving sustainably” toward the 2% target.
Fed Pauses Rate Changes, Awaiting ‘Greater Confidence’ on Inflation
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🔥 Boeing’s outgoing CEO David Calhoun got millions in extra awards just a year ago
If you want to get a fascinating insight into the crisis that has enveloped Boeing Co. BA, -0.79%, look no further than the company’s filings relating to executive compensation — or, some might say, executive plunder.
There you will find that the board of directors kept lavishing tens of millions in pay, bonuses and extra awards on Chief Executive David Calhoun, even as the company’s stockholder lost billions and the once-iconic company’s reputation went down the tubes.
You will find that Calhoun, a finance guy parachuted into the hot seat from private-equity firm Blackstone just over four years ago, was paid about 150 times more per year than the typical worker — i.e. the people building the planes.
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If you want to get a fascinating insight into the crisis that has enveloped Boeing Co. BA, -0.79%, look no further than the company’s filings relating to executive compensation — or, some might say, executive plunder.
There you will find that the board of directors kept lavishing tens of millions in pay, bonuses and extra awards on Chief Executive David Calhoun, even as the company’s stockholder lost billions and the once-iconic company’s reputation went down the tubes.
You will find that Calhoun, a finance guy parachuted into the hot seat from private-equity firm Blackstone just over four years ago, was paid about 150 times more per year than the typical worker — i.e. the people building the planes.
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🔥 The Baltimore Bridge Collapse Is the Latest Disaster to Hit Global Shipping
The collapse of Baltimore’s Francis Scott Key bridge wasn’t caused by neglect or decay. It’s a reminder, however, of the fragility of shipping infrastructure in the U.S. and abroad.
The dramatic collapse of the Maryland span which is part of I-695, came after a containership plowed directly into a bridge support. The Wall Street Journal reported that about 20 people, along with a number of cars, had fallen into the river.
The bridge spans some of the waterways that lead into the Port of Baltimore, one of the busiest ports in the nation and a significant stop for cruise ships. The port—officially known as the Helen Delich Bentley Port of Baltimore—handles bulk goods such as steel as well as cars, trucks, heavy machinery, and shipping containers among other products.
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The collapse of Baltimore’s Francis Scott Key bridge wasn’t caused by neglect or decay. It’s a reminder, however, of the fragility of shipping infrastructure in the U.S. and abroad.
The dramatic collapse of the Maryland span which is part of I-695, came after a containership plowed directly into a bridge support. The Wall Street Journal reported that about 20 people, along with a number of cars, had fallen into the river.
The bridge spans some of the waterways that lead into the Port of Baltimore, one of the busiest ports in the nation and a significant stop for cruise ships. The port—officially known as the Helen Delich Bentley Port of Baltimore—handles bulk goods such as steel as well as cars, trucks, heavy machinery, and shipping containers among other products.
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🔥 Truth Social’s stock rockets in first day with Trump’s initials as its ticker
Trump Media’s stock nearly doubles in 2 days since merger closed, adding more than $2.5 billion to Trump’s wealth.
Shares of Trump Media & Technology Group Corp. soared in active trading Tuesday, as investors rush to buy the ticker symbol that bears the initials of the former president.
The stock’s DJT first trade with the new symbol “DJT,” for Donald J. Trump, was at $54.84 at 4 a.m. Eastern time, to mark a 9.8% gain from Monday’s closing price of $49.95.
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Trump Media’s stock nearly doubles in 2 days since merger closed, adding more than $2.5 billion to Trump’s wealth.
Shares of Trump Media & Technology Group Corp. soared in active trading Tuesday, as investors rush to buy the ticker symbol that bears the initials of the former president.
The stock’s DJT first trade with the new symbol “DJT,” for Donald J. Trump, was at $54.84 at 4 a.m. Eastern time, to mark a 9.8% gain from Monday’s closing price of $49.95.
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🔥 Apple’s first quarter has felt more like an entire (bad) year
Apple (AAPL) is in the midst of what you could generously call a “difficult” period. The company is contending with a high-profile antitrust battle with the Department of Justice, falling iPhone sales in China, and a regulatory investigation in the European Union. And those are just the headlines from the past week.
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Apple (AAPL) is in the midst of what you could generously call a “difficult” period. The company is contending with a high-profile antitrust battle with the Department of Justice, falling iPhone sales in China, and a regulatory investigation in the European Union. And those are just the headlines from the past week.
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🔥 S&P 500 Bounced – Will It Attempt to Break the Record?
👉 The S&P 500 is likely to extend a short-term consolidation following last week’s rally, with markets anticipating a long holiday weekend.
👉 In the medium term, stock prices are overbought, suggesting the potential for a correction.
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👉 The S&P 500 is likely to extend a short-term consolidation following last week’s rally, with markets anticipating a long holiday weekend.
👉 In the medium term, stock prices are overbought, suggesting the potential for a correction.
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🔥 Tesla Stock Might Have Just Had Its Worst Quarter Ever. What’s Next.
For Tesla investors, it was a quarter to forget. They won’t get a mental break though. First-quarter deliveries are due in a few days.
Tesla stock dropped almost 30% in the first three months of 2024 making it the worst-performing stock in the S&P 500. It’s the third worst quarterly drop ever for shares and the worst first-quarter drop—so Tesla stock just had its worst start to a year on record.
The two worst quarterly drops, interestingly, were the second and fourth quarters of 2022. Both were when CEO Elon Musk was buying Twitter, which is now called X.
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For Tesla investors, it was a quarter to forget. They won’t get a mental break though. First-quarter deliveries are due in a few days.
Tesla stock dropped almost 30% in the first three months of 2024 making it the worst-performing stock in the S&P 500. It’s the third worst quarterly drop ever for shares and the worst first-quarter drop—so Tesla stock just had its worst start to a year on record.
The two worst quarterly drops, interestingly, were the second and fourth quarters of 2022. Both were when CEO Elon Musk was buying Twitter, which is now called X.
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🔥 Peter Schiff Warns of Severe Economic Repercussions, Highlights Inflation and Money Supply Concerns
In a recent analysis, economist Peter Schiff draws stark comparisons between the current U.S. economic optimism and the prelude to the 2008 financial crisis. Schiff, leveraging his expertise, warns of impending financial turmoil, emphasizing the critical role of money supply in understanding economic health.
Schiff concludes by highlighting the critical relationship between money supply, inflation, and economic outcomes. He warns that ignoring the signs of an increasing money supply could lead to a repeat of historical economic downturns, emphasizing the need for vigilance and a reconsideration of current economic policies.
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In a recent analysis, economist Peter Schiff draws stark comparisons between the current U.S. economic optimism and the prelude to the 2008 financial crisis. Schiff, leveraging his expertise, warns of impending financial turmoil, emphasizing the critical role of money supply in understanding economic health.
Schiff concludes by highlighting the critical relationship between money supply, inflation, and economic outcomes. He warns that ignoring the signs of an increasing money supply could lead to a repeat of historical economic downturns, emphasizing the need for vigilance and a reconsideration of current economic policies.
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🔥 Markets Tumble as Fed Rate Cut Expectations Diminish
Attention is riveted on the Federal Reserve’s assembly set for May 1, with widespread anticipation that the U.S. central banking authority might lower the federal funds rate at this juncture of the year. Currently, market forecasts suggest a rate reduction is very unlikely, and Cleveland Federal Reserve President Loretta Mester has expressed her inability to envision a rate cut occurring in May.
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Attention is riveted on the Federal Reserve’s assembly set for May 1, with widespread anticipation that the U.S. central banking authority might lower the federal funds rate at this juncture of the year. Currently, market forecasts suggest a rate reduction is very unlikely, and Cleveland Federal Reserve President Loretta Mester has expressed her inability to envision a rate cut occurring in May.
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🔥 The Market News Today: U.S. Stock Futures Rise Ahead of Weekly Initial Claims
👉 Modest gains in U.S. stock futures despite rate hike worries
👉 10-year Treasury yield increases amidst Fed speeches, economic data anticipation
👉 Record gold prices driven by rate cut expectations, global currency weakness
👉 Oil prices steady, influenced by supply concerns and robust U.S. growth
👉 U.S. natural gas futures slightly down before key EIA storage report
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👉 Modest gains in U.S. stock futures despite rate hike worries
👉 10-year Treasury yield increases amidst Fed speeches, economic data anticipation
👉 Record gold prices driven by rate cut expectations, global currency weakness
👉 Oil prices steady, influenced by supply concerns and robust U.S. growth
👉 U.S. natural gas futures slightly down before key EIA storage report
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🔥 High turbulence predicted for the US stock market
Renowned American economist and analyst Ed Yardeni stands out from the mainstream of Wall Street experts with his thoughtful and logical forecasts and reasoning.
The well-known economist attributed the market turbulence to the complex geopolitical environment that is weighing on oil prices, the lagging profit forecasts of some major U.S. companies (e.g., Tesla and Intel), a still-robust labor market and other factors that are preventing the Fed from making its long-awaited discount rate cut.
As Fed Chairman Jerome Powell has repeated many times since March 2022, the start of the rate hike, the road to lower inflation will be an uneven one for the economy and markets, with bumps and potholes. The price of a barrel of WTI crude oil has already risen from $71 to $85 this year on heightened geopolitical tensions, especially in the Middle East.
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Renowned American economist and analyst Ed Yardeni stands out from the mainstream of Wall Street experts with his thoughtful and logical forecasts and reasoning.
The well-known economist attributed the market turbulence to the complex geopolitical environment that is weighing on oil prices, the lagging profit forecasts of some major U.S. companies (e.g., Tesla and Intel), a still-robust labor market and other factors that are preventing the Fed from making its long-awaited discount rate cut.
As Fed Chairman Jerome Powell has repeated many times since March 2022, the start of the rate hike, the road to lower inflation will be an uneven one for the economy and markets, with bumps and potholes. The price of a barrel of WTI crude oil has already risen from $71 to $85 this year on heightened geopolitical tensions, especially in the Middle East.
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🔥 Peter Schiff Warns High Inflation Returning — Accuses JPMorgan CEO Jamie Dimon of Sugarcoating the Problem
Economist and gold bug Peter Schiff has warned that high inflation will return with a vengeance and significant Fed rate hikes will be necessary. He also criticized JPMorgan CEO Jamie Dimon for downplaying the severity of the U.S. economic situation. However, he conceded that Dimon’s perspective is “a lot closer to being right than most other Wall Street CEOs.”
But he’s actually sugar coating the problem. It’s far worse than he believes, or that he publicly lets on, if he’s deliberately understating how bad he knows the problem really is.
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Economist and gold bug Peter Schiff has warned that high inflation will return with a vengeance and significant Fed rate hikes will be necessary. He also criticized JPMorgan CEO Jamie Dimon for downplaying the severity of the U.S. economic situation. However, he conceded that Dimon’s perspective is “a lot closer to being right than most other Wall Street CEOs.”
But he’s actually sugar coating the problem. It’s far worse than he believes, or that he publicly lets on, if he’s deliberately understating how bad he knows the problem really is.
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🔥 SEC Chair Gary Gensler's Social Media Post Led Some to Believe He Was Resigning
U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler’s social media post expressing that “it’s been an honor to serve” as SEC chairman sparked speculation within the crypto community that he might be resigning from his position. Many people, including lawmakers, have criticized Gensler for taking an enforcement-centric approach to regulating the crypto industry.
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U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler’s social media post expressing that “it’s been an honor to serve” as SEC chairman sparked speculation within the crypto community that he might be resigning from his position. Many people, including lawmakers, have criticized Gensler for taking an enforcement-centric approach to regulating the crypto industry.
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🔥 Morgan Stanley: US Dollar Has No Credible Challengers; Reserve Currency Status to Endure
The U.S. dollar is likely to remain the world’s dominant reserve currency due to the absence of credible challengers. Morgan Stanley suggests that the Chinese yuan, often considered a potential rival to the U.S. dollar, currently falls short and is unlikely to dethrone the greenback.
Morgan Stanley’s assertive remarks come as concerns over U.S. debt levels and rising geopolitical risks have prompted a debate about the dollar’s future as a global reserve currency. The perceived weaponization of the dollar by the U.S. government is also energizing critics who have been calling for an alternative to the dollar.
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The U.S. dollar is likely to remain the world’s dominant reserve currency due to the absence of credible challengers. Morgan Stanley suggests that the Chinese yuan, often considered a potential rival to the U.S. dollar, currently falls short and is unlikely to dethrone the greenback.
Morgan Stanley’s assertive remarks come as concerns over U.S. debt levels and rising geopolitical risks have prompted a debate about the dollar’s future as a global reserve currency. The perceived weaponization of the dollar by the U.S. government is also energizing critics who have been calling for an alternative to the dollar.
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🔥 Confiscation of Russian Assets in the US Would Supercharge De-Dollarization
Analysts are pondering the effects of the approval of the Rebuilding Economic Prosperity and Opportunity (REPO) Act by the U.S. House. The execution of seizures for over $6 billion of Russian assets held in U.S. institutions would “supercharge” the de-dollarization efforts of several nations. This is due to the possibility of having their assets seized following any disagreements with U.S. policies.
It just supercharges de-dollarization. And that’s not good, especially when you have an America that is used to living on larger and larger debt raised by people placing the trust and buying treasuries and bonds.
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Analysts are pondering the effects of the approval of the Rebuilding Economic Prosperity and Opportunity (REPO) Act by the U.S. House. The execution of seizures for over $6 billion of Russian assets held in U.S. institutions would “supercharge” the de-dollarization efforts of several nations. This is due to the possibility of having their assets seized following any disagreements with U.S. policies.
It just supercharges de-dollarization. And that’s not good, especially when you have an America that is used to living on larger and larger debt raised by people placing the trust and buying treasuries and bonds.
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