Opinion: Cutting Interest Rates is Misguided
Published: Wednesday, 17 April 2024 03:26 | 
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The opinion piece argues that the Federal Reserve Chair Jerome Powell's focus on cutting interest rates may be misguided, given the persistent uncertainty around inflation returning to the 2% target and the growing concern over the federal deficit. The article suggests that lowering rates could exacerbate inflation, especially as significant investments by the Biden administration in manufacturing sectors like electric vehicles and semiconductors are already boosting factory construction, potentially fueling further inflationary pressures.
Dollar's Surge Triggers Market Interventions as Asian Currencies Tumble
Published: Wednesday, 17 April 2024 03:21 | |
| The U.S. dollar's resurgence significantly impacted emerging-market currencies, particularly after China's decision to lower its yuan reference rate. This move intensified selling pressures across Asia, notably affecting the Indonesian rupiah, Indian rupee, and South Korean won. The ripple effect of the dollar's strength was felt globally, driving a key index of emerging-market currencies to annual lows and causing corresponding declines in stock markets. In response to severe depreciations, Bank Indonesia intervened to support the rupiah as it crossed 16,000 per dollar for the first time in four years, and South Korean authorities warned against the economic risks of rapid currency fluctuations.
Biden-Harris Administration Proposes New Rules for Extensive Student Debt Relief
Published: Wednesday, 17 April 2024 03:14 | |
| The Biden-Harris Administration has unveiled its initial draft rules aimed at providing student debt relief to tens of millions of borrowers nationwide. Announced last week in Madison, Wisconsin by President Biden, these proposals could potentially increase the total beneficiaries of the administration's relief efforts to over 30 million people. To date, nearly 4.3 million borrowers have benefited from approximately $153 billion in debt cancellation under various programs initiated by this administration.
Gold Forecasts Range from 25% to 50% Upside Over the Next Few Years
Published: Wednesday, 17 April 2024 03:01 | |
| Gold is up, influenced by macroeconomic uncertainty, including tensions in the Middle East and the Federal Reserve’s stalled inflation measures. Despite this, gold is perceived as the most overvalued since August 2020, according to a Bank of America Fund Manager Survey. Although a net 26% of respondents believe gold has over-appreciated, there is still optimism, with projections suggesting a potential 25% to 50% increase in value over the next few years. However, 78% of fund managers see a global recession as unlikely within the next year, reflecting a more optimistic economic outlook compared to market behavior.
Over $20 Million in Gold Stolen in Canada’s Largest Airport Heist
Published: Wednesday, 17 April 2024 02:53 | |
| Nine people have been charged in connection with the largest gold heist in Canadian history, which occurred at Toronto’s Pearson International Airport last year. Peel Regional Police reported that 6,600 gold bars, valued over 20 million Canadian dollars, along with 2.5 million in various foreign currencies, were stolen. The stolen gold was later melted down and used to buy illegal firearms. Among those charged are an Air Canada warehouse employee and a former manager, who even guided the police on a tour of the cargo facility post-theft.