Metals News
Biden Administration Cancels $6.1 Billion in Student Debt for 317,000 Amid Fraud Claims
The Biden administration has announced the forgiveness of $6.1 billion in student debt for 317,000 former students of The Art Institutes, following the chain's closure last fall amid fraud allegations. This move is part of President Biden's broader strategy to address the nation's $1.7 trillion student debt, especially after broader relief efforts were hindered by the Supreme Court last year. The Art Institutes were accused of misrepresenting employment rates and salary data, leaving many graduates with significant debt and few tangible benefits, according to U.S. Secretary of Education Miguel Cardona.
Starbucks, McDonald's Feel the Pinch as Diners Tighten Belts
The long-anticipated consumer pullback in spending is now evident in the restaurant industry, with notable chains like Starbucks, KFC, and McDonald’s experiencing declines in same-store sales. Starbucks saw a significant 17% drop in share prices following a surprising sales dip, attributed partially to adverse weather. Similarly, Yum Brands cited January snowstorms and challenging year-over-year comparisons for underwhelming performance across its brands, including Pizza Hut and Taco Bell.
Treasury Yields Dip as Markets Brace for Fed Rate Decision
U.S. Treasury yields edged lower on Wednesday in anticipation of the Federal Reserve's upcoming interest rate decision and monetary policy guidance. The 10-year Treasury yield dropped by a basis point to 4.67%, while the 2-year yield fell by about three basis points to 5.019%, remaining just above the significant 5% threshold it surpassed on Tuesday. This movement highlights the inverse relationship between bond yields and prices, where each basis point shift represents a 0.01% change.
The Deadline To Turn in Your Gold – May 1st, 1933
We'll also take you back 91 years to reflect on Executive Order 6102 — one of the most highly controversial pieces of legislation in American history.
Palladium Falls Below Platinum as Auto Industry Shifts Preferences
Palladium has fallen below platinum for the first time since February, reversing its long-standing price advantage. This shift reflects a weakening demand outlook for palladium, primarily used in gasoline-powered car catalytic converters, exacerbated by a shift in automaker preferences towards the relatively cheaper platinum amidst a broader economic recalibration since the Covid-19 pandemic. Meanwhile, platinum benefits from positive market projections and increased demand in plug-in hybrid vehicles, which use more platinum-group metals compared to traditional engines.