Fed to shutter pandemic support asset purchases by end-2022

By Administrator_ India Capital Sands The Federal Reserve will shutter its asset purchases program by the end-2022, according to a Reuters poll, with a few more economists now predicting a rate hike as early as next year, but they pegged new COVID-19 variants as the biggest economic risk. However, Fed chair Jerome Powell said on Wednesday withdrawing monetary policy support was a long way off, with 7.5 million jobs still missing from before the pandemic. Following his testimony, where he also concluded that high inflation would be transitory, the US…

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U.S. Economy Shrinks by Historic 32.9%; Jobless Claims Rise Again

By Administrator_India Capital Sands   The U.S. economy contracted by an unprecedented annualised rate of 32.9% in the second quarter, the Commerce Department reported Thursday, the worst decline since the Great Depression as the coronavirus pandemic hammered consumer spending. Economists had forecast a slightly larger decline of 34.1% after a 5% contraction in the first quarter, although they warned that the figure grossly exaggerates the nature of the drop. The 9.5% drop in output, in absolute terms, was the sharpest fall in output since the government started to keep records in…

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Covid-19 Political News 

U.S. coronavirus cases top 1.5 million, infections rise in some southern states

By Administrator_India Capital Sands   The number of COVID-19 cases in the United States exceeded 1.5 million on Monday, as total deaths caused by the new coronavirus approached 90,000. Most U.S. states reported a drop in new cases of the respiratory illness for the week ended May 17, with only 13 states seeing a rise in infections compared to the previous week, a separate Analyst analysis found. Tennessee had the biggest weekly increase with 33%. Louisiana’s new cases rose 25%, and Texas reported 22% more cases than in the first…

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Putin Won’t Submit to What Is Seen as Saudi Oil-Price Blackmail Covid-19 Economic News 

White House considers more coronavirus aid as jobs picture worsens

By Administrator_India Capital Sands   The White House has begun informal talks with Republicans and Democrats in Congress about what to include in another round of coronavirus relief legislation, officials said on Sunday, while predicting further U.S. job losses in the coming months. Officials in President Donald Trump’s administration, including Treasury Secretary Steven Mnuchin and White House economic adviser Larry Kudlow, said they were holding discussions with lawmakers on issues including potential aid to states whose finances have been devastated by the pandemic. Another White House economic adviser, Kevin Hassett,…

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Dollar nurses losses after Fed, jump in risk appetite

By Administrator_India Capital Sands The dollar nursed losses on Thursday after the U.S. Federal Reserve left the door open to more monetary easing and dampened expectations for a quick economic recovery from the coronavirus pandemic. The greenback was also weighed down as signs the pandemic is receding in other countries and reduced safe-haven demand for holding funds in dollars. Additionally boosting appetite for riskier currencies was positive trial results of an experimental COVID-19 treatment. The euro held steady before a European Central Bank meeting later on Thursday where policymakers are…

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