On Valentine’s Day, the Fed announced that the current Vice Chair of the Federal Reserve Board, Lael Brainard, would be stepping down from the central bank and heading President Biden’s National Economic Council.
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With a total $1.61 trillion of federal student loan outstanding, student loan forgiveness has been
advocated by Democrats multiple times. So why is it difficult for them to cancel the debt?
After nearly two years, the world is once again in the same conversation involving a virus and strict regulations in China. Will investors be better equipped for another turbulent market after some practice?
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Prince Abdulaziz bin Salman, Saudi Arabia’s oil minister, has urged fellow producers to tighten the amount of oil released into the market. He fears that additional oil flowing into the market could cause prices to drop. Especially during the pandemic, oil prices have declined due to an increase in the number of people staying home. T
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To fund his $2 trillion infrastructure plan, President Joe Biden has proposed to raise the corporate tax to 28%. According to the New York Times, corporations will be required to pay fifteen years of taxes at the 28% rate. This is an increase from President Trump’s previous tax cuts, which decreased the corporate tax from 35% to 21%. Not all companies will be taxed the same amount, however.
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The US economy is booming, adding nearly 1 million jobs last month, bringing the unemployment rate down to 6%. Goldman Sachs has bumped up its estimate for the US’s 2021 GDP growth to 10%. If true, the US would replace China as the world’s primary driver of economic growth this year.
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With its growing exposure to the rest of the world, China has established itself as an important supplier, provider, and market of capital. According to the McKinsey Global Institute, which is ranked the top think-tank in the world for private sectors, China accounts for 35 percent of global manufacturing output.
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Janet Yellen’s G-20 letter served as an urgent call for a multilateral effort to tackle key issues. The primary focus was to call on countries to act quickly on COVID-19, stating that a global vaccination effort is the strongest stimulus the global economy could receive. She also suggested that the IMF allocate SDRs to enhance liquidity for low-income countries.
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Major indexes faltered this week while Treasury Yields soared. The 10Y Treasury yield has passed 1.3%. In theory, these two should move in the same direction. Treasury yields rise because investors are rotating out of them and into riskier assets like equities. This is known as risk-on.
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The coronavirus pandemic has debilitated the US economy in many different aspects. From the stock market to the unemployment rate, no one can deny that this virus has hit every sector of the American economy.
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