A bill introduced by Congressman Alex X. Mooney (R-WV) would "prohibit the Federal Reserve from establishing, carrying out, or approving a program intended to test the practicability of issuing a CBDC.” Mooney's press release introducing the bill follows: WASHINGTON, DC – Rep. Alex X. Mooney introduced H.R. 3712, the Digital Dollar Pilot Prevention Act to close the Federal Reserve’s Central Bank Digital Currency (CBDC) pilot program loophole. Specifically, this bill would prohibit the Federal Reserve from establishing, carrying out, or approving a program intended to test the practicability … [Read more...]
Semiconductor Equipment Sales to China Tank after Export Restrictions
The value of semiconductor equipment sold to China in the first quarter dropped by 23% compared to the year before after the Biden administration imposed restrictions on the export of certain technologies to the country. Dylan BUtts and Ann Cao report in the South China Morning Post: Semiconductor equipment sales to China fell in the first three months of the year – a sharp contrast to increased shipments to North America and global markets in the same period – as the world’s second-largest economy grapples with intensified trade restrictions imposed by Washington and its allies. During … [Read more...]
Two Year High for Jobless Claims
Weekly initial jobless claims surprised analysts on Thursday as they were higher than expected. At 261,000, the number of claims was the highest in two years. MarketWatch's Jeffry Bartash reports: The numbers: The number of people who applied for U.S. unemployment benefits in early June jumped to a nearly two-year high of 261,000, but most of the increase took place in just two states: Ohio and California. New jobless claims in the seven days ended June 3 climbed by 28,000 from the prior week, the Labor Department said Thursday. The figures are seasonally adjusted. Layoffs rose early in … [Read more...]
What Do You Know About Vanguard’s Wellesley Income Fund?
I was recently asked some questions about Vanguard's Wellesley Income Fund by a business associate. Below is a short summary of the questions and my answers. The first question was, "Who manages Wellesley Income Fund?" The answer is Wellington Management Company, which I have had dealings with from my earliest days in the industry at Model Roland & Co. on Federal St. in Boston, where I began work in August of 1971. Wellington was founded in 1928 in Boston, and is one of America's oldest institutional money managers. The two Wellington managers currently tasked with managing the … [Read more...]
China Factory Slowdown Depresses Energy Demand
Not even a heatwave in China can make up for the slowing industrial economy cooling demand for energy in the country. Coal prices are falling and LNG imports are slowing as manufacturers slow output. Reuters's Muyu Xu, Emily Chow, and Chen Aizhu report: An ongoing heatwave in China is boosting power demand for cooling, but tepid industrial demand and record high coal inventories are keeping prices at two-year lows and limiting spot liquefied natural gas (LNG) imports. Analysts do not see coal prices rising or spot LNG imports picking up anytime soon as a sluggish domestic recovery from … [Read more...]
Is the Regulation Reaper Coming for Crypto?
Is regulation about to kill cryptocurrency? No one knows, but it is obvious regulators are ramping up the attention they're paying to crypto after the SEC accused Binance and Coinbase Global of violating the law. Barron's Jack Denton reports: Doomsayers have called the death of cryptocurrency many times since Bitcoin launched 14 years ago. This week provided another opportunity after the Securities and Exchange Commission accused two leading exchanges of violating a slew of U.S. laws. The crackdown against Binance and Coinbase Global COIN +1.41% (ticker: COIN) darkens long-term prospects … [Read more...]
Is This Trade Better than College?
In America today, electricians are being paid better and hired faster than ever. Nate DiCamillo explains in Quartz, writing: The number of electricians employed in the US is at an all-time high in April, and they’re being paid better than ever. But can America sustain the supply of skilled tradespeople needed for these roles? This area of the job markethas been setting records setting records in employment since late 2021 and shot past the 1 million mark for the first time in more than 30 years in early 2022, according to the US Department of Labor. Now, the industry stands at 1.032 … [Read more...]
China Increases Its Gold Reserves for Seventh Month Straight
China has been on a gold-buying binge, and has now increased its gold reserves for seven months straight. Sybilla Gross reports for Bloomberg: China increased its gold reserves for a seventh straight month, signaling ongoing strong demand for the precious metal from the world’s central banks. China raised its gold holdings by about 16 tons in May, according to data from the People’s Bank of China on Wednesday. Total stockpiles now sit at about 2,092 tons, after adding a total of 144 tons from November through last month. Central banks bought a record volume of gold last year as nations … [Read more...]
CROWDING OUT: Government Debt Binge Could Hurt Banks
Now that the debt ceiling increase has passed through the bowels of Washington, D.C., the federal government is rushing to drain deposits from banks by borrowing $1.1 trillion in short-dated Treasury bills by the end of the year to spend on the administration's priorities. Kate Duguid reports for the Financial Times: A $1tn US government borrowing spree is set to increase the strain on the country’s banking system as Washington returns to the markets in the aftermath of the debt ceiling fight, traders and analysts say. Following the resolution of that dispute — which had previously … [Read more...]
Much Hyped Offshore Wind Project in MA Abandoned
Environmentalists and politicians have been hyping up offshore wind projects in the waters around Massachusetts for years, but now those plans have been abandoned. Jon Chesto reports in the Boston Globe: As anticipated, SouthCoast Wind has announced it will seek to terminate the utility contracts it needs to finance the construction of a giant offshore wind farm south of Martha’s Vineyard, citing significant increases in the cost of the project. The move follows Avangrid’s decision last fall to do the same thing with contracts for a similar project, dubbed Commonwealth Wind, which was also … [Read more...]
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