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nuckin_futz

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Everything posted by nuckin_futz

  1. Federal Reserve acts on a Sunday evening to slash rates to near zero Sun 15 Mar 2020 21:01:02 GMT Federal Open Market Committee cut interest rates for the second time in less than two weeks emergency move "The effects of the coronavirus will weigh on economic activity in the near term and pose risks to the economic outlook. In light of these developments, the Committee decided to lower the target range The Committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals" more to come Headlines via Reuters: fed cuts interest rates to near zero in response to coronavirus crisis, risks to economic outlook says expects target interest rate will remain in range of 0 and 0.25% until economy has "weathered recent events" and is on track to meet inflation and employment goals says crisis has "harmed communities and disrupted economic activity" in u.s. and other countries, will weigh on activity in the near term says will use "full range of tools" to support economy, will expand holdings of treasury securities by $500 bln and mortgage backed securities by $200 bln in coming months vote on policy action was 9 to 1, with Cleveland fed president Loretta Mester preferring a smaller interest rate cut Fed announces coordinated action with bank of Canada, bank of England, bank of Japan, European central bank and Wwiss national bank Fed says six global central banks have agreed to lower pricing on u.s. dollar liquidity swap arrangements by 25 bps says changes to central bank swap lines will take effect week of march 16 Fed and other global central banks will begin offering u.s. dollar liquidity in each jurisdiction with 84-day maturity Fed says it will lower the primary credit rate by 150 basis points to 0.25 percent, effective march 16 Fed says it supports firms that choose to use their capital and liquidity buffers to lend and undertake other supportive actions in a safe and sound manner says that depository institutions may borrow from the discount window for periods as long as 90 days, prepayable and renewable by the borrower on a daily basis says reducing reserve requirement ratios to zero percent effective on march 26 says encourages depository institutions to utilize intraday credit extended by reserve banks, on both a collateralized and uncollateralized basis
  2. Federal Reserve acts on a Sunday evening to slash rates to near zero Sun 15 Mar 2020 21:01:02 GMT Federal Open Market Committee cut interest rates for the second time in less than two weeks emergency move "The effects of the coronavirus will weigh on economic activity in the near term and pose risks to the economic outlook. In light of these developments, the Committee decided to lower the target range The Committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals" *********************** Headlines via Reuters: fed cuts interest rates to near zero in response to coronavirus crisis, risks to economic outlook says expects target interest rate will remain in range of 0 and 0.25% until economy has "weathered recent events" and is on track to meet inflation and employment goals says crisis has "harmed communities and disrupted economic activity" in u.s. and other countries, will weigh on activity in the near term says will use "full range of tools" to support economy, will expand holdings of treasury securities by $500 bln and mortgage backed securities by $200 bln in coming months vote on policy action was 9 to 1, with Cleveland fed president Loretta Mester preferring a smaller interest rate cut Fed announces coordinated action with bank of Canada, bank of England, bank of Japan, European central bank and Swiss national bank Fed says six global central banks have agreed to lower pricing on u.s. dollar liquidity swap arrangements by 25 bps says changes to central bank swap lines will take effect week of march 16 Fed and other global central banks will begin offering u.s. dollar liquidity in each jurisdiction with 84-day maturity Fed says it will lower the primary credit rate by 150 basis points to 0.25 percent, effective march 16 Fed says it supports firms that choose to use their capital and liquidity buffers to lend and undertake other supportive actions in a safe and sound manner says that depository institutions may borrow from the discount window for periods as long as 90 days, prepayable and renewable by the borrower on a daily basis says reducing reserve requirement ratios to zero percent effective on march 26 says encourages depository institutions to utilize intraday credit extended by reserve banks, on both a collateralized and uncollateralized basis Absolutely massive movement. Announcing this 1 hr before futures markets open. lol
  3. It doesn't exactly instill confidence. It's not even clear if the has the authority to fire Jerome Powell. Considering his choices for Fed Governors, Stephen Moore and Herman Cain. I am not looking forward to Federal Reserve Chairman Sarah Palin.
  4. The mini-scandal of the weekend is what's unfolding at US airports. Late last week Trump ordered: Ban on European flights Returning flights from Europe can only come to 13 US airports The unintended consequence was a massive surge into US airports this weekend with people from all over Europe crammed into lineups and confined spaces -- some for as many as 10 hours.
  5. Not to the same extent. Bush flooded into debt to start wars. Obama flooded into debt to fight off the deepest recession in 80 years. Trump flooded into debt to supercharge the economy after a n 8 year expansion and never broke 3% GDP. All he did was pump the stock market which was always fleeting at best. What's he got to show for it now? Only one of the 3 got any value for his debt dollar.
  6. You're not considered rich if you take a cash advance on your credit card and wave the money around. Trillion dollar deficits as far as the eye can see.
  7. Futures markets won't open until 3 pm. But a site I use has a pseudo synthetic tool to predict where the DJIA will open after the weekend. It's currently showing -1022. So your guess is accurate for now.
  8. Canada 302 total cases, 50 new ones.
  9. Roundup of the latest coronavirus news: Absolutely crushing newsflow Sun 15 Mar 2020 13:43:39 GMT The newsflow is absolutely overwhelming right now Here are a few of the bigger recent headlines: Spain declares emergency. Cases jump 35% today to 7753 Wife of Spain's PM tests positive Mnuchin says he doesn't expect a US recession Netherlands cases up 176 to 1135 Portugal cases to 245 from 169 Norway to 1077 from 907 Israel central bank launches QE program to buy government bonds Virgin Atlantic CEO says UK airlines will need as much as 7.5B pounds in aid Beijing to quarantine all overseas arrivals at centres for 14 days UK talking to companies about switching to make ventilators Dubai to shut all cinemas, gyms, camps until end of month India says it has 107 confirmed cases Japan reports 31 new cases for total of 1513 Iran confirms 1209 cases today Czech gov't likely to declare national quarantine - local reports UK health secretary says will take powers to order quarantines if necessary Malaysia reports 190 new cases 21 new cases in Indonesia, total at 117 Thailand reports 29 new cases American Airlines says it will halt nearly all long-haul international flights in phase-in starting Monday I'll expand on this much more on Monday but I'm increasingly convinced that the economic hit from all of this is going to be catastrophic. The debt markets are going to completely freeze and the bailouts are going to be stratospheric. Trump sending out an autographed copy of the rally in stocks late on Friday is going to live in infamy:
  10. Do sumo wrestlers count as athletes?
  11. Trump tests NEGATIVE for Covid-19. White House says US President Trump coronavirus test result was negative Sat 14 Mar 2020 23:51:51 GMT A statement from Sean Conley, Trump's doctor. This is good news if true. Trump in known as a bit of a germaphobe so his caution may have paid off. Wash your hands folks! In other news, the wife of Spain's Prime Minister has tested positive.
  12. I don't think anyone puts him in the 'great leader' category. But there is a difference between 'adequate' and 'buffoon'
  13. China implemented draconian measures to control the spread. It appears to have worked. Workers returning to work, factories slowing coming back online. The rest of the world, not so much.
  14. Elect a clown, expect a circus. Not that their other option was any better.
  15. France announces even stricter measures to contain virus. Coming soon to a country near you. Coronavirus - France to shut cafes, shops, restaurants, cinemas Sat 14 Mar 2020 18:52:40 GMT French Prime Minister Macron announcing the stricter isolation measures. Latest total from France is 4499 confirmed cases with a death toll of 91 New measures: France to shut down cafes, shops, restaurants, cinemas to stem spread of coronavirus France will keep public transport open, but asks citizens to limit their use says people should only go out to buy supplies, light exercise, vote in election says as many people as possible must work from home says understands sacrifices being asked of French people, but the moment is serious
  16. French state mulls cash injection into Air France-KLM Sat 14 Mar 2020 16:25:14 GMT French airline already in need of a bailout France's Los Echos says the government is looking at potentially raising its stake in Air France-KLM to help prop up the airline. The economy minister and CEO discussed ways to support the airline. The government already holds a 14.3% stake. Earlier there was a denial and the company has already laid off 2,000 employees. Yesterday the airline tapped a 1.1B euro facility. Lots of airlines are going to be bailed out in the next few months but the speed of this one is shocking to me. Overall, the scope of bailouts and deficits on this crisis is going to be astronomical. Trump has already mulled bailouts for cruise ships and shale oil. ****************** No one is allowed to fail. Everyone will get a bailout. Count on it.
  17. IMO Everyone is going on lock down soon. Friend of mine sent me the following. It's from a hedge fund big wig. 1) china did the clamp down authoritarian style (it worked) 2) south korea did the super testing approach (it worked) 3) Italy did the super lockdown approach (we don't know if its worked yet) USA has done neither of those Apple closes all stores outside of China Apple is closing all its stores outside of China in response to the Coronavirus and its spread to Europe and the US and how those regions have now become the epicenter of the virus. The action is a continuation of the private sectors attempt to slow the spreading of the virus. This week virtually all sporting events were shuttered across the US including iconic events and sports leagues like the NCAA March Madness, NBA basketball, NHL hockey, the MLB spring season, the Masters golf tournament. ****************** ^^^^ That's some bitter irony right there.
  18. A lot of people have been relying on the official numbers and especially the John Hopkins University website......... Some sobering words from the that very university........ “Don’t believe the numbers when you see, even on our Johns Hopkins website, that 1,600 Americans have the virus,” he said. “No, that means 1,600 got the test, tested positive. There are probably 25 to 50 people who have the virus for every one person who is confirmed.” He added: “I think we have between 50,000 and half a million cases right now walking around in the United States.”
  19. Trump says he took coronavirus test and expands travel ban to UK and Ireland Donald Trump has announced new measures to tackle the coronavirus crisis, including expanding the existing US travel ban to travelers from the UK and Ireland. In a lunchtime briefing at the White House, the president also confirmed he had taken a test for the virus himself, although the result was not yet available. “I decided I should,” he said. Trump had come under pressure after exposure to sufferers including a member of Brazilian president Jair Bolsonaro’s entourage in Florida last weekend. In a statement on Friday Trump’s physician, Dr Sean Conley, said there was no need to quarantine the president or implement a test. Trump’s encounter with Bolsonaro aide Fabio Wajngarten was “low risk”, the doctor said, adding that another Mar-a-Lago guest who has tested positive also interacted with the president. On Saturday, Trump told the media he had taken a test after all. His daughter Ivanka Trump, a White House adviser, entered self-isolation on Friday after meeting an Australian politician later revealed to have tested positive. News of Trump’s test followed days of controversy highlighted by his continuing to shake hands with people, even as official advice recommended “social distancing”. “It becomes a habit. People walk up to me, they shake hands, it’s kind of a natural reflex,” Trump said. “Shaking hands is not a great thing to be doing right now, I tend to agree.” Trump said he took his test on Friday night and would await the result for “two days, whatever it is”. more in the link https://www.theguardian.com/us-news/2020/mar/14/trump-coronavirus-paid-sick-leave-unemployment-testing
  20. Quebec Premier François Legault has banned all visits to public senior homes and hospitals. Legault is asking all people who are aged 70 years and over to avoid leaving their homes, as they are at a higher risk of serious consequences should they get the virus. Public Health Director Horatio Arruda is also asking all people with compromised immune systems or chronic ailments to avoid all non-essential outings, regardless of age. The Quebec government has launched a health emergency decree for at least 10 days. The province is adding seven more designated testing and treatment centres, creating a total of 19. It is also adding extra beds in these centres. Quebec now has 21 confirmed cases of COVID-19, with four more cases confirmed Saturday morning. Another 853 people are under investigation. An elementary school student at the Collège international Marie de France school has tested positive for COVID-19. All schools, universities, daycares and CEGEPs in Quebec will be closed for two weeks starting Monday. The government is asking people not to call 811 if they suspect they have COVID-19. Instead, they should call 1-877-644-4545. People coming from outside the country or anyone with flu-like symptoms should self-isolate for 14 days.
  21. Canada 227 total, 27 new cases since yesterday.
  22. Worst job I ever had was in my early 20's. I worked in a factory that manufactured picture plaques. For 2 hours every day I was in a room kept at 33 degrees in a hazmat suit applying epoxy resin. When you removed your gloves you could literally pour sweat out of them. It wasn't until I quit that they told me that the acetone we used to clean up may cause bone cancer. Thanks guys.
  23. Interest rates will drop a bit further still. Should be good for you.
  24. Dunno if we're going to be airlifting people out of Maui. You might be on your own.
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