😂We thought so, too!
@bcheungz
is such a tease!😉 Runaway inflation is another term for hyperinflation - when high inflation becomes entrenched and escalates to being so rapid and out of control that normal expectations of price movements and value quickly become obsolete.🧵1/4
$JPM's Jamie Dimon on bitcoin: "I'll just challenge the group to one other thing: how do you know it ends at 21 million? You all read the algorithms? You guys all believe that? I don't know, I've always been a skeptic of stuff like that."
Dimon in May 2021: "My own personal advice to people is: stay away from it. That does not mean the clients don't want it...I don't smoke marijuana but if you make it nationally legal, I'm not going to stop our people from banking it."
oh my god hang this quote in the louvre:
"One senior banker who spoke to CNBC said he still wears the brand’s basics under his more expensive suits. He requested anonymity because he did not want to talk publicly about his basic wear."
for those wondering, this came from an
@IIF
event this morning. more Dimon:
"Our clients are adults, they disagree, that's what makes markets. If they want to have access to buy or sell
#bitcoin
, we can't custody it, but we can give them legitimate, as clean as possible access."
Fed response indicates they beg to differ:
"The Federal Reserve would prefer that the full suite of emergency facilities established during the coronavirus pandemic continue to serve their important role as a backstop for our still-strained and vulnerable economy."
Treasury Secretary Mnuchin asks Fed to return unused money and close down Main Street Lending, Municipal Lending, TALF, and corporate credit facilities on Dec. 31.
Asks for 90 day extension on PDCF, CPFF, MMLF.
Says programs can be restarted if needed
ok so i was a "young finance hopeful" who worked at the Fed out of college and for anyone that wants to know what it's like: the annual holiday party is at midday, and no alcohol is served
macroeconometrics nearly ended me but today I graduated (virtually) from
@JohnsHopkins
!
physical diploma’s not here yet (and that’s actually dad’s engineering masters gown) but we still turning up 👨🎓🍾
her: i bet he's thinking about other girls
him: is the treasury general account drainage worse for money markets or banks? i guess it depends on whether or not the Fed raises IOR. or they could extend SLR exemptions but
Minneapolis Fed's
@neelkashkari
to firms that cant find labor: raise wages
"I really take labor shortage complaints now — having been on this job now for almost 6 years— I take it with about 10 lbs of salt. Big salt chips on my shoulders, because I've heard these stories before"
no dinner tonight? there are some 🔥 Asian-owned restaurants that could really use your support. my recs for NYC and the DMV:
(No disrespect to BX, Staten Island or Maryland, just haven’t tried enough places out there)
the Fed again highlights this staggering statistic:
"Disaggregating the overall unemployment rate reveals that workers in the lowest-wage quartile face Depression-era rates of unemployment of around 23 percent."
the english language has to be charitable enough to give us more words than "balloon" to differentiate a thing that clowns blow up at a birthday party from advanced research technology the size of three buses
This is a pretty remarkable public dispute here. The Treasury was essentially ordering the Fed to close down 9 of 13 liquidity facilities in December and return the money.
Fed: u sure bout that
are you a young financial genius working in the federal reserve system? did you screw it all up with secrets, lies, sex, and politics?
if so, I’d like to talk to you! DM or email at brian.cheung
@yahoofinance
.com
BREAKING: Fed to begin unwinding its corporate bond portfolio.
As of 4/30/21, Fed had about $8.6B in corporate bond ETFs and $5.2B in individual corporate bonds.
Fed official says they hope to unwind the whole portfolio by end of 2021
Federal Reserve Chairman Jerome Powell: "A very high proportion of forecasters were expecting very weak growth or a recession. Not only did that not happen, we actually had a very strong year."
Fed published new details on its Secondary Market Corp. Credit Facility purchases, which had about $429 million in individual corp. bond purchases through 6/16
Here were the 25 largest transactions $CMCSA $ABBV $T $UNH $KO $WMT $BRK $MSFT
Goldman Sachs Econ expects core goods inflation to turn negative next year:
"More moderate commodity price inflation, falling transportation costs, and downward pressure on import prices from past dollar appreciation should also help to reduce core PCE goods inflation."
for anyone saying this is "cringe," put some respect on
@iammcjin
, who had a ***7-week*** freestyle fridays run on 106 & Park and inspired countless Asian dudes (myself included) to start recording freestyles on their LG Chocolates
programming note: amped to share that i've recently transitioned into a full-time anchoring role here
@yahoofinance
! you'll be able to catch me and
@AkikoFujita
every day at 11am - 12pm ET at
.
@RepMaxineWaters
tells
@JohnJHarwood
@realDonaldTrump
's attacks do not "intimidate" her:
"I think that this man does not deserve to be president of the United States. He is one of the most deplorable people I've ever me in my life."
for anyone wondering, "SDR" refers to special drawing rights, which is the International Monetary Fund's reserve asset that isn't really currency.
here's the background on why this topic came up and exactly what Sec. Yellen was trying to explain:
The City of Alamo's City Commission and City Administration has NOT been officially contacted
regarding this visit and therefore, have NO DETAILS regarding his itinerary.
Atlanta Fed's Raphael Bostic: "One other thing I should say - and I didn't say this in those earlier interviews and that was a mistake on my part - is that our new long-run framework says explicitly we're going to be willing to let the economy run hot."
The COVID-19 vaccine "hasn't gotten through the population nearly enough to really affect aggregate performance,"
@AtlantaFed
President
@RaphaelBostic
says. "How the virus progresses will determine in large part how the economy progresses."
Amazon: "We do not intend to re-open the HQ2 search at this time. We will proceed as planned in Northern Virginia and Nashville, and we will continue to hire and grow across our 17 corporate offices and tech hubs in the U.S. and Canada." $AMZN