May Existing Home Sales Likely Hit Bottom

Existing home sales fell for the third straight month in May, but the current month’s data reflects contract signings in March and April at the worst points of the shutdown. It is expected that this may be the bottom for home resales. National Association of Realtors (NAR) chief economist Lawrence Yun said that “sales will […]
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BoC’s Macklem: Not Considering Negative Rates

The Bank of Canada (BoC) is not considering negative interest rates and now sees its asset purchase program having a stimulative effect, BoC Governor Tiff Macklem said Monday. Macklem, in remarks prepared for delivery during an online event, said the Bank expects quick job gains as the economy reopens, but growth is likely to slow […]
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OPEC-Plus Watchdog Urges Greater Cuts Compliance

Complete adherence to the recent accord on oil production limits is paramount to rebalancing oil market fundamentals and ensuring stability in the industry, the OPEC-plus watchdog group warned Thursday. The Joint Ministerial Monitoring Committee (JMMC) is co-chaired by Russia and Saudi Arabia’s energy ministers, and is tasked with assessing energy market conditions, especially as it […]
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US Initial Claims Fall, But Level Remains High

US initial jobless claims filings fell further in the current week, but the pace of weekly declines has slowed and the level itself remains extremely elevated. In other data Thursday, manufacturing conditions in the Philadelphia Fed region improved drastically in June, showing growth for the first time since the COVID-19 crisis started. The Labor Department […]
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BofA Fund Manager Survey Sees Cautious Optimism

Global investors polled in June were cautiously optimistic about world growth, but wary that a second wave of COVID-19 could weigh on economic prospects, according to the findings of BofA Global Research’s monthly fund manager survey, released Tuesday. In June, a net 61% of fund managers looked for global growth to strengthen in the coming […]
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US May Retail Sales Surge 17.7% on Re-Openings

As social distancing eased in May, retail sales and industrial production rebounded from sharp declines in April. Motor vehicles were key to both series. The May rebounds are not a surprise and should continue in June as more state restrictions are reduced. The concern is the fall, when the second stage of the virus is […]
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Fed’s Daly: Ready to ‘Pivot’ to Stimulus Post-Pandemic

The Federal Reserve’s emergency relief programs will give way to stimulus and a focus on lowering unemployment whenever the coronavirus crisis has ebbed, San Francisco Fed President Mary Daly said Monday. Speaking at a National Press Club-sponsored event and later to reporters, Daly said it would make no sense to focus on stimulus now, when […]
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Necessity Brings Innovation Amid Turmoil

Who would have guessed that you can track government spy planes above Washington protests via certain websites, or that a bankrupt Hertz can consider issuing stock, or that the ubiquity of smartphones would transform the legacy of slavery forever? We’re learning so much as 2020’s second half begins. That there are no bailouts planned for […]
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Data Preview: Is May the Turning Point? Let’s Find Out

The May US data have been modestly uplifting to this point, specifically the surprise payrolls gain and lower unemployment rate, improved inflation data, and a smaller contraction in manufacturing conditions. None of it came close to making up for the terrible March and April readings, but it’s a start. The coming week’s data will shed […]
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US Initial Claims Slow Further; May PPI Above Expectations

The US jobless claims data released earlier Thursday pointed to continued improvement for both new filings and existing filings, but the levels of both remain extremely high as even state reopenings have not been able to get displaced workers back on the job. Those levels stand as a marker as to how deep the COVID-related […]
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