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The Walt Disney Company operates two mega theme parks in the United States. One on the East Coast in Orlando Florida, and one on the West Coast In Anaheim, California. But, as the Wall Street Journal reports today the two parks are headed in diametrically opposite directions. And that difference is due entirely to the different approached to Economic Lock-Down, by their respective State Governors. Now an economic lock-down is the strategy that many Governors and Mayor's have used to fight the spread of the Covid-19 Virus. The rationale here has been that Covid-19 is an air borne virus, and by severely limiting people's ability to gather in crowds, the result will be fewer cases of infection. Sound's logical enough.
The Walt Disney Company operates two mega theme parks in the United States. One on the East Coast in Orlando Florida, and one on the West Coast In Anaheim, California. But, as the Wall Street Journal reports today the two parks are headed in diametrically opposite directions. And that difference is due entirely to the different approached to Economic Lock-Down, by their respective State Governors. Now an economic lock-down is the strategy that many Governors and Mayor's have used to fight the spread of the Covid-19 Virus. The rationale here has been that Covid-19 is an air borne virus, and by severely limiting people's ability to gather in crowds, the result will be fewer cases of infection. Sound's logical enough.
The Walt Disney Company operates two mega theme parks in the United States. One on the East Coast in Orlando Florida, and one on the West Coast In Anaheim, California. But, as the Wall Street Journal reports today the two parks are headed in diametrically opposite directions. And that difference is due entirely to the different approached to Economic Lock-Down, by their respective State Governors. Now an economic lock-down is the strategy that many Governors and Mayor's have used to fight the spread of the Covid-19 Virus. The rationale here has been that Covid-19 is an air borne virus, and by severely limiting people's ability to gather in crowds, the result will be fewer cases of infection. Sound's logical enough.
The “Great Lock Down” has created unprecedented economic havoc. Literally millions have lost their jobs, as businesses across the nation have gone out. But as Caroline Baum, writing for Market Watch, noted recently a recession can also be an ideal time for an entrepreneur to launch their own start-up. As old business models fail, new opportunities are created. And that's certainly the case today. Across the country we're seeing traditional business which require customers to come into their store. These businesses are struggling, as social distancing, mask wearing and limits on occupancy numbers, has caused these businesses to operate at less than full capacity. And thus reduced their profitability. But there are no such limitations in the online world. No masks, no social distancing when you order from Amazon at home.
The “Great Lock Down” has created unprecedented economic havoc. Literally millions have lost their jobs, as businesses across the nation have gone out. But as Caroline Baum, writing for Market Watch, noted recently a recession can also be an ideal time for an entrepreneur to launch their own start-up. As old business models fail, new opportunities are created. And that's certainly the case today. Across the country we're seeing traditional business which require customers to come into their store. These businesses are struggling, as social distancing, mask wearing and limits on occupancy numbers, has caused these businesses to operate at less than full capacity. And thus reduced their profitability. But there are no such limitations in the online world. No masks, no social distancing when you order from Amazon at home.
The “Great Lock Down” has created unprecedented economic havoc. Literally millions have lost their jobs, as businesses across the nation have gone out. But as Caroline Baum, writing for Market Watch, noted recently a recession can also be an ideal time for an entrepreneur to launch their own start-up. As old business models fail, new opportunities are created. And that's certainly the case today. Across the country we're seeing traditional business which require customers to come into their store. These businesses are struggling, as social distancing, mask wearing and limits on occupancy numbers, has caused these businesses to operate at less than full capacity. And thus reduced their profitability. But there are no such limitations in the online world. No masks, no social distancing when you order from Amazon at home.
The “Great Lock Down” has created unprecedented economic havoc. Literally millions have lost their jobs, as businesses across the nation have gone out. But as Caroline Baum, writing for Market Watch, noted recently a recession can also be an ideal time for an entrepreneur to launch their own start-up. As old business models fail, new opportunities are created. And that's certainly the case today. Across the country we're seeing traditional business which require customers to come into their store. These businesses are struggling, as social distancing, mask wearing and limits on occupancy numbers, has caused these businesses to operate at less than full capacity. And thus reduced their profitability. But there are no such limitations in the online world. No masks, no social distancing when you order from Amazon at home.
He's the head of the Nation's Central Bank. He's Jerome Powell, and this morning at 10:30 eastern time, he will take the podium at the 62nd annual meeting of the National Association of Business Economists. The NABE is perhaps the nation's largest assemblage of real world economists. Many of these members are not the typical academic that you find at the usual economic conference. Instead these are the roll up the sleeves, and analyze their latest company balance sheer. They are more likely to be a company CFO rather than a college professor. It's a background in which Powell should feel right at home. You see, Powell is not an academically trained economist. The first non academic Fed Chairman in a generation or two.
I think that the financial markets are some of the most interesting places to study just how our world is changing. At their hearts, the markets represent real people, investing real money , in an attempt to predict just where our economy is headed. And in times of major changes, like we're going through now, you can see some dramatic changes in the way capital is allocated. Seeking out the winners, and avoiding the losers.
Last week saw the most dramatic change in the state's governor's approach to economic quarantine. When we saw Florida completely open up their state, while California moved to lock down business activity even further. Now, in the American system of Government, it is the Governors of the various states who have the authority to quarantine, or open up businesses. And in an effort to control the spread of the Covid-19 virus, many governors choose to lock down non essential businesses, in an effort to halt that person to person contact which they felt contributed to its spread.
And this is the weekend edition of our podcast. The the time when we look back over the major economic events, and news that impacted the Markets in the week just past. A time to measure the major news and events which impacted the financial markets The big news of the week, was the announcement early Friday morning, that the President had tested positive for the Covid 19 virus. In the over-night hours, well before the markets opened, the Futures took a bit of a hit, down about 2%, but began recovering immediately, and continued to recover throughout the trading session. The President has received well wishes, and get better messages from around the globe. It has also been reported that his Presidential challenger, Job Biden, has tested negative for the virus.
And this is the weekend edition of our podcast. The the time when we look back over the major economic events, and news that impacted the Markets in the week just past. A time to measure the major news and events which impacted the financial markets The big news of the week, was the announcement early Friday morning, that the President had tested positive for the Covid 19 virus. In the over-night hours, well before the markets opened, the Futures took a bit of a hit, down about 2%, but began recovering immediately, and continued to recover throughout the trading session. The President has received well wishes, and get better messages from around the globe. It has also been reported that his Presidential challenger, Job Biden, has tested negative for the virus.
Now normally, I don't pay much attention to the regional economic reports which come over my desk each day. I usually only use the regional to confirm the general overall direction of the economy. But in this economy, all that has changed. The regional reports are the most important. Because, as we've noted, the recovery is centered in certain regions and not others. There were two examples of this phenomena reported this week. And both were notable for the sheer magnitude of their move.
Now normally, I don't pay much attention to the regional economic reports which come over my desk each day. I usually only use the regional to confirm the general overall direction of the economy. But in this economy, all that has changed. The regional reports are the most important. Because, as we've noted, the recovery is centered in certain regions and not others. There were two examples of this phenomena reported this week. And both were notable for the sheer magnitude of their move.
Now normally, I don't pay much attention to the regional economic reports which come over my desk each day. I usually only use the regional to confirm the general overall direction of the economy. But in this economy, all that has changed. The regional reports are the most important. Because, as we've noted, the recovery is centered in certain regions and not others. There were two examples of this phenomena reported this week. And both were notable for the sheer magnitude of their move.
Now normally, I don't pay much attention to the regional economic reports which come over my desk each day. I usually only use the regional to confirm the general overall direction of the economy. But in this economy, all that has changed. The regional reports are the most important. Because, as we've noted, the recovery is centered in certain regions and not others. There were two examples of this phenomena reported this week. And both were notable for the sheer magnitude of their move.
Yesterday we closed out the third quarter. And while many were focused on the performance of the Stock Market, which ended the quarter solidly in the black. It was the corporate bond market which really drew my attention. In both Corporate Investment Grade, and Corporate High Yield Bonds, we're seeing both all time low interest rates, and all time high issuance. Those Corporate High Yield Bonds are especially interesting in that these are the bonds for the least credit worthy companies. And in just 9 months companies have sold $330 billion worth of these bonds. That's more Hy Yield than has ever been sold in a full year, and we have 3 more months to go. There seems to be no limit to the number of bonds that American Corporations want to issue. And it's changing our entire capital markets.
Yesterday we closed out the third quarter. And while many were focused on the performance of the Stock Market, which ended the quarter solidly in the black. It was the corporate bond market which really drew my attention. In both Corporate Investment Grade, and Corporate High Yield Bonds, we're seeing both all time low interest rates, and all time high issuance. Those Corporate High Yield Bonds are especially interesting in that these are the bonds for the least credit worthy companies. And in just 9 months companies have sold $330 billion worth of these bonds. That's more Hy Yield than has ever been sold in a full year, and we have 3 more months to go. There seems to be no limit to the number of bonds that American Corporations want to issue. And it's changing our entire capital markets.
Yesterday we closed out the third quarter. And while many were focused on the performance of the Stock Market, which ended the quarter solidly in the black. It was the corporate bond market which really drew my attention. In both Corporate Investment Grade, and Corporate High Yield Bonds, we're seeing both all time low interest rates, and all time high issuance. Those Corporate High Yield Bonds are especially interesting in that these are the bonds for the least credit worthy companies. And in just 9 months companies have sold $330 billion worth of these bonds. That's more Hy Yield than has ever been sold in a full year, and we have 3 more months to go. There seems to be no limit to the number of bonds that American Corporations want to issue. And it's changing our entire capital markets.
Yesterday we closed out the third quarter. And while many were focused on the performance of the Stock Market, which ended the quarter solidly in the black. It was the corporate bond market which really drew my attention. In both Corporate Investment Grade, and Corporate High Yield Bonds, we're seeing both all time low interest rates, and all time high issuance. Those Corporate High Yield Bonds are especially interesting in that these are the bonds for the least credit worthy companies. And in just 9 months companies have sold $330 billion worth of these bonds. That's more Hy Yield than has ever been sold in a full year, and we have 3 more months to go. There seems to be no limit to the number of bonds that American Corporations want to issue. And it's changing our entire capital markets.
Yesterday we closed out the third quarter. And while many were focused on the performance of the Stock Market, which ended the quarter solidly in the black. It was the corporate bond market which really drew my attention. In both Corporate Investment Grade, and Corporate High Yield Bonds, we're seeing both all time low interest rates, and all time high issuance. Those Corporate High Yield Bonds are especially interesting in that these are the bonds for the least credit worthy companies. And in just 9 months companies have sold $330 billion worth of these bonds. That's more Hy Yield than has ever been sold in a full year, and we have 3 more months to go. There seems to be no limit to the number of bonds that American Corporations want to issue. And it's changing our entire capital markets.
It's a banner day for the Bureau of Economic Analysis. They are the chief numbers “crunchers,” in the Federal Government, about the economy. For anyone actively involved in economic research, the BEA is one of our go to places. Today, the Bureau of Economic Analysis, will present the final reports on the Second Quarter of this year. The Quarter ended in June. When you're dealing with an economy as large and complex as ours, it does take some time to bring all of the statistical reports, surveys and agency reports together to present an overall picture of the economy. Today, is that day. The day that the final numbers on Q2 will be written into the history book.
It's a banner day for the Bureau of Economic Analysis. They are the chief numbers “crunchers,” in the Federal Government, about the economy. For anyone actively involved in economic research, the BEA is one of our go to places. Today, the Bureau of Economic Analysis, will present the final reports on the Second Quarter of this year. The Quarter ended in June. When you're dealing with an economy as large and complex as ours, it does take some time to bring all of the statistical reports, surveys and agency reports together to present an overall picture of the economy. Today, is that day. The day that the final numbers on Q2 will be written into the history book.
It's a banner day for the Bureau of Economic Analysis. They are the chief numbers “crunchers,” in the Federal Government, about the economy. For anyone actively involved in economic research, the BEA is one of our go to places. Today, the Bureau of Economic Analysis, will present the final reports on the Second Quarter of this year. The Quarter ended in June. When you're dealing with an economy as large and complex as ours, it does take some time to bring all of the statistical reports, surveys and agency reports together to present an overall picture of the economy. Today, is that day. The day that the final numbers on Q2 will be written into the history book.
It's a banner day for the Bureau of Economic Analysis. They are the chief numbers “crunchers,” in the Federal Government, about the economy. For anyone actively involved in economic research, the BEA is one of our go to places. Today, the Bureau of Economic Analysis, will present the final reports on the Second Quarter of this year. The Quarter ended in June. When you're dealing with an economy as large and complex as ours, it does take some time to bring all of the statistical reports, surveys and agency reports together to present an overall picture of the economy. Today, is that day. The day that the final numbers on Q2 will be written into the history book.
I was talking with a colleague the other day, when suddenly I realized that we no longer talk of the United States having a trade balance . Now we only talk about the US Trade Deficit. Why? Because when we look at our country's international trade, it is inevitably a deficit, a loss. A bottomless hole. In which this country inevitably imports more than it exports. Which we make up for by paying our hard cash. On a balance of payments basis, we always loose. The other side always goes away from the deal with US dollars in their pocket. So it's simple to see why we only think of US International Trade as a loosing proposition, a deficit.. Since the third quarter of 1982, nearly 38 years ago, the US has had nothing but red ink in the trading relations around the world. With the singular exception of 1992.
Wednesday will mercifully call an end to the second quarter. And there will be a collective sigh of relief from Wall Street. As we try to put the full effects of the economic lock-down behind us. Inch by inch, the country is starting to emerge from its self-quarantine. This was reflected by the State of Florida, which last week lifted all restrictions on its economy. Shops, restaurants, events are now allowed to function as normal. In fact across the nation, state and local authorities are starting to loosen the restrictions on assembly, and on non-essential businesses.
Wednesday will mercifully call an end to the second quarter. And there will be a collective sigh of relief from Wall Street. As we try to put the full effects of the economic lock-down behind us. Inch by inch, the country is starting to emerge from its self-quarantine. This was reflected by the State of Florida, which last week lifted all restrictions on its economy. Shops, restaurants, events are now allowed to function as normal. In fact across the nation, state and local authorities are starting to loosen the restrictions on assembly, and on non-essential businesses.
Wednesday will mercifully call an end to the second quarter. And there will be a collective sigh of relief from Wall Street. As we try to put the full effects of the economic lock-down behind us. Inch by inch, the country is starting to emerge from its self-quarantine. This was reflected by the State of Florida, which last week lifted all restrictions on its economy. Shops, restaurants, events are now allowed to function as normal. In fact across the nation, state and local authorities are starting to loosen the restrictions on assembly, and on non-essential businesses.
Wednesday will mercifully call an end to the second quarter. And there will be a collective sigh of relief from Wall Street. As we try to put the full effects of the economic lock-down behind us. Inch by inch, the country is starting to emerge from its self quarantine. This was reflected by the State of Florida, which last week lifted all restrictions on its economy. Shops, restaurants, events are now allowed to function as normal. In fact across the nation, state and local authorities are starting to loosen the restrictions on assembly, and on non essential businesses.
This week the two men most responsible for helping guide this economy, testified before Congress for 3 days. Chairman of the Federal Reserve Jerome Powell, and Secretary of the Treasury, Steven Mnuchin both spent hours, outlining for law makers just what they see as essential to continuing the economic recovery. And to sum up all of those conversations in a phrase: “We need more money.”
This week the two men most responsible for helping guide this economy, testified before Congress for 3 days. Chairman of the Federal Reserve Jerome Powell, and Secretary of the Treasury, Steven Mnuchin both spent hours, outlining for law makers just what they see as essential to continuing the economic recovery. And to sum up all of those conversations in a phrase: “We need more money.”
This week the two men most responsible for helping guide this economy, testified before Congress for 3 days. Chairman of the Federal Reserve Jerome Powell, and Secretary of the Treasury, Steven Mnuchin both spent hours, outlining for law makers just what they see as essential to continuing the economic recovery. And to sum up all of those conversations in a phrase: “We need more money.”
This week the two men most responsible for helping guide this economy, testified before Congress for 3 days. Chairman of the Federal Reserve Jerome Powell, and Secretary of the Treasury, Steven Mnuchin both spent hours, outlining for law makers just what they see as essential to continuing the economic recovery. And to sum up all of those conversations in a phrase: “We need more money.”
This week the two men most responsible for helping guide this economy, testified before Congress for 3 days. Chairman of the Federal Reserve Jerome Powell, and Secretary of the Treasury, Steven Mnuchin both spent hours, outlining for law makers just what they see as essential to continuing the economic recovery. And to sum up all of those conversations in a phrase: “We need more money.”
This week the two men most responsible for helping guide this economy, testified before Congress for 3 days. Chairman of the Federal Reserve Jerome Powell, and Secretary of the Treasury, Steven Mnuchin both spent hours, outlining for law makers just what they see as essential to continuing the economic recovery. And to sum up all of those conversations in a phrase: “We need more money.”
This week the two men most responsible for helping guide this economy, testified before Congress for 3 days. Chairman of the Federal Reserve Jerome Powell, and Secretary of the Treasury, Steven Mnuchin both spent hours, outlining for law makers just what they see as essential to continuing the economic recovery. And to sum up all of those conversations in a phrase: “We need more money.”
This week the two men most responsible for helping guide this economy, testified before Congress for 3 days. Chairman of the Federal Reserve Jerome Powell, and Secretary of the Treasury, Steven Mnuchin both spent hours, outlining for law makers just what they see as essential to continuing the economic recovery. And to sum up all of those conversations in a phrase: “We need more money.”
This week the two men most responsible for helping guide this economy, testified before Congress for 3 days. Chairman of the Federal Reserve Jerome Powell, and Secretary of the Treasury, Steven Mnuchin both spent hours, outlining for law makers just what they see as essential to continuing the economic recovery. And to sum up all of those conversations in a phrase: “We need more money.”
This week the two men most responsible for helping guide this economy, testified before Congress for 3 days. Chairman of the Federal Reserve Jerome Powell, and Secretary of the Treasury, Steven Mnuchin both spent hours, outlining for law makers just what they see as essential to continuing the economic recovery. And to sum up all of those conversations in a phrase: “We need more money.”
This week the two men most responsible for helping guide this economy, testified before Congress for 3 days. Chairman of the Federal Reserve Jerome Powell, and Secretary of the Treasury, Steven Mnuchin both spent hours, outlining for law makers just what they see as essential to continuing the economic recovery. And to sum up all of those conversations in a phrase: “We need more money.”
This week the two men most responsible for helping guide this economy, testified before Congress for 3 days. Chairman of the Federal Reserve Jerome Powell, and Secretary of the Treasury, Steven Mnuchin both spent hours, outlining for law makers just what they see as essential to continuing the economic recovery. And to sum up all of those conversations in a phrase: “We need more money.”
This week the two men most responsible for helping guide this economy, testified before Congress for 3 days. Chairman of the Federal Reserve Jerome Powell, and Secretary of the Treasury, Steven Mnuchin both spent hours, outlining for law makers just what they see as essential to continuing the economic recovery. And to sum up all of those conversations in a phrase: “We need more money.”
Next week we will end the 3rd quarter of the year. Combined with the quarter before, this has been the most tumultuous time in our economy in anyone's living memory. Beginning last March, State and local Governments began to shut down entire sectors of the economy, in response to the spreading Pandemic. This resulted in the biggest drop in our nation's output ever recorded. Shattering all records, including the records of the Great Depression of the 1930's this presented a real challenge for the two principal economic models that are designed to keep track of such things. Both models are designed, and published by two Regional Branches of the Federal Reserve Board. The oldest model is the Nowcast of the Nations Gross Domestic Product, the broadest measure of the economy. And the most recent new model is the GDP Now Model presented by the Atlanta Fed.
Next week we will end the 3rd quarter of the year. Combined with the quarter before, this has been the most tumultuous time in our economy in anyone's living memory. Beginning last March, State and local Governments began to shut down entire sectors of the economy, in response to the spreading Pandemic. This resulted in the biggest drop in our nation's output ever recorded. Shattering all records, including the records of the Great Depression of the 1930's this presented a real challenge for the two principal economic models that are designed to keep track of such things. Both models are designed, and published by two Regional Branches of the Federal Reserve Board. The oldest model is the Nowcast of the Nations Gross Domestic Product, the broadest measure of the economy. And the most recent new model is the GDP Now Model presented by the Atlanta Fed.
Next week we will end the 3rd quarter of the year. Combined with the quarter before, this has been the most tumultuous time in our economy in anyone's living memory. Beginning last March, State and local Governments began to shut down entire sectors of the economy, in response to the spreading Pandemic. This resulted in the biggest drop in our nation's output ever recorded. Shattering all records, including the records of the Great Depression of the 1930's this presented a real challenge for the two principal economic models that are designed to keep track of such things. Both models are designed, and published by two Regional Branches of the Federal Reserve Board. The oldest model is the Nowcast of the Nations Gross Domestic Product, the broadest measure of the economy. And the most recent new model is the GDP Now Model presented by the Atlanta Fed.
Next week we will end the 3rd quarter of the year. Combined with the quarter before, this has been the most tumultuous time in our economy in anyone's living memory. Beginning last March, State and local Governments began to shut down entire sectors of the economy, in response to the spreading Pandemic. This resulted in the biggest drop in our nation's output ever recorded. Shattering all records, including the records of the Great Depression of the 1930's this presented a real challenge for the two principal economic models that are designed to keep track of such things. Both models are designed, and published by two Regional Branches of the Federal Reserve Board. The oldest model is the Nowcast of the Nations Gross Domestic Product, the broadest measure of the economy. And the most recent new model is the GDP Now Model presented by the Atlanta Fed.
Next week we will end the 3rd quarter of the year. Combined with the quarter before, this has been the most tumultuous time in our economy in anyone's living memory. Beginning last March, State and local Governments began to shut down entire sectors of the economy, in response to the spreading Pandemic. This resulted in the biggest drop in our nation's output ever recorded. Shattering all records, including the records of the Great Depression of the 1930's this presented a real challenge for the two principal economic models that are designed to keep track of such things. Both models are designed, and published by two Regional Branches of the Federal Reserve Board. The oldest model is the Nowcast of the Nations Gross Domestic Product, the broadest measure of the economy. And the most recent new model is the GDP Now Model presented by the Atlanta Fed.
Next week we will end the 3rd quarter of the year. Combined with the quarter before, this has been the most tumultuous time in our economy in anyone's living memory. Beginning last March, State and local Governments began to shut down entire sectors of the economy, in response to the spreading Pandemic. This resulted in the biggest drop in our nation's output ever recorded. Shattering all records, including the records of the Great Depression of the 1930's this presented a real challenge for the two principal economic models that are designed to keep track of such things. Both models are designed, and published by two Regional Branches of the Federal Reserve Board. The oldest model is the Nowcast of the Nations Gross Domestic Product, the broadest measure of the economy. And the most recent new model is the GDP Now Model presented by the Atlanta Fed.
Next week we will end the 3rd quarter of the year. Combined with the quarter before, this has been the most tumultuous time in our economy in anyone's living memory. Beginning last March, State and local Governments began to shut down entire sectors of the economy, in response to the spreading Pandemic. This resulted in the biggest drop in our nation's output ever recorded. Shattering all records, including the records of the Great Depression of the 1930's this presented a real challenge for the two principal economic models that are designed to keep track of such things. Both models are designed, and published by two Regional Branches of the Federal Reserve Board. The oldest model is the Nowcast of the Nations Gross Domestic Product, the broadest measure of the economy. And the most recent new model is the GDP Now Model presented by the Atlanta Fed.
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