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New Stimulus Hopes Fade While Economic Risks Grow

October 7, 2020

Fed officials, in their minutes, noted that “a number of participants judged that the absence of further fiscal support would exacerbate economic hardships in minority and lower-income communities.”

“The gains that have been built up over time are fragile,” said Raghuram G. Rajan, a former chief economist of the International Monetary Fund who is now a professor at the University of Chicago. “You have a whole bunch of people who’ve struggled their way into a semblance of normalcy by 2019, and then you have this massive crisis. If we don’t try to protect those gains, it will take a longer time, a really long time to come back.”

Businesses are also in need of more help, particularly industries that have yet to return to full capacity as the virus persists. Major airlines began laying off workers this month after Congress failed to extend an earlier aid package. A hospitality-industry lobbying

CANADA FX DEBT-C$ pulls back from 2-week high as U.S. stimulus prospects fade

October 6, 2020

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(Adds strategist comments and details throughout; updates
prices)

* Canadian dollar falls 0.2% against greenback

* Loonie touches its strongest intraday since Sept. 21 at
1.3242

* Canada’s exports, imports both fall in August

* Canadian bond yields ease across a flatter curve

By Fergal Smith

TORONTO, Oct 6 (Reuters) – The Canadian dollar weakened
against the greenback on Tuesday as investor hopes for U.S.
stimulus receded and data showed a slowdown in Canada’s
merchandise trade, with the loonie pulling back from an earlier
two-week high despite climbing oil prices.

U.S. stocks fell sharply after President Donald Trump said
he was calling off negotiations with Democratic lawmakers on
coronavirus relief legislation until after the November
election.

Canada sends about 75% of its exports to the United States,
including oil. U.S. crude oil futures settled 3.7% higher
at $40.67 a barrel, supported by U.S. supply disruptions caused
by an approaching hurricane

Personal Income And Savings Fall As Government Supports Fade

October 2, 2020

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By Robert Hughes

Personal income fell 2.7 percent in August, according to data from the Bureau of Economic Analysis. Personal income data over the past six months have been sharply distorted by lockdown policies which caused massive layoffs, and government stimulus programs that sent transfer payments skyrocketing. As those payments fade, measures of personal income and components are returning to trend.

Disposable personal income fell 3.2 percent after a 0.3 percent increase in July. The personal savings rate fell in August, coming in at 14.1 percent of disposable income following rates down from 17.7 percent in July and a peak of 33.6 percent in April (see first chart).

The drop in personal income consisted, in part, of a 1.3 percent increase in wages and salaries. Wages and salaries, which typically account for about half of personal income, rose as some employees went back to work after lockdown policies were eased.

Dow ends 329 points higher, but stocks book worst month since March as fiscal stimulus hopes fade

September 30, 2020

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U.S. stock indexes closed higher Wednesday, but booked their worst month since March, as hopes faded for another round of fiscal stimulus from Washington ahead of November’s election.

Market participants also were wary of a potentially contested November result following Tuesday’s rancorous first presidential debate.

The Dow Jones Industrial Average
DJIA,
+1.19%
rose 329.04 points, or 1.2%, to close at 27,781.70, while the S&P 500 index
SPX,
+0.82%
gained 27.53 points, 0.8%, to end at 3,363. The Nasdaq Composite
COMP,
+0.74%
finished 0.7%, or 82.26 points higher, at 11,167.51.

For the month, the Dow closed 2.3% lower, the S&P 500 down 3.9% and the Nasdaq Composite ended off 5.2%, marking the first monthly decline for each benchmark since March which saw the low point of the sell off resulting from the coronavirus pandemic.

On a quarterly basis, the Dow advanced 7.6%, the S&P 500 rose 8.5% and the Nasdaq Composite