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Wall Street economists are getting fed up with the government’s inability to agree upon more stimulus

Ting Shen/Xinhua/Getty Images Wall Street is finally accepting diminished chances for a near-term stimulus deal, and firms' latest GDP forecasts reflect growing pessimism toward the economy's chances without fresh aid.Goldman Sachs halved its GDP growth forecast to 3% on Wednesday. JPMorgan followed suit one day after, cutting its estimate to 2.5% from 3.5%.Morgan Stanley and Bank of America trimmed their expectations earlier in the month. All four of the Wall Street giants cited an absenc...
Tags: Wall Street, White House, US, Trends, Markets, Bank Of America, Bloomberg, Economy, GS, House, Economic recovery, Treasury, Goldman Sachs, Economic Growth, Gdp, Gross Domestic Product


Renewable Heat Incentive: £22m of RHI money returned to Treasury

A report finds that much less heat is being generated by participants in the energy scheme.
Tags: News, Treasury, RHI


JPMorgan slashes its forecast for US economic growth amid a lack of new stimulus

REUTERS/Carlos Osorio JPMorgan is the latest Wall Street bank to slash its forecast for US economic growth because of weakened hopes for near-term stimulus. The bank on Thursday lowered its fourth-quarter 2020 estimate to 2.5% from 3.5% and cut its first-quarter 2021 growth forecast to 2% from 2.5%. The lack of fresh fiscal aid has an "immediate impact" on household incomes and will drive a contraction in disposable income into 2021, Michael Feroli, the bank's chief economist, said in a n...
Tags: Supreme Court, US, Trends, Markets, Bank Of America, Economy, House, Economic recovery, Treasury, Goldman Sachs, Economic Growth, Gdp, Gross Domestic Product, Nancy Pelosi, US GDP, Ruth Bader Ginsburg


JPMorgan slashes its forecast for US economic growth amid lack of new stimulus

REUTERS/Carlos Osorio JPMorgan is the latest Wall Street bank to slash its US economic growth forecast due to weakened hopes for near-term stimulus. The bank lowered its fourth-quarter 2020 estimate to 2.5% from 3.5% and cut its first-quarter 2021 growth forecast to 2% from 2.5%. The lack of fresh fiscal aid has an "immediate impact" on household incomes and will drive a contraction in disposable income into 2021, Michael Feroli, the bank's chief economist, said in a Thursday note. The ab...
Tags: Supreme Court, Wall Street, US, Trends, Markets, Bank Of America, Economy, House, Economic recovery, Treasury, Goldman Sachs, Economic Growth, Gdp, Gross Domestic Product, Nancy Pelosi, US GDP


UK: UK Chancellor Announces Winter Economy Plan - Proskauer Rose LLP

As the UK braces itself for a second wave of COVID-19 the UK Chancellor has announced the Treasury's Winter Economy Plan with the aim of protecting jobs and supporting businesses over...
Tags: UK, News, Treasury, COVID


Mnuchin says he's close to resuming stimulus talks with Pelosi

Treasury Secretary Steven Mnuchin on Thursday said he will soon resume talks with House Speaker Nancy Pelosi (D-Calif.) about another coronavirus relief package.Mnuchin told the Senate Banking Committee that he has "probably spoken to Speaker Pelosi 15 or 20 times in the last few days" on a continuing resolution to extend government funding, and "we've agreed to continue to have discussions about the CARES Act." He also asked Congress to give him the authority to distribute $130 billion in u...
Tags: News, Supreme Court, Congress, America, House, Treasury, Nancy Pelosi, PPP, Calif, Supreme Court Trump, Pelosi, Senate Banking Committee, Mnuchin, Steven Mnuchin, The New York Times The House


US stocks climb in choppy trading on strong housing data and restarted stimulus talks

Stan Honda/AFP/Getty Images US equities gained in frothy Thursday trading as investors digested revived stimulus hopes and rising COVID-19 case counts.New-home purchases reached an annualized rate of 1 million in August, its fastest rate since 2006. The data drove indexes out of negative territory in morning trading.House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin restarted stimulus talks on Thursday, with the Trump administration official noting that more aid is "still ...
Tags: White House, US, Trends, Markets, Bloomberg, House, Economic recovery, Treasury, Un, Oil Price, Berkshire Hathaway, Warren Buffett, Nancy Pelosi, Dow Jones, Stimulus, Gold Price


The main causes of the Great Depression, and how the road to recovery transformed the US economy

During the Great Depression, the unemployed queued for food in breadlines. Visual Studies Workshop/Getty Images While the October 1929 stock market crash triggered the Great Depression, multiple factors turned it into a decade-long economic catastrophe. Overproduction, executive inaction, ill-timed tariffs, and an inexperienced Federal Reserve all contributed to the Great Depression. The Great Depression’s legacy includes social programs, regulatory agencies, and government efforts to infl...
Tags: Congress, US, Trends, Recession, Chicago, Depression, Unemployment, United States, Social Security, Treasury, SEC, Gdp, Federal Reserve, Great Depression, Fed, Boston College


U.S. airlines turn eyes to expected new House coronavirus relief proposal

U.S. airline unions expressed hope on Thursday that Congress could strike a deal in the coming days that would provide $25 billion to prevent tens of thousands of furloughs on Oct. 1 after the U.S. Treasury chief said he could not act unilaterally to save airline jobs. A new Democratic-proposed House bill is expected to provide $2.4 trillion in coronavirus relief that would include funds for airlines and restaurants, a congressional aide said, down from $3.4 trillion approved in May. That figur...
Tags: News, Congress, Senate, White House, House, Treasury, U S Treasury, Steven Mnuchin


Jobs Support Scheme: Conor Murphy seeks clarity from Treasury

Conor Murphy welcomes the fact there are measures to replace furlough but says he still has "concerns".
Tags: News, Treasury, Conor Murphy


S&P 500 erases 2020 gains, flirts with correction as economic worries mount

BRYAN R. SMITH/AFP via Getty Images US equities declined on Thursday as higher-than-expected jobless claims and renewed virus fears weighed on investors.The slide at the market open erased year-to-date gains for the S&P 500 and sent the benchmark index into correction territory, implying a 10% decline from recent highs. The index then pared some losses.New weekly jobless claims rose to 870,000 in the week ended on Saturday, exceeding the economist estimate of 840,000 compiled by Bloomberg....
Tags: Facebook, Supreme Court, Congress, US, Trends, Markets, Economic recovery, Treasury, Un, Oil Price, Federal Reserve, Dow Jones, Gold Price, S&P 500, Dow Jones Industrial Average, Fed


Colorado Sen. Cory Gardner received $24,000 in PAC donations from a meatpacking corporation. He's largely remained quiet about the company's record-setting coronavirus outbreak.

Sen. Cory Gardner, R-Colo. NICHOLAS KAMM/AFP via Getty Images Republican Sen. Cory Gardner of Colorado has been conspicuously silent on the workplace coronavirus catastrophe at JBS meatpacking, a company with operations in Colorado which has given Gardner more in PAC money than all but one other lawmaker in Congress this election cycle. JBS is majority-owned by two Brazilian brothers who are under DOJ and SEC investigation for potential violations of the Foreign Corrupt Practices Act, acco...
Tags: Florida, Politics, Congress, Colorado, Washington Post, Cdc, Trends, New Jersey, Treasury, PAC, Brazil, Marco Rubio, SEC, Venezuela, Doj, BNDES


S&P 500 erases 2020 gains, tumbles into correction as economic worries mount

BRYAN R. SMITH/AFP via Getty Images US equities declined on Thursday as higher-than-expected jobless claims and renewed virus fears weighed on investors.The slide erased year-to-date gains for the S&P 500 and also sent the benchmark into correction territory, implying a 10% decline from recent highs.New US weekly jobless claims rose to 870,000 in the week ended Saturday, exceeding the economist estimate of 840,000 compiled by Bloomberg. Claims have lingered around their current levels sinc...
Tags: Facebook, Supreme Court, Congress, US, Trends, Markets, Economic recovery, Treasury, Un, Oil Price, Federal Reserve, Dow Jones, Gold Price, S&P 500, Dow Jones Industrial Average, Fed


10 things you need to know before the opening bell

Richard Drew/AP Welcome to 10 Things Before the Opening Bell. Sign up here to get this email in your inbox every morning.Here's what you need to know before markets open.1. Global stocks drop and the dollar rises after the Fed warns US economic recovery will stall without further stimulus. The sell-off in broader market indices led to a rise in the dollar. 2. The US is facing a dollar collapse by the end of 2021 and over a 50% chance of double-dip recession, economist Stephen Roach says. H...
Tags: Amazon, Hong Kong, Japan, Finance, Germany, Global, US, Trends, Markets, Tesla, Bank Of America, Economy, Britain, Treasury, Ecb, Federal Reserve


Sunak axes budget in scramble for urgent measures to save jobs

Chancellor to revamp support for jobs and economy owing to tightening of restrictionsCoronavirus – latest updatesSee all our coronavirus coverageRishi Sunak has scrapped his plan for an autumn budget and will announce fresh measures to halt job losses and business failures on Thursday amid government fears that a second wave of Covid-19 threatens Britain with a double-dip recession.The chancellor has decided that the long-term decisions that would have featured in the annual set-piece event must...
Tags: Politics, Budget, Tax and spending, Britain, Economic policy, Treasury, Rishi Sunak, Budget 2020, Coronavirus outbreak, UK job furlough scheme


Sunak scraps budget and announces new measures to halt job losses

Chancellor to revamp support for jobs and economy owing to tightening of restrictionsCoronavirus – latest updatesSee all our coronavirus coverageRishi Sunak has scrapped his plan for an autumn budget and will announce fresh measures to halt job losses and business failures on Thursday amid government fears that a second wave of Covid-19 threatens Britain with a double-dip recession.The chancellor has decided that the long-term decisions that would have featured in the annual set piece event must...
Tags: Politics, Budget, Tax and spending, Britain, Economic policy, Treasury, Rishi Sunak, Budget 2020, Coronavirus outbreak, UK job furlough scheme


What is a bear market? How to make sense of a prolonged period of decline in the stock market and invest wisely

A bear market is an extended period of plummeting prices or little growth in the stock market. Adam Gault/Getty Images A bear market occurs when there’s been a significant, continuous fall in stocks or another asset, usually at least 20%. Bear markets generally indicate low investor confidence and a sluggish economy. Despite their negative reputation, bear markets can offer good buying opportunities for patient investors. Visit Insider's Investing Reference library for more stories. To the...
Tags: Finance, US, Trends, Recession, Treasury, Stock Market, Business Cycle, Bear Market, Bull, Don, Byron Wien, Bull Market, Schwab Center for Financial Research, Investing (Reference, Investing How To, John Rambow


JPMorgan to pay a record $1 billion to settle market-manipulation charges, report says

Amr Alfiky/Reuters JPMorgan is set to pay almost $1 billion in settlement fines as US regulators probe the bank for spoofing in precious metals and Treasury markets, Bloomberg reported Wednesday.The payment would resolve probes by the Justice Department, the Commodities Futures Trading Commission, and the Securities and Exchange Commission.The nearly $1 billion sum would be a record for alleged spoofing and more closely resemble past penalties for other forms of market manipulation.Spoofin...
Tags: US, Trends, Markets, Bloomberg, Cftc, Treasury, Un, SEC, Morgan Stanley, Settlement, Justice Department, Securities And Exchange Commission, Jpmorgan, Securities Exchange Commission, Commodities Futures Trading Commission, Dodd-Frank


Trump may have chosen a Supreme Court justice over the stock market

Trump points at former Secretary of the Interior Ryan Zinke Nicholas Kamm/AFP via Getty Images It looks like the fight over Supreme Court Justice Ruth Bader Ginsberg's seat has sunk negotiations between Democrats and Republicans for another coronavirus aid bill. That means Trump may have just unwittingly chosen a Supreme Court seat over the US economy and the stock market. The market had been selling off for weeks as hopes for a bill declined. And in the days since Justice Ginsberg passed,...
Tags: Europe, Supreme Court, Obama, Congress, California, Washington, Senate, US, Trends, Democrats, Treasury, Wisconsin, Federal Reserve, Donald Trump, Morgan Stanley, Anthony Fauci


What are the FinCEN files? Here's what to know about the leaked documents tying Wall Street banks to possible money laundering.

Treasury Secretary Steven Mnuchin testifies before Senate Finance Committee Reuters BuzzFeed News and dozens of other newsrooms have published a massive trove of documents known as the "FinCEN Files," named after the US Treasury Department's Financial Crimes Enforcement Network headquartered in Washington D.C.. The data dump contains thousands of "suspicious activity reports," or SARs, that banks file to FinCEN when they suspect potentially criminal activity.  However, the files reportedly...
Tags: London, Vladimir Putin, Buzzfeed, Washington, Finance, Wall Street, Elizabeth Warren, US, Trends, Iran, Bbc, United States, Barclays, Hsbc, Treasury, Deutsche Bank


RonJohn Expends Remaining Dignity On Rehash Of Bogus, Tired Biden Allegations

Sen. Ron Johnson (R-WI) took a swing at Joe Biden on Wednesday, releasing a report that he has repeatedly vaunted as being catastrophically damaging for the former Vice President’s electoral hopes. But it was a miss. The report — which purports to document the effect that Hunter Biden’s position on the board of Ukrainian gas company Burisma had on U.S. foreign policy — is a rehash of long-debunked allegations that served as the focus of President Trump’s impeachment last year. But Senate Repu...
Tags: News, Obama, Washington, Senate, Politico, Joe Biden, Ukraine, Gop, Hillary Clinton, Treasury, State Department, Republican, Johnson, Biden, Donald Trump, Senate Intelligence Committee


Coronavirus: Autumn Budget to be scrapped this year

The Treasury says "now is not the right time to outline long-term plans".
Tags: UK, News, Treasury


Congress's failure to pass a stimulus package carries devastating consequences for millions of unemployed workers and small businesses

Senate Majority Leader Mitch McConnell of Ky., walks off the Senate floor on Capitol Hill in Washington, on Wednesday, July 29, 2020. AP Photo/Andrew Harnik Congress is gearing up for a major Supreme Court nomination battle, absorbing most of the attention away from another coronavirus relief bill. The GOP's swift action on the high court appointment is a stark contrast to their reluctance to approve additional stimulus spending earlier this year. "It's like coasting up a mountain where ev...
Tags: Politics, Supreme Court, Small Business, Obama, Republicans, Congress, Washington, Senate, Trends, Markets, Economy, Analysis, Harvard, Democrats, Gop, Fema


Senate Republicans Release Hunter Biden Hatchet Job Weeks From Election Day

Senate Republicans have released their controversial report on Joe Biden and his son Hunter’s former dealings with Ukraine in a politically-charged move to taint Biden’s campaign weeks out from Election Day.The investigation, which was spearheaded by Sens. Ron Johnson (R-WI) and Chuck Grassley (R-IA) focuses on Hunter Biden’s work for Ukrainian gas company Burisma Holdings—a key issue in last year’s impeachment of President Donald Trump. The probe was launched despite no evidence of any wrongdoi...
Tags: News, Putin, Obama, Congress, Senate, White House, China, Joe Biden, Ukraine, Gop, United States, Chuck Grassley, Treasury, Secret Service, State Department, Cia


US stocks climb on strong earnings reports and vaccine progress

Lucas Jackson/Reuters US stocks rose on Wednesday amid strong earnings and progress on a COVID-19 vaccine.Nike shares surged, helping lift the Dow Jones industrial average, after the company smashed revenue and profit expectations.Johnson & Johnson said it started its phase 3 trial of a COVID-19 vaccine candidate, and plans to enroll up to 60,000 participants in its study.Watch major indexes update live here.Stocks rose on Wednesday after a strong earnings report from Nike and the COVID-19...
Tags: Finance, Oil, US, Trends, Gold, Markets, Nike, Tesla, Oil Prices, Treasury, Stocks, Wti, Gold prices, Stock Market, Donald Trump, Morgan Stanley


Pelosi and Mnuchin reach agreement to keep government funded until December 11

House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin clinched an agreement Tuesday to take the threat of a government shutdown at the end of the month off the table.
Tags: Cnn, House, Treasury, Nancy Pelosi, Pelosi, Mnuchin, Steven Mnuchin




Treasury Secretary Mnuchin says the Trump administration still supports a stimulus package that includes direct payments

Erin Scott/Pool/Getty Images Treasury Secretary Steven Mnuchin said the Trump administration still supports another stimulus package that includes direct payments. Mnuchin and Fed Chair Jerome Powell said the economy needed another stimulus package to keep it afloat. Many economists are also pressing lawmakers to approve additional federal spending to keep the economy afloat. Visit Business Insider's homepage for more stories.  Treasury Secretary Steven Mnuchin said on Tuesday the Trump a...
Tags: Politics, Republicans, Congress, White House, Trends, Markets, Economy, Policy, Democrats, Gop, New York Times, Treasury, Nancy Pelosi, Federal Reserve, Donald Trump, Stimulus


Powell and Mnuchin voice optimism but back more economic aid

Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin expressed cautious optimism Tuesday that the U.S. economy is rebounding from the pandemic-induced recession with federal support but that more help from the government is likely needed.
Tags: Treasury, Federal Reserve, Powell, Jerome Powell, Mnuchin, Steven Mnuchin


About 9 million people are likely to miss out on a $1,200 coronavirus stimulus check due to a lack of updated government records

Economic stimulus checks are prepared for printing at the Philadelphia Financial Center May 8, 2008 in Philadelphia, Pennsylvania. Jeff Fusco/Stringer The Government Accountability Office said in a report published Monday that 8.7 million Americans are likely to miss out on coronavirus relief checks of up to $1,200. Neither the Treasury nor the IRS kept up-to-date records on the number of people eligible to receive a stimulus check who have not yet received one, according to the congressio...
Tags: Politics, News, Congress, Kentucky, Senate, Trends, United States, House, Treasury, Mitch McConnell, Donald Trump, Stimulus, Irs, Trump, GAO, Internal Revenue Service