Aurelia Butler

THE TAKEWith Tuesday’s New Hampshire primary possibly cementing former president Donald Trump as the inevitable Republican nominee, the Biden administration is gearing up to sell voters on the tangible results of its economic policies, including the $1.9 trillion in COVID relief funding approved by Democrats in Congress.The funds were awarded to New York’s Municipal Infrastructure Program, which provides competitive grants to local governments and internet service providers in an effort to build “last-mile” high-speed internet connections to tens of thousands of homes and businesses in underserved and rural communities.U.S. Treasury Secretary Janet Yellen plans to head to Chicago and Milwaukee later this week to make the case that the investments from Biden’s COVID relief, infrastructure, semiconductor and clean energy legislation are delivering more economic benefits than Trump’s 2017 tax cuts did. KEY QUOTES”This $228 million in federal funding, made possible by the American Rescue Plan, which I was proud to help pass in Congress, will allow our state to take a big step toward closing the digital divide and ensuring reliable internet access for New Yorkers in underserved communities,” said Representative Nydia Velazquez, a New York City Democrat.BY THE NUMBERSThe Treasury has approved over $9 billion in Capital Projects Fund awards since June, 2022, including $100 million last year for New York to connect over 100,000 low-income housing units to high-speed infrastructure. The department said states estimate that the funding so far will provide expanded internet access to over 2 million locations. More

As traders look ahead to the pivotal Federal Reserve policy meeting set for January 30-31, there is mounting speculation about a possible rate cut. Some market participants are even bracing for the cut to be announced as soon as March, indicating a shift in expectations that could influence financial markets.Gross expressed his concerns about the trajectory of the economy, hinting that the Fed’s current course might lead to unnecessary economic hardships. “The Fed should halt its balance sheet contraction,” said Gross, emphasizing the need for a proactive approach to monetary policy.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

(Reuters) – A look at the day ahead in Asian markets.The Bank of Japan’s policy decision – and perhaps more importantly, Governor Kazuo Ueda’s press conference – is the main focus for Asian markets on Tuesday, as the deepening slump in Chinese and Hong Kong markets continues to unnerve investors.While sentiment toward China’s economy and markets is clearly deteriorating, the spillover to the rest of Asia may be contained to a certain extent by the more upbeat mood globally.The S&P 500 on Monday hit a fresh record high for a second consecutive day while Japan’s Nikkei 225 registered another 34-year peak. This helped limit the downside in Asia on Monday, and the MSCI Asia ex-Japan index slipped 0.6%.The BOJ is not expected to alter policy, so the statement and Ueda’s guidance will be intensely scrutinized for signals of when and how the ‘normalization’ process and eventual move away from negative interest rates will unfold this year.Or if. Recent inflation data has been soft, taking pressure off the BOJ to act. With inflation seemingly gliding back toward the BOJ’s 2% target, traders are adjusting their rate expectations and Japanese assets are reacting accordingly.Stocks are up almost 10% this month, the yen is sliding back toward the 150.00 per dollar area, and bond yields are significantly lower than they were a few months ago, despite being dragged higher in recent days by the rise in global yields.The difference between investors’ outlook towards Japan and China is night and day. Both may be over-cooked right now, but market momentum in both countries is strong and showing little sign of reversing.China and Hong Kong shares slumped again on Monday. China’s bluechip CSI300 Index skidded 1.6% to its lowest closing level in five years, the Shanghai Composite Index sank 2.7% – its biggest fall since April 2022 – and in Hong Kong the Hang Seng Index fell 2.3% to its lowest level in 14 months.China’s central bank stood pat on interest rates on Monday, as expected. But many traders and investors will be wondering how much longer policymakers can sit on their hands. The longer it does, the longer the stock market selloff might go on. Beijing has said it will take more forceful and effective measures to support market confidence, state media CCTV reported on Monday, citing a cabinet meeting chaired by Premier Li Qiang.Also on Monday, China’s major state-owned banks moved to support the yuan, tightening liquidity in the offshore foreign exchange market while actively selling U.S. dollars onshore as equities slid, sources told Reuters.Here are key developments that could provide more direction to markets on Tuesday: – Japan monetary policy decision- South Korea PPI (December)- Australia business confidence (December) (By Jamie McGeever; Editing by Deepa Babington and Bill Berkrot) More

OTTAWA (Reuters) – Canadian Prime Minister Justin Trudeau is gathering his government and lawmakers this week to talk about crucial issues, including housing and food prices, as he seeks to claw back support ahead of a likely fourth election run next year.Conservative leader Pierre Poilievre would clobber Trudeau if an election were held today, according to an Angus Reid Institute poll published on Monday. Conservatives would take 41% versus 24% for Liberals, according to 1,620 adults surveyed on Jan. 16-17.”The Conservatives have maintained a double-digit vote lead since last September,” the Angus Reid Institute said. “The Liberals have much work to do to convince past supporters to return to the party.”Fewer than three-in-five (57%) of those who voted Liberal in 2021 say they would do so again, the pollster said.Trudeau’s cabinet is meeting in Montreal on Monday and Tuesday, and all the Liberal members of parliament are meeting in Ottawa on Wednesday through Friday. On Monday, Immigration Minister Marc Miller announced a two-year cap on international student permits as it seeks to rein in record numbers of newcomers seen aggravating a housing crisis.”This cabinet retreat is focused on issues as important as housing affordability and housing accessibility,” Public Safety Minister Dominic LeBlanc told reporters late on Sunday. “There’s a broader conversation around affordability.”The meetings come as interest rates hover at a 22-year high after 10 rate hikes to tame inflation, which is still running well above the central bank’s 2% target. Treasury Board President Anita Anand said this week’s meetings have nothing to do with poll numbers. “What we are here to do is to fight for Canadians every single day in terms of what is needed in times of high inflation and high interest rates,” she told reporters on Sunday.The meetings also come ahead of this year’s election in the United States, and the possible return of Donald Trump to the White House. While president, Trump forced the renegotiation of the North American trade pact, a vital agreement for the Canadian economy. The U.S. and Canada are top trading partners and their economies are closely linked.Industry Minister Francois-Philippe Champagne said the election would be part of their discussions, adding that the Liberal government has had valuable experience dealing with Trump in the past if he should win again.”We’ve negotiated the North American free trade (pact) and I think people should trust those who have done that,” Champagne told reporters. Last week, Trudeau said a second Trump presidency would be challenging and would reflect “a lot of anguish and fury.” More

The trading activities of Kaplan and Rosengren came under intense public scrutiny as they occurred while the Federal Reserve was implementing measures to stabilize financial markets during a period of economic uncertainty. The controversy surrounding their actions led to a loss of public confidence, which ultimately resulted in both officials retiring from their positions.In response to the situation and the subsequent public backlash, the Federal Reserve has since implemented changes to its ethics rules. These changes are designed to prevent such conflicts of interest and bolster public trust in the central bank’s integrity and commitment to transparency.The clearing of Kaplan and Rosengren by the inspector general closes a chapter on an issue that had raised concerns over the conduct of Federal Reserve officials during times of crisis management. The Federal Reserve’s efforts to amend its ethics policies reflect an ongoing commitment to uphold the highest standards of conduct for its officials and to maintain the confidence of the public.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More