News
This Is Why the Yield Curve Just Inverted, Signaling a Coming Recession
In recent decades, every instance in which the economy contracted two quarters in a row has coincided with a recession. Nonetheless, the Biden Administration and the leadership at the Federal Reserve insist there is no recession now, nor is one even in the works. On the other hand, declining GDP growth, rising credit card debt, disappearing savings, and falling disposable income all point to recession. And now one of the most closely watched recession indicators is now flashing red: the yield curve inversion.
Biden Administration Wants To Make It Easier To Seize Crypto Without Criminal Charges
Buried deep in a 61-page recent report by the U.S. Attorney General, the Biden Administration called for a dramatic expansion in the federal government’s ability to seize and keep cryptocurrency. If enacted, the proposed changes would bolster both criminal forfeiture, which requires a conviction to permanently confiscate property, as well as civil forfeiture, which doesn’t require a conviction or even criminal charges to be filed.
Fed’s Pivot is Inevitable
In last week’s article entitled “Fed Pauses / Pivots”, I cited Nick Timiraos’ article in the Wall Street Journal “Fed Set to Raise Rates by 0.75 Point and Debate Size of Future Hikes.” In it, he suggested that the Fed was going to consider reducing its rate hikes going forward. Fast forward to today, and the Bank of Canada surprised everyone with a smaller rate hike than expected. They raised rates by 0.50% when 0.75% was anticipated. This follows a similar decision by the Royal Bank of Australia on October 4. Central Banks are now taking their collective foot off the gas, signaling a global wind down of tightening policies. All that remains to be seen is if the Fed follows the trend at the FOMC meeting next Wednesday.
Elon Musk now in charge of Twitter, CEO and CFO have left, sources say
Twitter CEO Parag Agrawal and finance chief Ned Segal have left the company’s San Francisco headquarters and will not be returning, sources said. Vijaya Gadde, the head of legal policy, trust, and safety was also fired, the Washington Post reported. Musk had until Friday to complete his $44 billion acquisition of Twitter or face a court battle with the company.
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