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Everything You Need to Know About Money is Now at your Fingertips
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News
The Fed Prepares for a Bank Crisis While Telling Americans the Economy is Strong
Last Thursday, Bloomberg reported that federal regulators are preparing a proposal to force US banks to utilize the Federal Reserve’s discount window in preparation for future bank crises. The aim, notes Katanga Johnson, is to remove the stigma around tapping into this financial lifeline, part of the continuing fallout from the failures of several significant regional banks last year. This new policy is reminiscent of the Fed’s actions during the 2007 financial crisis, where financial authorities encouraged large banks to tap into the discount window, taking loans directly from the Federal Reserve, to make it easier for distressed banks to do the same.
The Only Real Way To Track Government Spending Is To Audit The Fed
Imagine a financial behemoth at the center of the biggest economy on the planet. It secretly pulls the strings of America’s fiscal destiny, and the consequences of its actions ripple through the lives of countless individuals, yet its inner workings are almost entirely unknown and not subject to any form of checks or balances. This is not the plot of a dystopian novel but the current reality of America’s Federal Reserve system. Now is the time to bring this financial giant into the light. Auditing the Federal Reserve is a fiscal necessity and a congressional imperative. That is why I have reintroduced the Federal Reserve Transparency Act as my first legislation of 2024.
Money market funds keep growing despite expected Fed cuts, JPMorgan strategists say
Assets in money market funds are rising to start the year, challenging some expectations that investors are set to pour cash on the sidelines into stocks and fixed income, JPMorgan strategists said on Thursday. So far this year, taxable U.S. money market fund (MMF) balances have increased by $75 billion, JPMorgan fixed income strategists led by Teresa Ho said in a note. By contrast, such funds have seen seasonal outflows at the start of the year in general over roughly the past decade, the strategists said. The rise in assets is "challenging the view that the $6 trillion of cash sitting in MMFs will rotate into alternative assets such as fixed income and/or equities," the strategists said in the note. Last year, money market fund assets rose by over $1.1 trillion, or 22%, "one of the largest increases seen in the past decade," JPMorgan said.
GDP Q4 2023: The U.S. economy grew at a 3.3% pace in the fourth quarter
The economy grew at a much more rapid pace than expected while inflation eased in the final three months of 2023, as the U.S. easily skirted a recession that many forecasters had thought was inevitable, the Commerce Department reported Thursday. Gross domestic product, a measure of all the goods and services produced, increased at a 3.3% annualized rate in the fourth quarter of 2023, according to data adjusted seasonally and for inflation. That compared with the Wall Street consensus estimate for a gain of 2% in the final three months of the year. The third quarter grew at a 4.9% pace.