• Biden tax plan raises most money from top 0.1% of households, study finds Link
    Real Time Economics Thu 23 Jan 2020 10:00

    Joe Biden’s tax agenda would generate more than half its money from the top 0.1% of U.S. households, raising their average tax bills by more than $1 million and reducing their after-tax income by 14%, according to an estimate released Thursday from the Penn-Wharton Budget Model.

    In all, Mr. Biden’s tax-increase plans would raise $2.6 trillion over a decade before accounting for economic changes, the study said. That’s about 81% of what the Biden campaign estimated, largely because the proposals interact with each other and have to be considered as one whole package to be analyzed correctly, said Penn-Wharton’s Kent Smetters.

    “By historic standards, this is a pretty progressive tax increase,” he said.

    Still, Mr. Biden’s proposed tax hikes to date are much more modest than those offered by his chief rivals for the Democratic presidential nomination--Sens. Bernie Sanders and Elizabeth Warren and former South Bend, Ind., Mayor Pete Buttigieg. The former vice...

  • Bank of Canada makes consumer-expectations survey public for first time, showing households plan to spend more and foresee rising house prices Link
    Real Time Economics Thu 23 Jan 2020 09:30

    OTTAWA—Business sentiment in Canada improved slightly in recent months and remains broadly positive in most parts of the country, a Bank of Canada survey found.

    The central bank’s quarterly business outlook survey found expectations for future sales growth and investment were positive overall, while firms’ hiring intentions improved compared with previous quarters. A second survey covering consumer expectations showed households anticipate their future spending will grow at a faster pace than their income.

    ...
  • Trucking insurance costs are soaring, adding new headwinds for freight operators already hurt by declining demand. Link
    Real Time Economics Thu 23 Jan 2020 08:30

    Soaring insurance costs are taking a toll on the trucking business, adding a financial drag for carriers already contending with weakening freight demand.

    Underwriters have been ratcheting up the cost of liability coverage to recoup losses as“nuclear” accident payoutsof $10 million or more increase, insurance brokers say. Trucking companies were hit with double-digit-percentage coverage increases last year, and rate hikes are expected to continue in 2020.

    The costs are weighing on trucking companies of all sizes, with some smaller operators that shut down recently citing insurance as a factor in their demise.

  • U.S. consumer prices rose slowly in December, signaling inflation continued to moderate heading into 2020. Link
    Real Time Economics Thu 23 Jan 2020 07:30

    WASHINGTON—U.S. consumer inflation wrapped up 2019 on a soft note, complicating the outlook for Federal Reserve officials who are watching for a meaningful pickup in prices.

    The consumer-price index—which measures the costs of everyday goods and services from food to dental care—increased 2.3% in December from a year earlier, up from the 2018 increase of 1.9%. Prices excluding food and energy also increased 2.3% in December from a year earlier, a touch higher than in 2018 but down from 2.4% in September.

    ...
  • The first Davos gathering, in 1971, was a shoestring affair, funded personally by its creator, Klaus Schwab, and with borrowed money Link
    Real Time Economics Thu 23 Jan 2020 06:30

    The annual gathering of chief executives, politicians, philanthropists and others at Davos, Switzerland, has become a prominent symbol of the global elite. But before there was a Davos, there was just a self-described “nobody” with an idea.

    “I had described what is today called the stakeholder concept,” says Klaus Schwab, who in the late 1960s was an obscure professor for business policy in Geneva. “And at the same time, I had the idea: Why not create a platform where the stakeholders could meet, where business leaders could...

  • Data indicate U.S. government bonds could continue to hold value even as worries about the economy fade. Link
    Real Time Economics Thu 23 Jan 2020 05:30

    U.S. government bond prices rose Tuesday after data showed the pace of inflation slowed and average weekly earnings decreased in December.

    The yield on the benchmark 10-year Treasury note fell for the third time in the past four trading sessions, settling at 1.817%, according to Tradeweb, from 1.846% Monday.

    Yields, which fall when bond prices...

  • The share of U.S. workers in labor unions fell to a fresh record low last year Link
    Real Time Economics Thu 23 Jan 2020 04:30

    WASHINGTON—The share of American workers in labor unions fell to a fresh record low last year, despite an uptick in the ranks of unionized state-government employees.

    The number of union members fell by 170,000 in 2019—a year when U.S. employers added more than 2.1 million jobs—reducing the share of the workforce in labor unions to 10.3%, the lowest portion on record since 1983, the Labor Department said Wednesday. Overall union membership rates have trended at record lows for a decade.

    ...
  • Home sales increased 3.6% in December Link
    Real Time Economics Thu 23 Jan 2020 03:25

    Home sales hit their high mark for the year in December, a sign that favorable mortgage rates and low unemployment are starting to lure more house hunters back into the market.

    Sales of previously owned homes increased 3.6% in December compared with November to reach a seasonally adjusted annual rate of 5.54 million, the National Association of Realtors said Wednesday.

    Compared...

  • Split-screen moment in Davos starkly illustrates opposing interpretations of China’s journey since joining the World Trade Organization in 2001 Link
    Real Time Economics Thu 23 Jan 2020 02:40

    DAVOS, Switzerland—A week after the U.S. and China reached a truce in their trade war, the two countries took to the world stage this week to blame each other for starting it.

    “Before I was elected, China’s predatory practices were undermining trade for everyone—nobody did anything about it,” President Trump said in a speech to global elites gathered at the World Economic Forum. “America confronted the problem head on.”

    A...

  • The share of U.S. workers in labor unions fell to a fresh record low last year Link
    Real Time Economics Thu 23 Jan 2020 01:35

    WASHINGTON—The share of American workers in labor unions fell to a fresh record low last year, despite an uptick in the ranks of unionized state-government employees.

    The number of union members fell by 170,000 in 2019—a year when U.S. employers added more than 2.1 million jobs—reducing the share of the workforce in labor unions to 10.3%, the lowest portion on record since 1983, the Labor Department said Wednesday. Overall union membership rates have trended at record lows for a decade.

    ...
  • A top U.S. banking regulator said he doesn’t see time to compromise with the Fed regarding a proposal that would update federal regulations under the Community Reinvestment Act Link
    Real Time Economics Thu 23 Jan 2020 00:35

    WASHINGTON—A top U.S. banking regulator said Wednesday he plans to push ahead with a proposal to overhaul rules governing billions of dollars of lending in low-income neighborhoods despite objections from the Federal Reserve.

    Comptroller of the Currency Joseph Otting said he doesn’t see time to compromise with the Fed regarding a December proposal that would update federal regulations under the Community Reinvestment Act. The proposal was crafted jointly by his office and the Federal Deposit Insurance Corp.

    ...
  • EU Banks Would Benefit From U.S. Rate Environment, Barclays CEO Says Link
    Real Time Economics Wed 22 Jan 2020 23:35

    European central banks should start thinking about the profitability of banks in the way the Federal Reserve does in the U.S., Barclays PLC Chief Executive Jes Staley said in an interview with CNBC at the World Economic Forum in Davos, Switzerland on Wednesday.

    “If you dropped the European banking industry in to the U.S. interest-rate environment, you’d see quite an uptick in profitability,” the head of the British lender said.

    When...

  • Split-screen moment in Davos starkly illustrates opposing interpretations of China’s journey since joining the World Trade Organization in 2001 Link
    Real Time Economics Wed 22 Jan 2020 22:40

    DAVOS, Switzerland—A week after the U.S. and China reached a truce in their trade war, the two countries took to the world stage this week to blame each other for starting it.

    “Before I was elected, China’s predatory practices were undermining trade for everyone—nobody did anything about it,” President Trump said in a speech to global elites gathered at the World Economic Forum. “America confronted the problem head on.”

    A...

  • European politicians said they would retaliate against any American tariffs, after President Trump set his sights on the continent Link
    Real Time Economics Wed 22 Jan 2020 22:05

    DAVOS, Switzerland—European politicians said they are prepared to defend themselves and would retaliate against any American tariffs, after President Trump set his sights on the continent as the next front in his global fight over trade.

    With a first-phase China deal in his pocket, Mr. Trump said he wants to reach an agreement with the European Union before the U.S. presidential election, and threatened to levy tariffs if talks failed.

    ...
  • RT @NickTimiraos: Growth brings its own set of challenges. The 2020 episode in this genre is set in the suburbs of Boise, Idaho: https://t.…
    Real Time Economics Wed 22 Jan 2020 21:30
  • A top U.S. banking regulator said he doesn’t see time to compromise with the Fed regarding a proposal that would update federal regulations under the Community Reinvestment Act Link
    Real Time Economics Wed 22 Jan 2020 20:30

    WASHINGTON—A top U.S. banking regulator said Wednesday he plans to push ahead with a proposal to overhaul rules governing billions of dollars of lending in low-income neighborhoods despite objections from the Federal Reserve.

    Comptroller of the Currency Joseph Otting said he doesn’t see time to compromise with the Fed regarding a December proposal that would update federal regulations under the Community Reinvestment Act. The proposal was crafted jointly by his office and the Federal Deposit Insurance Corp.

    ...
  • The central bank intervenes in the short-term money markets to maintain liquidity Link
    Real Time Economics Wed 22 Jan 2020 19:30

    The Federal Reserve Bank of New York implemented a $49.8 billion short-term liquidity operation on Wednesday.

    The Fed intervened in money markets with an overnight repurchase agreement, or repo, operation that took in $31.5 billion in Treasurys, $1.5 billion in agencies and $16.9 billion in mortgages.

    Eligible banks—called primary dealers—took...

  • The share of U.S. workers in labor unions fell to a fresh record low last year Link
    Real Time Economics Wed 22 Jan 2020 19:00

    WASHINGTON—The share of American workers in labor unions fell to a fresh record low last year, despite an uptick in the ranks of unionized state-government employees.

    The number of union members fell by 170,000 in 2019—a year when U.S. employers added more than 2.1 million jobs—reducing the share of the workforce in labor unions to 10.3%, the lowest portion on record since 1983, the Labor Department said Wednesday. Overall union membership rates have trended at record lows for a decade.

    ...
  • RT @joshjame: Traders are picking up options that would pay out after Iowa's Feb. 3 caucuses, betting on volatility. And stock volatility i…
    Real Time Economics Wed 22 Jan 2020 19:00
  • Split-screen moment in Davos starkly illustrates opposing interpretations of China’s journey since joining the World Trade Organization in 2001 Link
    Real Time Economics Wed 22 Jan 2020 18:50

    DAVOS, Switzerland—A week after the U.S. and China reached a truce in their trade war, the two countries took to the world stage this week to blame each other for starting it.

    “Before I was elected, China’s predatory practices were undermining trade for everyone—nobody did anything about it,” President Trump said in a speech to global elites gathered at the World Economic Forum. “America confronted the problem head on.”

    A...

  • As governments seek to rein in the enormous power of tech giants, regulators’ antitrust and data-privacy efforts are converging Link
    Real Time Economics Wed 22 Jan 2020 18:10

    Large tech companies have become more powerful in the past decade thanks to two things: their ability to deliver goods and services that people want, and their ability to collect and cross-pollinate the personal data of billions of their customers.

    It is the latter that concerns government regulators, particularly in the West.

    The multibillion-dollar...

  • The U.N. banned North Korean labor exports to squeeze revenues it says the Kim regime uses to retain power and pay for its nuclear-weapons programs. Link
    Real Time Economics Wed 22 Jan 2020 17:10

    The U.S. blacklisted two companies, including a China-based firm, that it says are involved in exploiting North Korean workers in violation of United Nations prohibitions against labor exports.

    The U.N. banned North Korean labor exports as part of an effort to squeeze international revenues it says are used by the Kim regime to retain power and pay for its nuclear-weapons programs. Pyongyang rents out tens of thousands of its citizens as laborers to overseas markets, a practice human-rights groups say is modern-day slavery.

    ...
  • The central bank intervenes in the short-term money markets to maintain liquidity Link
    Real Time Economics Wed 22 Jan 2020 16:05

    The Federal Reserve Bank of New York implemented a $49.8 billion short-term liquidity operation on Wednesday.

    The Fed intervened in money markets with an overnight repurchase agreement, or repo, operation that took in $31.5 billion in Treasurys, $1.5 billion in agencies and $16.9 billion in mortgages.

    Eligible banks—called primary dealers—took...

  • RT @PaulPage: Today’s Logistics Report: Shipping’s $1 Trillion Fix; China’s Growing Belt; Chilling Natural Gas Link via…
    Real Time Economics Wed 22 Jan 2020 15:30

    There may be sticker shock in supply chains over the cost of cutting carbon emissions in global trade. A new report says the shipping and energy sectors will need to spend at least $1 trillion to meet environmental targets by 2050, the WSJ Logistics Report’s Costas Paris writes, the first estimate of the cost of goals set by the International Maritime Organization. The maritime consultants’ report says the changes will demand investments of some $50 billion to $70 billion annually from 2030 to 2050 to meet the targets. The report says the spending will fall only partly on ocean-going operations, with a big share hitting land-side changes like production of new fuels and distribution facilities for low-carbon energy sources. The shifts will drive up operating costs, however, and companies will certainly try to pass along the expenses through higher shipping charges.

  • RT @jeffsparshott: Was 2019 a good year for blue-collar workers? Link https://t.co/zSPlvaOe5R
    Real Time Economics Wed 22 Jan 2020 15:30

    This is the web version of the WSJ’s newsletter on the economy. You can sign up for daily delivery here. Under Pressure Economic pressure remains President Trump’s weapon of choice in international disputes. Mr. Trump on Tuesday threatened another trade fight with Europe—just days after reaching an initial trade deal with China, Andrew Restuccia and […]

S&P500
VIX
Eurostoxx50
FTSE100
Nikkei 225
TNX (UST10y)
EURUSD
GBPUSD
USDJPY
BTCUSD
Gold spot
Brent
Copper
Last update . Delayed by 15 mins. Prices from Yahoo!