Page 20 - Us Economy
Wall Street dips as declines in cyclical stocks outweigh growth boost
The Commerce Department said retail sales rebounded 0.6% last month, as spending is shifting back to services, bolstering expectations that economic growth accelerated in the second quarter
 "Wall Street dips as declines in cyclical stocks outweigh growth boost")
Asian shares find support as US Fed chairman Powell shrugs off inflation
Asian shares held firm on Thursday after Federal Reserve Chair Jerome Powell said the US economy was 'still a ways off' from levels the central bank wanted to see before tapering its monetary support
 "Asian shares find support as US Fed chairman Powell shrugs off inflation")
Top US banks smash second quarter profit estimates on rebounding economy
WASHINGTON (Reuters) - The four largest U.S. consumer banks posted blockbuster second-quarter results this week, after pandemic loan losses failed to materialize and the U.S. economy began roaring back to life.
 "Top US banks smash second quarter profit estimates on rebounding economy")
Citigroup Q2 profit beats market estimates on release of reserves
An economic recovery fueled by vaccine rollouts across the country and a $1.9 trillion stimulus package pushed through by the Biden administration earlier this year is expected to drive banking profit
 "Citigroup Q2 profit beats market estimates on release of reserves")
China denounces Janet Yellen's call for US-European 'unified front'
China on Tuesday denounced an appeal by Treasury Secretary Janet Yellen for a US-European unified front against Chinese unfair economic practices and human rights abuses. China strongly deplores and rejects Treasury Secretary Yellen's remarks, said a foreign ministry spokesman, Zhao Lijian. Yellen issued the appeal Tuesday during a meeting with European Union officials in Brussels. President Joe Biden is trying to revive traditional alliances following the America First policies of his predecessor, Donald Trump. Together, we need to counter threats to the principles of openness, fair competition, transparency and accountability, Yellen said, according to a text released by her department. These challenges include China's unfair economic practices, malign behavior and human rights abuses, Yellen said. The more we confront these threats with a unified front, the more successful we will be. Zhao rejected the criticism, saying Beijing always firmly supported the multilateral trading .
 "China denounces Janet Yellen's call for US-European 'unified front'")
US market exceptionalism
A bet on US outperformance is a bet on tech, which is near the end of its own hype cycle
 "US market exceptionalism")
Pandemic continues to weigh on economy, labour market: US Federal Reserve
The US Federal Reserve said that the Covid-19 pandemic continues to weigh on the American economy and the labour market, reiterating the central bank will maintain its ultra-loose monetary policy
 "Pandemic continues to weigh on economy, labour market: US Federal Reserve")
The Trumpian roots of the chip crisis
The US is still paying the price of tantrum-based trade policy
 "The Trumpian roots of the chip crisis")
US Treasury rally powers on, world stock markets take a knock
The fresh burst in pessimism continued a pattern set earlier in the week
 "US Treasury rally powers on, world stock markets take a knock")
Asian stocks fall after Fed discusses cut in United States stimulus
Market benchmarks in Shanghai, Tokyo, Hong Kong and Seoul retreated. Sydney gained.
 "Asian stocks fall after Fed discusses cut in United States stimulus")
US adds 850,000 jobs in June, the most in 10 months as hiring gains pace
The labor force participation rate held steady and remained well short of pre-pandemic levels
 "US adds 850,000 jobs in June, the most in 10 months as hiring gains pace")
US economy grows 6.4% in Q1 and it's likely just the start, say experts
The US economy grew at a solid 6.4 per cent rate in the first three months of the year, setting the stage for what economists believe may be the strongest year for the economy in about seven decades.
 "US economy grows 6.4% in Q1 and it's likely just the start, say experts")
Dollar in retreat as Powell says Fed won't raise rates on fear of inflation
The US dollar remained on the back foot against major peers on Wednesday after a two-day drop as US Fed officials including Chair Powell reaffirmed that tighter monetary policy was still some way off
 "Dollar in retreat as Powell says Fed won't raise rates on fear of inflation")
Fed will not raise rates on inflation fears alone, Jerome Powell says
Federal Reserve Chair Jerome Powell reaffirmed the US central bank's intent to encourage a "broad and inclusive" recovery of the job market, and not to raise interest rates too quickly
 "Fed will not raise rates on inflation fears alone, Jerome Powell says")
American Renaissance has begun
Nobody knows where this national journey of discovery will take us, but the voyage has begun
 "American Renaissance has begun")
US Fed prepping the markets for taper; a correction will be good: Analysts
Most Asian market equities - Nikkei, Sensex, Hang Seng and Kospi - lost ground in trade on Thursday as a result of the overnight development
 "US Fed prepping the markets for taper; a correction will be good: Analysts")
US unemployment claims tick up to 412,000 from a Covid pandemic low
Though jobless claims have tumbled since the start of 2021, when they exceeded 900,000, they remain high by historical standards.
 "US unemployment claims tick up to 412,000 from a Covid pandemic low")
US economy well on way to robust post-Covid recovery: Janet Yellen
Yellen said in testimony she's scheduled to deliver before the Senate Finance Committee that she came into her job in January hoping to help Americans "make it to the other side of the crisis."
 "US economy well on way to robust post-Covid recovery: Janet Yellen")
US Fed holds rates at zero, projects two hikes by the end of 2023
"Progress on vaccinations has reduced the spread of Covid-19 in the United States," the Federal Open Market Committee said in a statement released Wednesday
 "US Fed holds rates at zero, projects two hikes by the end of 2023")
Reopening US economy heat up inflation; labour market recovery gets a boost
May's inflation drivers appear to be temporary, fitting in with Federal Reserve Chair Jerome Powell's repeated assertion that higher inflation will be transitory
 "Reopening US economy heat up inflation; labour market recovery gets a boost")
