Treasury Secretary Yellen Pushes to Allow European Bureaucrats to Reshape US Tax Code
Russell Vote, the former director of the White House’s Office of Foreign Office Management, comments on Treasury Secretary Janet Yellen’s bid to allow Europeans to help rebuild US tax law.
Dow hits session lows
Dow Jones averages.
Keith Fitzgerald urges Fed to stop playing ‘games’ and return to ‘pro-growth policies’
Keith Fitzgerald, president of the Fitzgerald Group, says the Fed should tell the American people “the truth” in that it made “one of the worst calls in financial history” and then reassess its moves.
Nasdaq Composite is widely going on sale
Nasdaq Composite Index.
29 of 30 Dow Drop Members – Home Depot Bucks Sale
The Home Depot Inc.
A quick look at futures contracts
US stock futures fell sharply on Monday as the first-quarter earnings season drew to a close, with about 20 companies in the S&P 500 preparing to report.
Meanwhile, oil prices fell, with West Texas Intermediate crude futures trading at around $107 a barrel and Brent crude futures trading at around $110 a barrel.
Bitcoin Drops to Lowest Level Since January Overnight
Bitcoin slumped to its lowest level since January on Monday as a slump in stock markets continued to hurt cryptocurrencies, which are currently trading in line with so-called riskier assets such as technology stocks.
Bitcoin fell as low as $33,266 in the morning trade, to test the January low of $32,951. A drop from this level will be the lowest since July of last year.
Trading then settled at $33,500, down 1.4%. At around 4 AM ET, Coindesk reported that Bitcoin continued to trade at around $33,500, down 3.23%, while Ethereum and Dogecoin were also trading at around $2,440, down 4.39% and 12.08 cents, down 3.94%, respectively. .
The tech-heavy Nasdaq fell 1.5% last week and has lost 22% over the year so far, weighed by the prospect of persistent inflation forcing the US Federal Reserve to raise interest rates despite slowing growth. Nasdaq futures fell 0.8% in Asian trading Monday morning.
Coindesk contributed to this report.
China keeps inflation at bay
With inflation rising around the world, the world’s second largest economy has kept it that way.
China’s consumer prices rose only 1.5% in March from a year earlier, after rising 0.9% in 2021 from the previous year.
By contrast, annual inflation in the United States reached 8.5% in March and 7.5% in 2021, the highest since 1982. In the eurozone, annual inflation reached a record high of 7.5% in April. The World Bank said that about 71% of 109 emerging and developing economies experienced inflation of 5% or higher in 2021, double what it was at the end of 2020.
Although Chinese inflation is expected to pick up a bit more when new data is released this week, most economists believe it will not exceed the government’s full-year target of about 3% in 2022.
Partly because consumer demand, an important source of inflation in the US, is now very weak in China. This is also because China uses aggressive tactics, including price controls and protectionist trade measures, to prevent imported inflation from flowing into consumers.
Analysts say that while these strategies have helped China in the short term, they have long-term costs and will be difficult to replicate in more market-oriented economies.
Gas prices are approaching an all-time high
The average price of a gallon of gasoline in the United States early Monday morning rose to $4,328, up 0.11 cents from Sunday, according to the latest figures from AAA.
The price of a gallon of regular gasoline nationwide is now $0.02 from an all-time high.
The price on Saturday was $4,301.
The record was $4.33, which was set on Friday, March 11, 2022.
Musk creates Twitter firestorm with message that he may die under ‘mysterious circumstances’
Tesla CEO Elon Musk has sparked a firestorm on social media by suggesting he may die “under mysterious circumstances”.
While some on Twitter were quick to conclude that he might fear the Clintons, it appears that the CEO may be referring to a potential threat from Russia.
Musk, who is also the CEO of SpaceX and who recently took over Twitter, posted on the social media platform: “If you died under mysterious circumstances, it would have been nice to know.”
When Musk’s mother, May Musk, replied, “That’s not funny,” her son replied, “Sorry! I’ll do my best to stay alive.”
Many commentators suggest that Musk may be afraid of former President Bill Clinton and his wife, former Secretary of State Hillary Clinton, exploiting a conspiracy theory that the Clintons were involved in Jeffrey Epstein’s suicide.
“Do you have shit on the Clintons?” “Wait…what do you know about Hillary Clinton?” asked digital strategist Greg Price. asked comedian Tim Young.
The Clintons began popping up on Twitter, in part because of Musk’s tweet, which racked up more than 52,000 “retweets” Sunday night.
Oil prices, Asian stocks fall
Oil prices fell on Monday, along with stock markets in Asia, on weak China data and fears that a global recession could dampen oil demand, as investors looked ahead to European Union talks on a Russian oil embargo that could tighten global supplies.
Brent crude lost 41 cents, or 0.4 percent, to $ 111.98 a barrel by 0603 GMT, and US West Texas Intermediate crude recorded $ 109.24 a barrel, down 53 cents, or 0.5 percent.
Both contracts briefly turned positive after dropping more than $1 earlier in the session.
Global financial markets were also spooked by concerns about rising interest rates and recession fears as the tighter and wider COVID-19 lockdown in China slowed export growth in the world’s No. 2 economy in April.
Gold prices drop early Monday
Gold prices fell on Monday as rising US Treasury yields and a stronger dollar pressured demand for bullion priced in US dollars.
Spot gold was down 0.1 percent at $1,880.56 an ounce as of 0049 GMT in Asia, while US gold futures were down 0.2 percent at $1,879.30.
While gold is seen as a safe store of value in times of political and economic crisis, it is highly sensitive to rising interest rates and short-term US bond yields, which raise the opportunity cost of holding bullion.