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U.S. household wealth rose to record $136.9 trillion in Q1, Fed says
  + stars: | 2021-06-10 | by ( Reuters Staff | ) www.reuters.com sentiment -0.97   time to read: +2 min
(Reuters) - U.S. household wealth jumped to a record $136.9 trillion at the end of March, a report from the Federal Reserve showed on Thursday, bolstered by massive government aid aimed at blunting the economic fallout from the coronavirus pandemic. REUTERS/Gary Cameron/File PhotoRising equity markets drove the overall increase in wealth, adding $3.2 trillion to household assets in the first quarter. Rising real estate values added around $1 trillion, according to the U.S. central bank’s latest quarterly report on household, business and government financial accounts. Overall U.S. household wealth rose $5 trillion from the fourth quarter. Government borrowing rose at a 6.5% annualized rate versus 10.9% in the prior quarter.
Persons: Abraham Lincoln, Gary Cameron, Donald Trump, Joe Biden’s Organizations: Reuters, Federal, Engraving, REUTERS Locations: Washington, U.S
(Reuters) - U.S. household wealth jumped to a record $136.9 trillion at the end of March, a report from the Federal Reserve showed on Thursday, bolstered by massive government aid aimed at blunting the economic fallout from the coronavirus pandemic. REUTERS/Gary Cameron/File PhotoRising equity markets drove the overall increase in wealth, adding $3.2 trillion to household assets in the first quarter. Overall U.S. household wealth rose $5 trillion from the fourth quarter. Balances in cash, checking accounts, and savings deposits swelled by about a combined $850 billion in the first quarter to a record $14.5 trillion, the report showed. Government borrowing rose at a 6.5% annualized rate versus 10.9% in the prior quarter.
Persons: Abraham Lincoln, Gary Cameron, Donald Trump, Joe Biden’s Organizations: Reuters, Federal, Engraving, REUTERS Locations: Washington, U.S
U.S. household wealth jumps to record $136.9 trillion, Fed says
  + stars: | 2021-06-10 | by ( Ann Saphir | ) www.reuters.com + 0.00   time to read: +3 min
REUTERS/Gary Cameron/File PhotoU.S. household wealth jumped to a record $136.9 trillion at the end of March, a report from the Federal Reserve showed on Thursday, suggesting plenty of dry tinder for economic growth as the coronavirus pandemic recedes and the nation reopens. Rising equity markets drove the overall increase in wealth, adding $3.2 trillion to household assets in the first quarter. Rising real estate values added around $1 trillion, according to the U.S. central bank's latest quarterly report on household, business and government financial accounts. Overall U.S. household wealth rose $5 trillion from the fourth quarter. The report showed overall household debt rose in the first quarter at an annualized rate of 6.5% compared to a 6.2% rise in the fourth quarter, as home mortgage borrowing accelerated.
Persons: Abraham Lincoln, Gary Cameron, Donald Trump, Joe Biden's Organizations: Engraving, REUTERS, Federal, Thomson Locations: Washington, U.S
REUTERS/Gary Cameron/File PhotoThe onshore yuan appreciated to 6.4016 per dollar, the strongest since 2018, after opening at 6.4110. “The Federal Reserve seems to be behind several other central banks in adjusting and recalibrating monetary policy,” Chandler said. The euro climbed to early January levels and was last up 0.3% on the day to $1.2249. Strategists have said the dollar is likely be weak until markets see stronger U.S. economic data and interest rates. Comments from Federal Reserve officials are keeping down U.S. yields, said Jeremy Stretch, head of G10 FX strategy at CIBC.
Persons: Abraham Lincoln, Gary Cameron, Marc Chandler, ” Chandler, Jeremy Stretch, Organizations: Federal, Engraving, REUTERS, Bannockburn Global, Federal Reserve, CIBC, Locations: China, Washington, U.S, New York, Bannockburn
TOKYO (Reuters) - The dollar wallowed near a five-month trough against major peers on Wednesday as Federal Reserve insistence that stimulus will continue kept yields low, while surprisingly hawkish New Zealand central bank comments pushed the kiwi higher. The dollar index, which gauges the greenback against six rivals, languished at 89.617 in Asia, after pushing as low as 89.533 on Tuesday. New Zealand’s currency jumped after the central bank hinted at a potential interest rate hike by September next year in its monetary policy statement. He identified the currencies of New Zealand, Canada and Norway as driven by aggressive central bank expectations. “Right now, policy is in a very good place,” San Francisco Fed President Mary Daly told CNBC the same day.
Persons: Abraham Lincoln, Gary Cameron, , Imre Speizer, ” Speizer, Jerome Powell, Charles Evans, , Mary Daly, Jane Foley, Ray Attrill Organizations: Engraving, REUTERS, Federal Reserve, Fed, Chicago Fed, ” San Francisco Fed, CNBC, Rabobank, ” National Australia Bank, RIC Locations: TOKYO, Zealand, Washington, Asia, New Zealand, Canada, Norway, ” San, Tokyo
LONDON (Reuters) - While the dollar was steady around 5-month lows in early London trading on Wednesday, the New Zealand dollar was up more than 1%, having jumped when the central bank hinted at a possible interest rate hike by September 2022. By contrast, the Reserve Bank of New Zealand (RBNZ) surprised many market participants by projecting that it might hike interest rates as early as September next year. The New Zealand dollar jumped to a three-month high on the news and held onto these gains during the Asian session. So far, the Reserve Bank of Australia (RBA) has stressed that its policy will stay super loose for an extended period, with no hike seen until 2024 at the earliest. In cryptocurrencies, bitcoin was up 5%, rising above $40,000 in its third consecutive day of gains.
Persons: Abraham Lincoln, Gary Cameron, Mary Daly, , Adam Cole, Heger, bitcoin Organizations: New Zealand, Engraving, REUTERS, Federal, San Francisco Federal Reserve Bank, CNBC, Reserve Bank of New Zealand, ING, RBC Capital Markets, Reserve Bank of Australia, Central Bank Locations: London, Washington
NEW YORK/LONDON (Reuters) - The dollar turned up against major currencies for the first time this week as U.S. yields held steady and the Reserve Bank of New Zealand surprised markets by hinting at a future interest rate hike. On Wednesday the New Zealand dollar popped more than 1% against the U.S. dollar after the RBNZ adjusted its tone on its outlook for future monetary policy, hinting at a possible interest rate hike by September of next year. The RBNZ is the second major central bank after the Bank of Canada to nod toward pulling back on easy money policies. Currencies of New Zealand, Canada and Norway are driven by aggressive central bank expectations, Speizer said. The euro lost 0.2% to the dollar as euro zone yields fell on new dovish signals from the European Central Bank.
Persons: Abraham Lincoln, Gary Cameron, Joe Manimbo, ” Manimbo, , Imre Speizer, Speizer, Cryptocurrencies Organizations: Reserve Bank of New, Engraving, REUTERS, Western Union Business Solutions, U.S . Federal Reserve, New Zealand, U.S, Bank of Canada, New, U.S . Federal, Federal Reserve, Canadian, European Central Bank Locations: Reserve Bank of New Zealand, Washington, New York, New Zealand, Canada, Norway, Iran
Dollar turns upward, yen slips as economic outlooks diverge
  + stars: | 2021-05-25 | by ( David Henry | ) www.reuters.com + 0.00   time to read: +4 min
If weaker, the Fed’s low interest rate outlook could continue and the dollar’s downtrend could resume. Against the Japanese yen on Wednesday, the dollar gained as much as 0.3% and topped 109 yen. The yen is likely to underperform as Japan’s economic outlook worsens, according to Win Thin, global head of currency strategy at Brown Brothers Harriman. Currencies of New Zealand, Canada and Norway are driven by expectations of central bank policy, Speizer said. The euro lost 0.5% to the dollar as euro zone yields fell on new dovish signals from the European Central Bank.
Persons: Abraham Lincoln, Gary Cameron, Treasuries, Joe Manimbo, ” Manimbo, Harriman, , Imre Speizer, Speizer, Cryptocurrencies Organizations: YORK, Reserve Bank of New, Engraving, REUTERS, Western Union Business Solutions, U.S . Federal Reserve, Brown, New, U.S, Bank of Canada, U.S . Federal, Federal Reserve, Canadian, European Central Bank Locations: Reserve Bank of New Zealand, Washington, New York, New Zealand, Canada, Norway, Iran
Dollar steadies ahead of inflation data, yuan hits new 3-year high
  + stars: | 2021-05-25 | by ( Tommy Wilkes | ) www.reuters.com + 0.00   time to read: +3 min
REUTERS/Gary Cameron/File PhotoChina’s yuan scaled a new three-year high as investors become more confident that the Chinese central bank is comfortable with a stronger currency amid the country’s economic recovery. The euro traded at $1.2203, up 0.1% on the day, and the yen near a one-week low at 109.17 per dollar. Fed officials have this week downplayed immediate concerns about inflation prompting a knee-jerk policy response. Market attention now turns to U.S. inflation data due on Friday as investors gauge the extent of a jump in price growth in recent months. The latest fretting about inflation was triggered when data in mid-May showed April U.S. CPI running at an annual clip of 4.2%, well above forecasts for 3.6%.
Persons: Abraham Lincoln, Gary Cameron, Sterling, Richard Clarida, , Mark Haefele Organizations: Federal, Engraving, REUTERS, UBS Global Wealth Management, ING, New Zealand, Reserve Bank of New, People’s Bank of, CPI Locations: Washington, U.S, Reserve Bank of New Zealand, People’s Bank of China
Dollar index steady as markets seek clues to interest rate moves
  + stars: | 2021-05-25 | by ( David Henry | ) www.reuters.com sentiment -1.00   time to read: +2 min
NEW YORK (Reuters) - The dollar index traded in a narrow range on Thursday as traders looked toward an upcoming inflation report closely watched by the U.S. Federal Reserve. But the British pound rose 0.4% to $1.4173 after a Bank of England policymaker said the central bank is likely to raise interest rates well into next year and that an increase could come earlier. The currency moves show that beneath the calm of the dollar index, foreign exchange portfolio managers and strategists are anxiously anticipating different moves from central banks to pace rate hikes to control inflation as their economies recover from the pandemic. China’s yuan appreciated to 6.368 per dollar in offshore markets, a three-year high, and then eased off to Wednesday’s level. Economists expect core PCE (personal consumption expenditures) prices to jump 2.9% year-on-year in April, compared with a year-on-year rise of 1.8% a month earlier.
Persons: Abraham Lincoln, Gary Cameron, Bank of England policymaker, , Erik Bregar, Bregar, Cryptocurrency Organizations: YORK, U.S . Federal, Engraving, REUTERS, Bank of England, Exchange Bank of Canada, greenback, U.S, Bank of Canada, People’s Bank of Locations: Washington, New York, People’s Bank of China
Dollar slide continues, yuan rally gets attention
  + stars: | 2021-05-25 | by ( David Henry | ) www.reuters.com + 0.00   time to read: +3 min
NEW YORK (Reuters) - The dollar extended its nearly two-month slide against major peers on Tuesday as U.S. interest rates fell on U.S. Federal Reserve arguments for easy monetary policy despite current inflationary forces. The dollar index against major currencies was off 0.2% in the afternoon in New York at 89.646. Early in the day, China state-owned banks were seen trying to curb a yuan rally which carried the onshore yuan to 6.4016 per dollar, the strongest since 2018. Strategists have said the dollar is likely be weak against many currencies until markets see stronger U.S. economic data and interest rates. Cryptocurrencies Bitcoin and Ether were off about 3% for the day in the afternoon in New York.
Persons: Abraham Lincoln, Gary Cameron, Treasuries, Marc Chandler, Jeremy Stretch, Charles Evans, Cryptocurrencies Organizations: YORK, U.S, Federal, Engraving, REUTERS, Treasury, Bannockburn Global, CIBC, , Federal Reserve Bank of Chicago, Sterling Locations: Washington, U.S, Bannockburn, New York, China
TOKYO (Reuters) - The dollar plumbed a six-year trough against the Canadian dollar and teetered near multi-month lows versus European currencies on Tuesday, as Treasury yields stalled amid renewed expectations the United States will not hike interest rates anytime soon. “This places the dollar under downward pressure.”The benchmark 10-year U.S. Treasury yield stood at 1.6454%, extending a pullback from a five-week high reached last week. The Canadian dollar advanced to a six-year high of C$1.2030 against the greenback, aided by a rise in oil prices. The onshore yuan edged up to 6.4279 per dollar, not far from an almost three-year high reached last week. Rival digital currency ether rose 6.95% to $3,509, steading from a two-week low reached on Monday.
Persons: Abraham Lincoln, Gary Cameron, Robert Kaplan, , Junichi Ishikawa, ” Ishikawa, Sterling, Elon Musk’s Organizations: Canadian, Engraving, REUTERS, Dallas Federal, IG Securities, Treasury, greenback, New, U.S . Locations: TOKYO, United States, Washington, U.S, New Zealand
LONDON (Reuters) - The dollar sank to a six-year trough against the Canadian dollar and teetered near multi-month lows versus European currencies on Tuesday, as Treasury yields stalled amid renewed expectations the United States will not hike interest rates anytime soon. Marinov highlighted two inflation outlook scenarios that would have different impacts on the markets - the first one being the current market expectation that price growth will soon ease. The dollar traded at $1.22 to the euro, the single currency hitting its highest against the greenback since Feb. 25. [GBP/]The Canadian dollar advanced to a six-year high of C$1.2013 against the greenback, aided by a rise in oil prices. Rival digital currency ether rose 6.50% to $3,494 steading from a two-week low on Monday.
Persons: Abraham Lincoln, Gary Cameron, Robert Kaplan, , Valentin Marinov, Sterling, Elon Musk Organizations: Canadian, Engraving, REUTERS, Dallas Federal, Credit Agricole, , U.S, Treasury, greenback, New, U.S . Locations: United States, Washington, U.S, New Zealand
Insider surveyed 63 federal agencies on their plans to combat white supremacy within their ranks. Separately, a nationwide debate over law-enforcement officers targeting, and sometimes killing Black and brown Americans — the murder of George Floyd among them — continues. CSPANAgencies ramp up anti-extremism effortsOf the 63 agencies Insider contacted about their internal anti-extremism efforts, 34 of them responded — with varying degrees of detail. He told Insider that federal law-enforcement agencies could also continuously monitor officers' "finances, irregular travel patterns, or if they have other legal problems." But federal law-enforcement officers that do not work in a "national security position" as defined are not obligated to undergo this recurring investigative process.
Persons: Joe Biden, we're, Trump, , George Floyd, Marta Lavandier, Donald Trump, counterprotesters, James Alex Fields Jr, Heather Heyer, Biden, Fields, Lloyd Austin, Lloyd Austin's, DLA, Alejandro Mayorkas, Mark Makela, Merrick Garland, Garland, Lisa Monaco, Ivan Pierre Aguirre, David S, Alex Brandon, Simon Clark, Clark, Michael German, it's, Jackie Speier, Department of Veterans Affairs police —, Mike Blake, Luckey, Jordan Strauss, Obama, Strauss Organizations: White, ., US Marine Corps, Service, Department of Veterans Affairs, White House, FBI, AP, Bureau of Justice Statistics, US Customs, Park Service, of Federal Prisons, Engraving and Printing Police, National Oceanic, Atmospheric Administration Fisheries, Law, Capitol, FBI's Counterterrorism, Military Times, Senate Armed Services Committee, , Department of Defense, Department of Homeland, Department of Army, police, US Capitol Police, Department of Homeland Security, Defense, Lloyd Austin's Pentagon, Defense Logistics Agency Police, DOD, Defense's, Homeland, Images Homeland, Capitol Police, Department of Energy's, Secure Transportation, Bureau, Drug Enforcement Administration, DEA, US Mint Police, Treasury, US Mint, NASA Protective Services Office, National Park Service, Department of Interior, US Park Police, Customs, Border Protection, Border Patrol, Coast Guard, Coast Guard Investigative Service, Department of, Army, US Air Force Security Forces, National Intelligence, Rand Corp, ABC, District of Columbia National Guard, Center for American, ATF, Park Police, California Democrat, Pentagon, National Geospatial - Intelligence Agency police, of Diplomatic Security, Alcohol, Tobacco, Firearms, Explosives, National Nuclear Security Administration, Department of Veterans Affairs police, REUTERS, The Department of Veteran Affairs, Management, Federal Bureau of Prisons, Protection, Oceanic, National Security Agency police, National Geospatial - Intelligence Agency, Justice Department Locations: Charlottesville , Virginia, Minnesota, District, Washington , DC, California, United States
Insider surveyed 63 federal agencies to see who was actively monitoring officers' social media accounts. Insider found only five federal law enforcement agencies responded to its survey to confirm they had the ability to check on their personnel's' social-media accounts. Actively monitoring thousands of federal officers' social media posts would be helpful but arduous, legal experts say. It's an uncomfortable reality that there are individuals with extremist and racist ideologies in the very federal agencies designed to protect Americans. There have been notorious cases of federal law enforcement agencies engaging in posting racists and offensive content online.
Persons: Biden, General Merrick Garland, Chris Wray, Getty, Ziv Cohen, Michael German Organizations: Veteran Affairs, Justice, pro, Trump, Capitol, National Geospatial - Intelligence Agency police, of Diplomatic Security, US Marine Corps, National Intelligence, Alcohol, Tobacco, Firearms, Explosives, Defense Logistics Agency Police, US Mint Police, Engraving, Printing, National Oceanic, Atmospheric Administration Fisheries, Law, Department of Veterans Affairs, Service, Justice Department, FBI, Border Patrol, Facebook, ProPublica, Customs, Protection
Dollar holds gains on inflation, kiwi boosted by reopening
  + stars: | 2021-05-13 | by ( Stanley White | ) www.reuters.com + 0.00   time to read: +3 min
TOKYO (Reuters) - The dollar held gains on Thursday, supported by higher Treasury yields after a bigger-than-expected rise in U.S. consumer prices fanned fears about an increase in inflationary pressure. This will support the dollar.”The dollar traded at 109.51 yen, close to its strongest level in five weeks. The dollar also traded at 0.9081 Swiss franc, close to a one-week high. U.S. consumer prices increased by the most in nearly 12 years in April as booming demand amid a reopening economy pushed against supply constraints, data on Wednesday showed. The Australian dollar followed the kiwi higher and rose to $0.7735.
Persons: Abraham Lincoln, Gary Cameron, unwind, , Shinichiro Kadota, Jacinda Ardern Organizations: Engraving, REUTERS, Barclays, , British, Treasury, New Zealand, RIC Locations: TOKYO, Washington, Tokyo
LONDON (Reuters) - The dollar held on to its gains in early European trading on Thursday, having strengthened in the previous session after a surprisingly large rise in U.S. consumer prices fanned inflation fears. The dollar index was steady at 90.734 at 0758 GMT, compared to Wednesday’s high of 90.798. ING strategists wrote in a note to clients that risk-averse currency market moves were unlikely to persist, and the dollar index would weaken back below 90 in the coming weeks. BITCOIN REBOUNDBitcoin plunged 17% overnight when Elon Musk said in a tweet that Tesla Inc will no longer accept the cryptocurrency for car purchases. Ether, the second biggest cryptocurrency after bitcoin, followed a similar pattern, dropping 14% before bouncing back.
Persons: Abraham Lincoln, Gary Cameron, Richard Clarida, , Jacinda Ardern, Bitcoin, Elon Musk, Tesla Organizations: Engraving, REUTERS, Treasury, U.S . Federal, ING, ” ING, New Zealand, Elon Locations: Washington, U.S, bitcoin
“We’re seeing traders square up ahead of the Fed meeting. So you’re seeing more of a sideways market into the FOMC,” said Edward Moya, senior market strategist, at online FX trading platform OANDA. Most analysts though expect him to say such talk is premature, which could put downward pressure on Treasury yields and the dollar. “That will complicate the outlook for the dollar,” Moya said. In emerging markets, the Turkish lira weakened to as much as 8.48 versus the dollar, close to its record low of 8.58 reached in early November.
Persons: Abraham Lincoln, Gary Cameron, , Edward Moya, Jerome Powell, Powell, OANDA’s Moya, ” Moya, , Ricardo Amaro, bitcoin, Joe Biden’s Organizations: YORK, Swiss, Federal, Engraving, REUTERS, Treasury, greenback, Committee, Oxford Economics, U.S, RIC Locations: Washington, Turkish, United States, Norway, Sweden
“Powell has to reiterate the continuation of easy monetary policy just like Lagarde,” said Masafumi Yamamoto, chief currency strategist at Mizuho Securities. “As a result, the dollar is likely to fall against the yen, but the larger trend for the dollar is still mixed. The dollar can still rise against commodity currencies if commodity prices start falling again.”The dollar slid as low as 107.80 yen on Friday, the lowest since March 4. The Australian and New Zealand dollars firmed on Friday, but traders said risks are pointed to the downside due to a recent weakening in commodity prices. It has fallen every day but two since reaching a record high of $64,895.22 on April 14.
Persons: Abraham Lincoln, Gary Cameron, bitcoin, Joe Biden’s, Christine Lagarde, Jerome Powell, “ Powell, , Masafumi Yamamoto, Lagarde, Biden Organizations: U.S, Federal Reserve, Engraving, REUTERS, European Central Bank, Mizuho Securities, New Zealand, RIC Locations: TOKYO, Washington, United States, Germany, Tokyo
Graphic: U.S. bond, equity funds lure money inflows as bond yields drop
  + stars: | 2021-04-16 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: +1 min
(Reuters) - U.S bond funds attracted a massive amount of money in the week ended April 14 as bond yields dropped on easing worries over higher inflation and amid strong demand for 30-year bonds in this week’s auction. REUTERS/Gary CameronAccording to Refinitiv data, U.S. bond funds received an inflow of $10.2 billion, though it was about 30% less than in the previous week. Graphic: Flows into U.S. bond fundsThe data showed investors put $4.2 billion into U.S. taxable bond funds, and $2.4 billion into U.S municipal bond funds. U.S. tech funds received $1.1 billion, the highest among other sectors, followed by the industrial sector funds obtained $474 million. On the other hand, U.S. money market funds saw an outflow of $28.3 billion, the biggest since December last year.
Persons: Abraham Lincoln, Gary Cameron, Dow Jones Organizations: Reuters, Engraving, REUTERS, U.S, Treasury, Reserve, Dow Locations: Washington, U.S
TOKYO (Reuters) - The dollar rose from near a three-week low against major rivals on Tuesday, buoyed by a bump in Treasury yields, as traders awaited highly anticipated U.S. inflation data later in the day. The dollar index, also known as DXY, added 0.2% to 92.281 in the Asian session, moving away from Thursday’s low of 91.995, which was the weakest since March 23. The U.S. currency strengthened 0.3% to 109.73 yen, after slipping below 109 last week for the first time since March 25. The Australian dollar slid 0.3% to $0.75990, while the British pound declined 0.1% to $1.37305. In cryptocurrencies, bitcoin traded slightly higher at $60,369.01, closing the gap to the record high of $61,781.83 reached a month ago.
Persons: Abraham Lincoln, Gary Cameron, Eric Rosengren, “ DXY, Jane Foley, ” Foley, bitcoin Organizations: Engraving, REUTERS, Boston Federal Reserve Bank, Westpac, ., ” Westpac, Treasury, Rabobank, Australian Locations: TOKYO, Washington, U.S
Dollar edges up before U.S. inflation data
  + stars: | 2021-04-13 | by ( Elizabeth Howcroft | ) www.reuters.com + 0.00   time to read: +3 min
LONDON (Reuters) - The dollar edged higher on Tuesday, helped by a pick-up in U.S. Treasury yields, while riskier currencies dipped, as markets waited for inflation data in the United States. U.S. CPI data for March is due at 1230 GMT and is expected to show a rise in inflation. Asian stock markets were broadly positive after the data, but the boost did little to support currency markets. The Australian dollar, which is seen as a liquid proxy for risk appetite, was down 0.2% versus the U.S. dollar at 0.7609. The New Zealand dollar was steady .
Persons: Abraham Lincoln, Gary Cameron, Ned Rumpeltin, , Jim Reid, Rumpeltin, that’s, , vaccinate, Bitcoin Organizations: Treasury, Engraving, REUTERS, TD Securities, Deutsche Bank, U.S . Federal, U.S, New Zealand, Reserve Bank of New Locations: U.S, United States, Washington, London, Australia, Reserve Bank of New Zealand
Goldman engineers and product managers are suffering from burnout and top-down management. Marcus instituted "audio only" meetings on evenings and Fridays and is hiring more engineers to offset the crunch. Here's how that could work and what the big challenges are. BRENDAN SMIALOWSKI/AFP via Getty Images Across Wall Street, firms are competing with one another to retain junior talent. The push to incentivize young workers to stay comes after a grueling year of working from home on rapid-fire deals.
Persons: Goldman Sachs, Goldman, Marcus, SoFi, Ryan Glover, Greenwood Greenwood Greenwood, Vanessa Vreeland, Bill Hwang's, BRENDAN SMIALOWSKI, Warburg Pincus, William Blair, VPs they'll, Jamie Dimon Organizations: Finance, Greenwood Greenwood, Truist Ventures, US Federal Reserve, US, of Engraving, Getty, Bank of America, Labor, Street Locations: Fort Worth , Texas, AFP, New York City, Burlington , Vermont
Putting Harriet Tubman on the $20 bill may take years. Here’s why.
  + stars: | 2021-03-30 | by ( Ephrat Livni | ) www.nytimes.com sentiment -0.99   time to read: +1 min
On the first day of the Biden presidency, Jen Psaki, the White House press secretary, said that the Treasury Department was “taking steps to resume efforts” to put the abolitionist Harriet Tubman on the $20 bill. But it will probably be years before we see the Underground Railroad conductor gracing U.S. currency, the DealBook newsletter reports. The deadline for printing a new version of the $20 bill is 2030. It was set by an anti-counterfeiting committee in 2013, two years before Tubman won a campaign to replace President Andrew Jackson on the bill. “The primary reason currency is redesigned is for security against counterfeiting,” Lydia Washington, a representative for the Bureau of Engraving and Printing, told DealBook.
Persons: Jen Psaki, , Harriet Tubman, , Ms, Psaki, Tubman, Andrew Jackson, Lydia Washington, DealBook Organizations: Biden, White House, Treasury Department, Underground Railroad, Engraving
WASHINGTON (Reuters) - The U.S. Treasury could label several countries currency manipulators before President Donald Trump leaves office, analysts say, as the coronavirus pandemic skews trade flows and widens U.S. deficits with trading partners. FILE PHOTO: United States one dollar bills are curled and inspected during production at the Bureau of Engraving and Printing in Washington November 14, 2014. To be labeled a manipulator, countries must at least have a $20 billion-plus bilateral trade surplus with the United States, foreign currency intervention exceeding 2% of GDP and a global current account surplus exceeding 2% of GDP. Win Thin, global head of currency strategy at BBH in New York downplayed the report as “totally politicized” under Trump. There is no automatic punishment with a currency manipulator label, though U.S. law requires Washington to demand negotiations with designated countries.
Persons: Donald Trump, Gary Cameron, Joe Biden, Brad Setser, Setser, Mark Sobel, , Sobel, crosshairs Organizations: WASHINGTON, U.S, Treasury, Engraving, REUTERS, Council, Foreign Relations, Swiss, Swiss National Bank, International Monetary Fund, Monetary, Financial, Forum, Trump, U.S . Trade, Commerce Department, Taiwan Locations: Washington, Vietnam, Thailand, Taiwan, Switzerland, United States, U.S, VIETNAM, China, New York
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