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U.S. Senate to vote on Treasury chief nominee Yellen on Monday
  + stars: | 2021-01-22 | by ( Reuters Staff | ) + 0.92   time to read: 1 min
WASHINGTON, Jan 22 (Reuters) - The U.S. Senate will vote on Janet Yellen’s nomination to be Treasury secretary on Monday, Senate Majority Leader Chuck Schumer said on Friday. (Reporting by Eric Beech; Editing by Leslie Adler)
Persons: Jan, Janet Yellen’s, Chuck Schumer, Eric Beech, Leslie Adler Organizations: U.S, Senate
(Recasts, updates yields, adds analysts' comments) Jan 22 (Reuters) - U.S. Treasury yields drifted lower on Friday as the market benefited from a risk-off sentiment sparked in part by coronavirus concerns and a bumpy road ahead for President Joe Biden's massive economic rescue package. The benchmark 10-year yield was last down 2 basis points at 1.0872%. The inflation breakeven rate for 10-year Treasury Inflation-Protected Securities (TIPS) dropped after climbing to 2.182%, its highest level since May 2018, following Thursday's strong auction of $15 billion in the securities. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was unchanged at 0.125%. A closely watched part of the yield curve measuring the gap between yields on two- and 10-year Treasury notes was last down 2 basis points at 96.25 basis points.
Persons: Joe Biden's, Kim Rupert, Janet Yellen's, Paula Solanes, ” Solanes, Rupert, Biden, IHS Markit, Herbert Lash, Karen Pierog, Mark Heinrich Organizations: Treasury, U.S, Congress, Democrat, White House, Democratic, Securities, SVB Asset Management, U.S . Federal, IHS Locations: San Francisco, New York, Chicago
LONDON (Reuters) - U.S. curbs on investors owning securities from a number of Chinese companies could affect as much as $60 billion worth of bonds and spark hefty outflows through forced selling, JPMorgan wrote in a note to clients. FILE PHOTO: Chinese and U.S. flags flutter outside the building of an American company in Beijing, China January 21, 2021. ChemChina had already suffered $1 billion of forced selling in the wake of the executive order and could see another $1.3 billion of outflows from affected investors, JPMorgan calculated. For the companies themselves, removing U.S. investors from the equation would only have a limited impact, JPMorgan added. “Their dependence on offshore investors for funding needs is low with offshore USD bonds forming a very small part of their capital structure,” JPMorgan analysts wrote.
Persons: Tingshu Wang Donald Trump’s, Joe Biden, Donald Trump’s, ChemChina, JPMorgan Organizations: JPMorgan, REUTERS, House, U.S . Defense Department, Defense Department, New York Stock Exchange, Communist, Treasury, Democratic, China National Chemical Corporation, U.S, China National, Oil, U.S . Locations: American, Beijing, China, U.S, United States
Democrats spent the four years of the Trump administration talking tough on Russia, and now with President Joe Biden in the White House, they face an immediate challenge: addressing one of the worst hacking campaigns in U.S. history. Democrats who watched Donald Trump as president consistently defer to Russian President Vladimir Putin are eager to take a stronger stance. “CISA’s not resourced to do remediation and reconstitution of federal networks,” he said. The Biden administration also faces a difficult question in what to do about the hack. In the Biden administration’s first two news conferences, White House press secretary Jen Psaki stressed that dealing with the SolarWinds hack was a priority, but that it’s still early in the administration.
Persons: Trump, Joe Biden, Biden, Donald Trump, Vladimir Putin, , ” Sen, Mark Warner, , , That's, Matthew Travis, Chris Krebs, CISA’s, Jen Psaki, it’s, Barack Obama’s, didn’t, Michael Daniel, Obama’s, Lesley Carhart, “ We’re Organizations: Senate Intelligence, NBC News, Texas software, Infrastructure Security Agency, Twitter, Biden administration’s, White, National Security Agency, U.S . Office, Management, Budget, The Commerce, Energy, Justice, Labor, Treasury Locations: Russia, U.S, Texas, China
“The plan is to find a way to make the spending ceiling compatible with assistance for people hurt by the pandemic,” Pacheco said. The government’s 2020 budget deficit was on course to hit a record 800 billion reais, or 11% of gross domestic product. POLLING PRESSUREExtending the emergency stipends for an extra three months last year boosted populist Bolsonaro’s approval ratings. For the graphic on Brazil 2021 debt maturities:These are the kind of numbers that keep Guedes, his team, and investors awake at night. You need to control the pandemic and make sure people can get out the other end healthy and not bankrupt,” Ramos said.
Persons: Jair Bolsonaro, Rodrigo Pacheco, Adriano Machado, ” Pacheco, Paulo Guedes, Guedes, Julia Braga, ” Braga, Bolsonaro, Alberto Ramos, Goldman Sachs, ” Ramos, Organizations: Reuters, Constitution, REUTERS, Economy Ministry, Economy, International Monetary Fund, Fluminense Federal University, Ministry, XP, Treasury, Societe Generale, Locations: BRASILIA, Brasilia, Brazil, Rio de Janeiro, Brazil’s
REUTERS/Timothy AeppelOther data on Friday showed an unexpected increase in sales of previously owned homes in December. Manufacturing is being supported by businesses rebuilding inventories and a shift in demand towards goods from services because of the pandemic. This mirrored other manufacturing surveys, suggesting inflation could pick up and remain elevated beyond the anticipated boost from the drop of weak readings in March and April from the calculation. RECORD LOW INVENTORYIn a separate report on Friday, the National Association of Realtors said existing home sales increased 0.7% to a seasonally adjusted annual rate of 6.76 million units last month. House prices increased 9% in 2020.
Persons: Timothy Aeppel, IHS Markit Organizations: WASHINGTON, REUTERS, Manufacturing, IHS, PMI, Treasury, National Association of Realtors, Locations: Beaver Dam , Wisconsin, U.S, United States, Northeast, South
Other data on Friday showed an unexpected increase in sales of previously owned homes in December. Manufacturing is being supported by businesses rebuilding inventories and a shift in demand towards goods from services because of the pandemic. This mirrored other manufacturing surveys, suggesting inflation could pick up and remain elevated beyond the anticipated boost from the drop of weak readings in March and April from the calculation. RECORD LOW INVENTORYIn a separate report on Friday, the National Association of Realtors said existing home sales increased 0.7% to a seasonally adjusted annual rate of 6.76 million units last month. House prices increased 9% in 2020.
Persons: Jan, IHS Markit, Lucia Mutikani, Chizu Nomiyama, Paul Simao Organizations: IHS, Manufacturing, PMI, Treasury, National Association of Realtors, Locations: WASHINGTON, U.S, United States, Northeast, South
Zambia to hold talks with IMF on programme from next month
  + stars: | 2021-01-22 | by ( Reuters Staff | ) sentiment -0.99   time to read: +1 min
The logo of the International Monetary Fund (IMF), is seen during a news conference in Santiago, Chile, July 23, 2019. REUTERS/Rodrigo GarridoJOHANNESBURG (Reuters) - Debt-laden Zambia will hold discussions with the International Monetary Fund (IMF) from Feb. 11 to March 3 on a formal relief programme, the Finance Ministry said on Friday. Zambia had requested IMF support after becoming Africa’s first pandemic-era sovereign defaulter last year when it failed to make a payment on one of its bonds. “The programme discussions will centre on the government’s objectives to attain fiscal and debt sustainability and on key pillars in the (economic recovery programme),” the ministry said in a statement signed by Secretary to the Treasury Fredson Yamba. Although Zambia is a major copper producer, its debt stands at nearly 140% of its annual economic output.
Persons: Rodrigo Garrido, defaulter Organizations: International Monetary Fund, REUTERS, Rodrigo Garrido JOHANNESBURG, Finance, Treasury, IH, Mopani, IMF Locations: Santiago , Chile, Zambia
FILE PHOTO: Former Federal Reserve Chairman Janet Yellen speaks during a panel discussion at the American Economic Association/Allied Social Science Association (ASSA) 2019 meeting in Atlanta, Georgia, U.S., January 4, 2019. REUTERS/Christopher Aluka BerrYWASHINGTON (Reuters) - The U.S. Senate Finance Committee voted unanimously to approve Janet Yellen as the first woman Treasury secretary on Friday, sending her nomination to the full Senate for a floor vote, and indicating that she will easily win approval. Yellen, who served as Federal Reserve chair from 2014 to 2018, was approved on a 26-0 vote in the committee evenly split between Democrats and Republicans.
Persons: Janet Yellen, Christopher Aluka BerrY WASHINGTON, Yellen Organizations: Federal, American Economic Association, Allied Social Science Association, REUTERS, U.S . Senate, Republicans Locations: Atlanta , Georgia, U.S
Zambia, IMF to hold talks on credit facility from next month
  + stars: | 2021-01-22 | by ( Reuters Staff | ) + 0.96   time to read: 1 min
JOHANNESBURG, Jan 22 (Reuters) - Zambia will hold discussions with the International Monetary Fund (IMF) from February 11 to March 3 to negotiate an extended credit facility, the Finance Ministry said on Friday. “The programme discussions will centre of the government’s objectives to attain fiscal and debt sustainability,” the ministry said in a statement signed by Secretary to the Treasury Fredson Yamba. (Reporting by Olivia Kumwenda-Mtambo Editing by Tim Cocks)
Persons: , Yamba, Olivia Kumwenda, Tim Cocks Organizations: International Monetary Fund, Finance, Treasury Locations: JOHANNESBURG, Zambia
“There is no question she is qualified for this role,” said fiscal conservative Republican Senator James Lankford, noting that he has policy disagreements with Yellen. Yellen’s Republican predecessor, Steven Mnuchin, was not confirmed until three weeks after Trump’s inauguration, and then by a 53-47 nearly party-line vote in a Republican-controlled Senate. Senate aides have said the committee vote could pave the way for a full Senate confirmation vote later in the day on Friday. With Yellen still awaiting confirmation, the Biden administration on Wednesday named Andy Baukol, a longtime career international finance official, as acting Treasury secretary. A confirmation hearing for Deputy Treasury Secretary nominee Wally Adeyemo has not yet been scheduled.
Persons: Janet Yellen’s, Janet Yellen, Joe Biden's, Biden, Leah Millis, Joe Biden’s, , James Lankford, Yellen, Donald Trump, Steven Mnuchin, Andy Baukol, Wally Adeyemo Organizations: WASHINGTON, Senate, Treasury, REUTERS, Federal Reserve, Republican, Yellen’s Republican Locations: U.S, Wilmington , Delaware
WASHINGTON (Reuters) - U.S. President Joe Biden on Friday ordered the faster issuance of pandemic stimulus checks to needy families and increased food aid for children who normally rely on school meals, an effort to ease Americans’ burdens while Congress negotiates over his proposed $1.9 trillion economic stimulus package. “It’s not just to meet the moral obligation,” Biden said in remarks at a White House event to sign two executive orders. “This is an economic imperative.”Biden said his stimulus package to address the economic effects of the pandemic has support from business, labor, Wall Street and Main Street. In December, Biden set a goal of 100 million vaccinations in his first 100 days in office and on Friday he spoke of exceeding that number. “We’re going to, God willing, not only do 100 million, we’re going do more than that,” he said.
Persons: Joe Biden, Biden, Donald Trump, “ It’s, ” Biden, Brian Deese, , ” Deese, Deese, “ We’re, , Biden’s, Janet Yellen, Trump, Department of Labor “ Organizations: WASHINGTON, Republican, White, National Economic, U.S . Centers for Disease Control, U.S . Senate, Senate, Treasury Department, Department of Labor, Agriculture Department Locations: America
JGB yields rise after inflation expectations lift U.S. Treasury yields
  + stars: | 2021-01-22 | by ( Reuters Staff | ) sentiment -1.00   time to read: 1 min
TOKYO, Jan 22 (Reuters) - Japanese government bond yields rose, tracking a similar move in U.S. Treasuries, on expectations for higher inflation and the prospect for additional debt supply under U.S. President Joe Biden’s administration. The five-year yield rose 0.5 basis point to minus 0.115%. The 10-year JGB yield rose 0.5 basis point to 0.035%. The 20-year JGB yield rose 1 basis point to 0.440%. The two-year JGB yield was flat at minus 0.140%.
Persons: Joe Biden’s, Shailesh Kuber Organizations: U.S, of Finance, Tokyo Locations: TOKYO, U.S
China's yuan eases, set for weekly rise on dollar weakness
  + stars: | 2021-01-22 | by ( Reuters Staff | ) + 0.00   time to read: +4 min
SHANGHAI, Jan 22 (Reuters) - China's yuan slipped on Friday amid worries over Sino-U.S. relations, but was set for a slight weekly gain amid dollar weakness. In spot market trading, the yuan opened at 6.4680 per dollar and was changing hands at 6.4679 at midday, 84 pips weaker than the previous late session close. The offshore yuan was trading at 6.4711 per dollar. For the week, though, the yuan gained ground against the dollar which retreated as investors' appetite for riskier currencies increased. The People's Bank of China (PBOC) allows the exchange rate to rise or fall 2% from official midpoint rate it sets each morning.
Persons: Joe Biden, Janet Yellen, Joe Biden's, Biden, Donald Trump’s, Luoyan Liu, Jindong Zhang, Andrew Galbraith, Kim Coghill Organizations: SHANGHAI, People's Bank of, Traders, Treasury, Thomson Reuters, HKEX, Thomson, People's Bank of China Locations: U.S, People's Bank of China, Washington, China
S.Korea stocks extend gains on tech boost
  + stars: | 2021-01-22 | by ( Reuters Staff | ) + 0.00   time to read: +2 min
The won weakened, while the benchmark bond yield rose. ** Portal giant Naver and messenger app operator Kakao surged 7.9% and 4.1%, respectively, following gains in Apple Inc and other U.S. tech shares. ** The won was quoted at 1,101.2 per dollar on the onshore settlement platform , 0.27% lower than its previous close. ** In offshore trading, the won was quoted at 1,101.2 per dollar, while in non-deliverable forward trading its one-month contract was quoted at 1,100.6. ** The most liquid 3-year Korean treasury bond yield rose by 0.8 basis points to 0.979%.
Persons: Naver, toughened, Janet Yellen's, Jeong, 1,101.0200, Joori Roh, Jihoon Lee Organizations: U.S, Apple Inc, Samsung Electronics, SK Hynix, Treasury, Federal Reserve, Investment, Securities Locations: Korea, SEOUL, Korean
FILE PHOTO: U.S. one hundred dollar notes are seen in this picture illustration taken in Seoul February 7, 2011. REUTERS/Lee Jae-WonAs a safe haven, the U.S. currency tends to rise in times of financial and economic stress that results in lower risk appetite. Gloomy economic data also did little to brighten the mood, as UK data showed British retailers struggled to recover in December. The Australian dollar fell after disappointing retail sales data, but still posted weekly gains. The Norwegian crown, meanwhile, was hurt by lower commodity prices, slumping 1.1% against the dollar to 8.4940.
Persons: Lee Jae, pare, Joe Biden’s, , Amo Sahota, Organizations: YORK, REUTERS, Dow, U.S, Treasury, New, Global, U.S ., FX, Fed, Federal Reserve, ” NatWest Markets, New Zealand, ECB Locations: Seoul, U.S, New Zealand, San Francisco, Japan, Norwegian
Bitcoin heads for worst weekly loss in months
  + stars: | 2021-01-22 | by ( Tom Westbrook | ) sentiment -1.00   time to read: +2 min
SINGAPORE (Reuters) - Bitcoin wavered on Friday and was heading toward its sharpest weekly drop since September, as worries over regulation and its frothy rally drove a pullback from recent record highs. FILE PHOTO: A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken November 19, 2020. It has lost 11% so far this week, the biggest drop since a 12% fall in September. That followed a call last week from European Central Bank President Christine Lagarde for global regulation of bitcoin. “It’s a highly volatile piece,” said Michael McCarthy, strategist at brokerage CMC Markets in Sydney.
Persons: Bitcoin, Dado, , Kyle Rodda, it’s, ” Bitcoin, Janet Yellen, Joe Biden’s, Christine Lagarde, , Michael McCarthy, intially Organizations: REUTERS, Traders, Twitter, BitMEX, IG Markets, Senate, U.S . Treasury, European Central Bank, Locations: SINGAPORE, Asia, Melbourne, Sydney
I suspect a fairly flat day.”MSCI’s gauge of stocks across the globe gained 0.02%. On Thursday, the Nikkei 225 index closed up .82%, and the futures contract is now down 0.49% from the close. On Wall Street, both the S&P 500 and Nasdaq Composite closed at record highs on Thursday, up .03% and .55%, respectively. It had been poised for a record until falling into negative territory in the final minutes of trading. Oil prices steadied on Thursday after data showed an unexpected increase in U.S. crude inventories that revived pandemic-related fuel demand concerns.
Persons: Joe Biden, Kim Kyung, , Shane Oliver Organizations: YORK, Nikkei, REUTERS, AMP Capital, Nasdaq, Dow Jones, U.S, Treasury Locations: U.S, Tokyo, Japan, Sydney
Dollar's bounce fades as risk appetite rises
  + stars: | 2021-01-22 | by ( ) + 0.00   time to read: +2 min
Against the euro, the dollar is down almost 0.8% this week and it touched a week-low of $1.2173 per euro on Friday. The dollar index has fallen by the same weekly margin, and was steady at 90.075 early in the Asia session. The euro had found some support from the European Central Bank keeping policy steady and accommodative. The dollar had risen along with U.S. Treasury yields on expectations of more fiscal stimulus and government borrowing under a Biden administration. The dollar was steady against the Japanese yen on Friday at 103.58, but has lost 0.3% over the week.
Persons: Joe Biden, Sterling, Biden, Ray Attrill, Biden administration's, it's Organizations: European Central Bank, Norges, U.S, Democrats, Congress, Treasury, U.S ., National Australia Bank Locations: Hong Kong, Asia, Norwegian, Swedish, Bitcoin, Europe, United States
Gold dips as yields rise, but eyes best week in five
  + stars: | 2021-01-22 | by ( ) sentiment -0.97   time to read: +1 min
Gold eased on Friday as U.S. Treasury yields edged higher, although prices were set to post their best week in five helped by a weaker dollar and further stimulus bets. For the week, spot gold was up 2.2%, it's biggest increase since the week of Dec. 18. Higher yields increase the opportunity cost of holding non-yielding bullion. Silver shed 0.2% to $25.89 an ounce, but was set to register its best week in five, up 4.6% so far this week. Platinum was flat at $1,126.78 and was up 4.9% for the week, its best since early December.
Persons: Gold Organizations: Gold Investments, Treasury, U.S, European Central Bank, Palladium Locations: London
10-year Treasury yield flat amid stimulus and coronavirus concerns
  + stars: | 2021-01-22 | by ( Vicky Mckeever | ) sentiment -1.00   time to read: +1 min
The yield on the benchmark 10-year Treasury note fell slightly to 1.11% at 4:10 a.m.ET, while the yield on the 30-year Treasury bond dipped to 1.864%. The 10-year Treasury yield made little movement on Friday morning, as President Joe Biden's proposed $1.9 trillion stimulus package faces opposition in Congress just a week after he announced the plan. Treasury yields slipped on Friday, after moderate Republican senators critiqued Biden's plan, while another Democrat lawmaker said he would oppose another coronavirus relief check to Americans. The U.S. labor market has continued to feel the effect of the coronavirus crisis, as seen in jobless claims data out Thursday. A weekly update on distillate, gasoline, crude oil and Cushing crude oil inventories from the Energy Information Administration is expected at 11 a.m.
Persons: Joe Biden's, Biden's, Biden, downwardly Organizations: Treasury, Energy, Administration Locations: U.S, United States, Markit
Biden Plans Executive Action to Expand Food Stamps and Speed Stimulus Checks
  + stars: | 2021-01-22 | by ( Jim Tankersley | ) sentiment -0.99   time to read: +1 min
WASHINGTON — President Biden will issue an executive order on Friday aimed at steering additional federal aid to families struggling to afford food amid the pandemic and at helping workers stay safe on the job. Mr. Biden, who has vowed to use the power of the presidency to help mitigate economic fallout from the pandemic, will also direct the Treasury Department to find ways to deliver stimulus checks to millions of eligible Americans who have not yet received the funds. The president also plans to sign a second executive order that will lay the groundwork for the federal government to institute a $15 an hour minimum wage for its employees and contract workers, while making it easier for federal workers to bargain collectively for better pay and benefits. The actions are part of an attempt by Mr. Biden to override his predecessor, former President Donald J. Trump, on issues pertaining to workers, the economy and the federal safety net. The orders Mr. Biden will sign on Friday signal a break from the Trump administration’s attempts to limit the scope of many federal benefits that Trump officials said created a disincentive for Americans to work.
Persons: Biden, Mr, Donald J, Trump Organizations: WASHINGTON, Treasury Department, Trump
The other calls for "empowering federal workers and contractors," he added. The White House said up to 8 million people did not receive the first $1,200 stimulus check passed in March. He will call on agencies to review which federal workers make fewer than $15 per hour. Both pandemic relief measures would have expired at the end of the month. Biden has moved to boost the economy through executive orders while he tries to get the $1.9 trillion aid package passed by Congress.
Persons: Joe Biden, Kamala Harris, Brian Deese, Biden, Donald Trump, Biden's Organizations: U.S, White, Economic, U.S . Department of Agriculture, Nutrition, USDA, Treasury Department, Congress, Labor Department, Republicans, CNBC, YouTube Locations: Washington
An official said they include larger food stamp payments and pressure to get more stimulus checks issued. President Joe Biden is planning a new wave of executive actions Friday to bolster food aid to people struggling with hunger amid the coronavirus pandemic, and to push for more comprehensive delivery of stimulus checks. The actions are far narrower in scope than the $1.9 trillion relief package Biden has proposed. A new stimulus package requires votes in Congress that could take several weeks and will likely face Republican opposition. To tell the Treasury to speed up the delivery of stimulus checks to those who are eligible but have not yet received them.
Persons: Biden, Joe Biden, Brian Deese, Read Organizations: Republican, The Washington Post, NPR, CNBC, Agriculture Department, Nutrition Assistance, Treasury Locations: The Washington
When Will Taxes Go Up?
  + stars: | 2021-01-22 | by ( Andrew Ross Sorkin | Jason Karaian | Michael J. De La Merced | ) + 0.00   time to read: +4 min
Loon was one of Google’s most prominent “moonshot” projects, which have fallen out of favor as the company tightens its belt. It may seem like an about-face from the agency run by Mark Calabria, a libertarian economist appointed by a president who dismissed climate science. Mr. Calabria has long been building up a research and data team, soon to include an environmental economist, they said. The Treasury secretary nominee Janet Yellen said that she would appoint “someone at a very senior level” to create a hub in the Treasury focused on climate change and financial system risks. The Commodity Futures Trading Commission and the Fed recently addressed climate risks in high-profile reports.
Persons: Biden’s, Fannie Mae, Freddie Mac, spokespeople, Mark Calabria, Freddie, Harvey, Janet Yellen, , , Mark Zandi, Tim Mohin, Persefoni, Arthur Levitt Jr, Levitt, DealBook, Sheryl Sandberg Organizations: Google, Federal Housing Finance Agency, Mr, Treasury, Futures Trading Commission, Fed, Apple, Intel, Nasdaq, Facebook, The, Capital Markets Competitiveness, U.S . Chamber of Commerce Locations: Texas, Calabria, Clinton
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