Written by Gary
US stock markets remained mostly unchanged until Fed cut rates, SP 500 set new record high 3050.10 (SPY +0.3%). Bonds and stocks rallied along with gold as the dollar dumped.
The Market in Perspective
Here are the headlines moving the markets. | |
Consumers support U.S. economy as business spending slumpsU.S. economic growth slowed less than expected in the third quarter as a further contraction in business investment was offset by resilient consumer spending, further allaying financial market fears of a recession. | |
Stocks little changed in wake of Fed statementU.S. stocks were little changed on Wednesday, rebounding after a brief move lower in choppy trade on the heels of the policy statement by the U.S. Federal Reserve that cut interest rates by a quarter of a percentage point. | |
Boeing CEO pummeled on compensation, 737 MAX flaws at U.S. hearingBoeing Co Chief Executive Dennis Muilenburg was repeatedly hammered by U.S. lawmakers at a hearing on Wednesday over his compensation and key mistakes in development of the 737 MAX that he newly acknowledged. | |
U.S. nears 1MDB recovery deal with Malaysian fugitive Jho Low: BloombergThe U.S. Justice Department is close to a deal with fugitive financier Jho Low to recover almost $1 billion that was misappropriated from Malaysian investment fund 1MDB, Bloomberg reported on Wednesday, citing a source familiar with the matter. | |
GE shares surge as it raises cash forecast despite earnings lossGeneral Electric Co posted adjusted profits on Wednesday that beat analysts’ estimates and wowed investors by promising $1 billion more cash this year than it had previously forecast, sending its shares sharply higher. | |
Chile cancels APEC trade summit and COP25 climate gathering as Santiago burnsChile withdrew on Wednesday as the host of an APEC summit next month at which the United States and China had been expected to sign a deal to ease a trade war that has hurt the global economy, as raging street protests gripped the South American country. | |
U.S. Fed cuts interest rates, and signals it is on holdThe Federal Reserve on Wednesday cut interest rates for the third time this year to ensure the U.S. economy weathers a global trade war without slipping into a recession, but signaled it will leave borrowing costs where they are unless things take a material turn for the worse. | |
Instant View: Markets take Fed cut, pause signal in strideU.S. stocks firmed slightly and yields on Treasuries gyrated in narrow ranges on Wednesday after the Federal Reserve lowered interest rates for the third time this year, while signaling it might pause its easing cycle. | |
Kuwait, Gulf central banks cut key rates following FedKuwait’s central bank cut its benchmark interest rate on Wednesday, joining the Federal Reserve-led monetary easing cycle with its Gulf peers for the first time since July. | |
Fed Cuts Rates On Day GDP Beats Expectations, Sending Stocks To New All Time HighFed Cuts Rates On Day GDP Beats Expectations, Sending Stocks To New All Time High After Fed Chair Powell commented that “serious” inflation is required to push them to raise rates, bonds and stocks rallied along with gold as the dollar dumped… | |
Watch Live: House Rules Committee Marks Up Impeachment Inquiry ResolutionWatch Live: House Rules Committee Marks Up Impeachment Inquiry Resolution The House Rules Committee is debating a resolution establishing the procedures for holding public hearings in in the ongoing impeachment inquiries. Of note, the White House says the resolution “confirms” that the inquiry “has been an illegitimate sham from the start,” according to CBS News.
Wat … | |
Tulsi Gabbard Unleashes On Erdogan: “Radical Islamist Megalomaniac” Who Helps ISISTulsi Gabbard Unleashes On Erdogan: “Radical Islamist Megalomaniac” Who Helps ISIS A day after the US House of Representatives in a historic vote overwhelmingly passed a resolution to recognize the Armenian Genocide, resulting in an immediate fierce rebuke from Ankara, Democratic Congresswoman and presidential candidate Tulsi Gabbard issued a video statement slamming Turkish President Tayyip Erdogan as “a radical Islamist megalomaniac” who for years supported ISIS. Erdogan has been “slaughtering the Syrian Kurds and he’s using terrorists from ISIS and al-Qaeda as his militia,” she explained, and has “been helping ISIS/AQ for years,” according to the social media video message. She also reiterated her consistent position that the Islamic State was born of the externally funded and weaponized push to overthrow the Assad government. “He has denied this but is now openly using militias of ‘former’ ISIS/AQ terrorists, exposing him for what he really is: a radical Islamist megalomaniac who wants to establish a caliphate with himself as the Caliph ” the supreme ruler.”
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Peugeot Board Approves Merger With Fiat Chrysler, Creating European Auto GiantPeugeot Board Approves Merger With Fiat Chrysler, Creating European Auto Giant The board of French carmaker and Peugeot parent, PSA Group, approved a plan to merge with Italian-American rival Fiat Chrysler Automobiles NV late on Wednesday, the Wall Street Journal and others reported. Fiat Chrysler’s board meeting was still in progress while the board of Exor, the Agnelli family holding company that controls the Italian-American car maker, was scheduled to meet later on Wednesday night to give its blessing. | |
Why the current economic crisis is a blessing in disguiseWhy the current economic crisis is a blessing in disguiseThe silver lining is that crises bring about reforms, and there is no reason not to be optimistic in this situation. | |
Jio vs others war just got murkierJio vs others war just got murkierCOAI sought govt to bail out Airtel & Voda Idea. Jio says failure of two operators will not impact the sector. | |
No digital divide for TCS in its businessNo digital divide for TCS in its businessWith digital becoming part of most deals, CEO says firm may switch to traditional segmentation of services. | |
30 October 2019 FOMC Meeting Statement: Federal Funds Rate Again LoweredWritten by Steven Hansen The Federal Open Market Committee (FOMC) – the board of directors of the Federal Reserve lowered the range of the federal funds rate by a quarter-point as expected, and stated:
Overall the Fed appears to believe the economy has slightly weakened since the last meeting. | |
ETF Focus: Investors are loading up on cash. That’s not a good sign.Flows into money market funds have increased nearly every week since U.S.-China trade deals hit their first serious roadblock back in May, another sign of increasingly gloomy investor behavior. | |
The Fed: Fed cuts rates for third meeting in a row, signals pauseThe Federal Reserve cut its benchmark interest rate for the third meeting in a row but signaled it may pause its policy changes. | |
Key Words: Barack Obama to social-justice warriors: You’re doing it all wrongThe former president has had it with œcancel culture. |
Summary of Economic Releases this Week
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