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Diamond News Archives

Fed Trying to Engineer Impossible Soft Landing

Category: News Archives
Created: 08 November 2019
Hits: 765

Speaking at the New Orleans Investment conference, Danielle DiMartino Booth, expert US Federal Reserve critic, as well as CEO and chief strategist of Quill Intelligence, told attendees that significant indicators are pointing to a looming financial crisis in the US and abroad.

Despite the Federal Reserve cutting interest rates three times in four months, DiMartino Booth thinks Fed Chair Jerome Powell won’t get the result he is looking for — economic stability.

“I think Jerome Powell wanted to engineer a soft landing for the economy and right now he is probably taking a victory lap saying you know, ‘I’ve managed to pull off an Alan Greenspan sequel,’ something in the spirit of 1995 or 1998,” DiMartino Booth told the Investing News Network (INN), referring to the times former Fed Chair Alan Greenspan was able to cut rates, then raise them, which prompted economic expansion.

“I distinguish the difference between now and then as, in 1995 we were at the beginning of an economic expansion, there was a lot of runway. Now we’re at the tail end — we’re late cycle — of the longest economic expansion in US history.”

The author of “Fed Up,” which uses her insights learned from time working at the Federal Reserve bank in Dallas to analyze the 2008 economic meltdown, also spoke to INN about how the Fed has warped the term price discovery, distorting the investment landscape.

“It comes down to that old phrase, ‘lower for longer and don’t fight the Fed,’ and I think the genesis of these two statements is opposed to markets functioning as they would naturally,” she said.

“If the Federal Reserve holds interest rates too low for too long then investors are going to behave differently and they are going to invest and...

Read more from our friends at Gold & Silver

New York Fed Adds $115.14 Billion in Short-Term Liquidity to Markets

Category: News Archives
Created: 07 November 2019
Hits: 875
[https://m.wsj.net/video/20191104/cinvest1105/cinvest1105_167x94.jpg]

The New York Fed added $115.14 billion to financial markets via temporary operations on Thursday.

The liquidity additions came in two parts. One was an overnight repurchase agreement with eligible banks totaling $80.14 billion, and the other was via a $35 billion 14-day repo. Eligible banks didn’t take all the liquidity offered by the Fed in the one-day operations, but in submitting $41.15 billion in Treasurys and mortgages for the latter operation, their interest in securing liquidity exceeded what the Fed was willing to... ...

Read more from our friends at Gold & Silver

Inflation expectations hit record low, suggesting Fed may have more to do

Category: News Archives
Created: 07 November 2019
Hits: 817
Getty Images
Consumers are becoming more convinced that inflation is slowing and that could eventually mean more interest rate cuts from the Federal Reserve. The New York Fed said Tuesday [1]that short-term inflation expectations decreased by 0.2 percentage points to 2.3% in October, the lowest reading since the start of the series in June 2013.The public’s expectation of inflation three years from now remained steady at 2.4%, also the lowest on record, the survey found.The Fed views inflation expectations as “central” to its interest-rate policy, according to Fed Chairman Jerome Powell. Declining expectations make it difficult for the Fed to hit is 2% annual inflation target. “Once inflation expectations start sliding down, inflation moves down,” Powell said at a press conference last week after the Fed lowered interest rates for the third time this year. In October, wages were up 3%, while inflation was running around 1.7%, just under the Fed’s 2% target.This gain in real wages “matters” to the economy, said Richmond Fed President Thomas Barkin on Tuesday. Read: Fed’s Barkin says recession is not imminent[2] Falling inflation hurts incomes and wages and can lead to economic malaise. A drop in inflation expectations has played a role in the weak economic performance in Japan and Europe.“We of course have watched the situation in Japan and now the situation in Europe. We note that there are significant disinflationary pressures around the world and we don’t think we’re exempt from those,” Powell said.Richard Clarida, Powell’s top lieutenant, on Tuesday said that inflation expectations “reside at the low end of a range I consider consistent with price stability.”The three quarter-point rate cuts engineered since July may help reverse the trend, Powell said.“And, you know, we think
...

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KGK Inaugurates Angola Cutting Plant

Category: News Archives
Created: 07 November 2019
Hits: 776
November 07, 19 by IDEX Online Staff Reporter
image

(IDEX Online) - Hong Kong- based Sightholder KGK formally inaugurated its new cutting plant in Luanda, Angola earlier this week. 

This is the country's fourth diamond-cutting plant and is a partnership between KGK (65 percent), UST (30 percent) Sodiam EP 5 percent and UST (30 percent), reports the Angolan press agency. 

The partners have already invested $5 million out of a planned $25 million in the project.

The factory was inaugurated in the presence of Diamantino Azevedo, minister of Mineral and Petroleum Resources.

The government plans to increase the cutting and polishing of diamonds mined in the country from 2 percent to 20 percent. 

The other cutting plants are owned by Angola Polishing Diamonds (APD), Angola Stone Polished Diamond (ASPD) and Pedra Rubra - Fábrica de Joias e Lapidação de Diamantes....

Read more from our friends at IDEX

The Feds Spend More on National-Debt Interest Than You Think

Category: News Archives
Created: 06 November 2019
Hits: 776

Home[1] | Wire[2] | The Feds Spend More on National-Debt Interest Than You Think

Recently, the Treasury Department reported a 26% increase in the federal budget deficit [3] with a 2019 deficit of $984 billion. The reported data on the budget can be misleading. You might think that a budget deficit is the amount of spending that exceeds budget revenue, in other words, the amount of borrowing needed to make up for this shortfall. However, in the world of Washington D.C., not all spending is counted as spending and it’s possible for the government to borrow money from itself. Let’s look at the actual Treasury Department budget numbers.

The Treasury reports[4] the Total Public Debt Outstanding of almost $23 trillion, which is the sum of the Intragovernmental Holdings and the Debt Held by the Public.

There is roughly $6 trillion of Intragovernmental Holdings. This is money that the federal government says that it owes to itself. Over the years, the government has earmarked tax revenues for one use, say Social Security spending, and spent those revenues on some other category of spending. So now they owe themselves this money. However, this is not truly debt. No business or household is concerned about being in debt to itself. If you promise to spend $100 of your income on a car payment and instead you buy $100 of food, you don’t pretend that you owe yourself $100. However, in the feds’ budget this is called Intragovernmental Holdings. When looking at the debt numbers we should ignore these Intragovernmental Holdings.

That leaves us with the Debt Held by the Public, what I consider to be the true amount of federal government debt.

In your personal...

Read more from our friends at Gold & Silver

  1. Fed's Evans: U.S. economy in 'good place,' but watching inflation
  2. IDWI 2020 Focusing on Natural Diamonds Theme
  3. Lagarde’s first problem as ECB president: Germany
  4. We're going to need to raise taxes

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