Current Events Summary:
- Mueller report reveals no conspiracy between Trump and Russia: WSJ
- Israeli Prime Minister Netanyahu cuts US trip short after Gaza rockets fired: NY Times
- Global stock markets decline on Monday: Reuters
- Government bond yields fall in developed countries, indicating increased macroeconomic risks: Bloomberg
- US Composite PMI reveals growth dipped to a six-month low in March: IHS Markit
- Existing home sales surged in February, reaching an 11-month high: MW
- Wholesale trade inventories in the US rose significantly above expectations: RTT
- Treasury yield curve inverts for the first time since 2007: Bloomberg
By Roberto Mangabeira Unger
Summary via publisher (Verso)
Prominent economists Adam Smith and Karl Marx have highlighted that gaining an understanding of the economy involves examining the forefront of production methods. In today’s landscape, that forefront is represented by the remarkably innovative realm known as the knowledge economy. This book delves into the obscure characteristics of the knowledge economy and its potential trajectories for the future.
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This year’s significant rebound in the US stock market has raised questions about calls from various analysts and models suggesting that a bear market commenced with the downturn in late 2018. Nevertheless, bond manager Jeffrey Gundlach remains steadfast, asserting that the S&P 500 is still in a bear market, despite its closing at its highest point since October 9 on March 21.
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Trump advocates for the US to recognize Israel’s sovereignty over the Golan Heights: CNN
US officials temper expectations regarding a swift trade deal with China: Bloomberg
EU grants the UK an additional two weeks to avoid a hard Brexit: Bloomberg
March PMI data shows a deepening manufacturing downturn in the Eurozone: IHS Markit
An Indonesian airline cancels its order for 49 Boeing 737 Max jets: CNBC
US Leading Economic Index rebounded in February, marking the first increase in five months: CB
Weekly jobless claims in the US fall more than anticipated, reflecting a robust labor market: CNBC
The Philly Fed Manufacturing Index made a comeback in March, restoring much of February’s decline: MW
The Federal Reserve’s recent announcement has provided a boost to bond investors, sustaining the ongoing rally in fixed-income markets. The central bank decided to maintain interest rates, stating that further hikes may be postponed for the remainder of the year. Additionally, a reduction in the growth outlook was noted in the revised quarterly forecasts, along with the expectation of low inflation rates.
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Trump indicates no imminent agreement with China on trade: Bloomberg
Midwestern farmers face significant challenges following record floods: Reuters
A federal judge halts oil and gas drilling in Wyoming due to climate change concerns: NBC
Fed maintains interest rates steady, signaling no increases for this year: WSJ
Federal Reserve lowers its growth forecast for the US in 2019: CBS
UK’s May heads to Brussels to seek a three-month extension for the Brexit deadline: BBC
CEO confidence in the global economic outlook declines to its lowest point since Q1 2017: BR
10-year and 2-year Treasury yield spread reaches a five-week low following the Fed’s announcement:
Strong bullish sentiment has driven equity prices up in every major market region so far this year, with China’s shares leading the charge significantly through a selection of exchange-traded products.
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A new round of negotiations begins for US-China trade discussions: WSJ
The Federal Reserve is anticipated to keep interest rates at current levels today: Reuters
The Fed could signal another rate hike in today’s update: Bloomberg
Corporate bond defaults in China increased dramatically in 2019: CNBC
FedEx warns of a global economic slowdown: CNBC
The Supreme Court rules that certain immigrants can be held indefinitely: The Hill
Significant flooding impacts large areas of the Midwest: USA Today
UK’s May won’t request a long extension for the Brexit deadline: Bloomberg
Japan’s government downgrades economic forecasts due to the US-China trade conflict: Reuters
Factory orders in the US showed minimal increases in January, yet the year-on-year trend has improved: Reuters
The recent slowdown in the United States’ economic growth is projected to persist in the first quarter, as indicated by the latest GDP nowcasts. These forecasts are expected to influence the Federal Reserve’s upcoming policy meeting, which starts today and concludes tomorrow with an interest rate announcement, a fresh set of quarterly projections, and a press conference.
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Congress reviews Trump’s financial connections with Deutsche Bank: NY Times
Senator Warren proposes abolishing the electoral college: Reuters
The House of Commons Speaker undermines the government’s intention for a third Brexit vote: Bloomberg
The White House presents its arguments against social progress programs: CNBC
Venezuelan opposition assumes control of diplomatic facilities in the US: CBS
The Fed wrestles with interpreting its own ‘dot plot’ interest rate projections: WSJ
The US Housing Market Index remains steady in March, indicating sector stabilization: BB
