The U.S Treasury's auction of two-year notes failed to generate expected steam as demand remained the lowest since 2008. It resulted mostly because bond traders bet that this week, Federal Reserve policy makers will admit there are signs of economic strength which has a direct relation to the Federal Reserve's consideration of an increase in the interest rate this year.
The Chinese government is putting in efforts to stabilize the currency markets. The central bank of the country adding verbal support to the exchange rate following a drop in the currency's value in the past week against the green back to point that was lower than a key level.
The unemployment rate in California is on the rise. After May's 5.2 percent the unemployment rate in the state climbed to 5.4 percent in June. According to the Employment Development Department, increase in unemployment rate was noted for the first time in about six years.
Manhattan based Citigroup Inc., the multinational investment banking and financial services corporation reported a lower level of profit and revenue in Q2 as compared to last year.
However, most investors were happy with the not so bad results considering that it is a bank which still has work in progress.
This week, the big U.S banks will begin to report their second quarter earnings. JPMorgan Chase will start the chain of bank earnings report. In the reports, the market will search for clues about how the industry has been affected by 'Brexit' and the shifts in the global economy.
Minutes of Fed’s June Meeting Suggests Interest Rate Increase on Hold Till Effect of ‘Brexit’ Gets Clearer
Minutes of the meeting, which the Federal Reserve policymakers had on June 14-15, was released on Wednesday. It shows that the Fed policymakers feel, the interest rate increase should not be initiated right now till they get a clear idea about the effects of Britain's vote to exit the EU.
Stanley Fischer, Vice Chairman of the Federal Reserve is not right now making any straight forward comments on how exactly he thinks the U. K.'s referendum to exit the EU will affect the American economy.
Already, drop in mortgage interest rates have surfaced which lead to speculations on the Brexit effect but Fischer seems to be taking the wait and watch attitude.
For millions of Americans Social Security benefits mean a lot. According to dada, till April 2016, there are 60 million or more recipients who get monthly Social Security benefits. Among them, about 40.5 million are retired workers of whom; nine out of ten rely on Social Security to help them meet monthly expenses.
Unity never comes easy and 'Brexit' may well be taken as an example. The European Union was born as a result of the World War II and after about seven decades of the post-war era now Britain wants to beak way from the twenty eight member bloc. But, with the country's exit, Britain is not the only one to face the consequences. As a whole, E. U. is facing an existential crisis.