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Fed Chair Powell: the economy is in a 'favorable' place

Fed Chair Jerome Powell defended his stance at the Jackson Hole Economic Policy Symposium. Yahoo Finance's Jen Rogers and Brian Cheung discuss.

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  • Bundesbank Won’t Distribute Profit for First Time Since 1979

    (Bloomberg) -- Germany’s central bank won’t distribute a profit to the government for the first time since 1979 as it braces for “considerable” risks related to pandemic stimulus programs.The Bundesbank revealed Monday that it topped up provisions by 2.4 billion euros ($2.9 billion) last year to protect itself from defaults and interest-rate risks. The report comes after some European Central Bank policy makers sounded the alarm over a rise in bond yields across the 19-nation euro zone, holding out the prospect of faster asset purchases.The ECB has built its pandemic response around a 1.85 trillion-euro bond-buying program that’s scheduled to run for at least another year. It has also offered generous long-term loans to banks that come with interest payments if credit is extended to companies and households.“Extensive monetary policy measures have pushed up the risks on our balance sheet,” Bundesbank President Jens Weidmann said in a statement published alongside the central bank’s annual report. “For one thing, default risk has increased because we have acquired a large volume of corporate bonds. For another, interest-rate risk is up.”As a result, the Bundesbank posted no profit for the year. In 2019, it had transfered 5.9 billion euros to Germany’s finance ministry.Central banks across the euro zone are likely to see profits weighed down by some of the ECB’s pandemic support measures. Monetary authorities in Estonia and Austria have also flagged reduced earnings. The Bundesbank expects to top up its provisions for general risks also this year.On the economy, Weidmann said Bundesbank staff currently see no reason to fundamentally question their forecast of 3% growth in 2021. However, if lockdown restrictions were extended into the second quarter, they would possibly have to reassess their assumptions.Germany is entering its fifth month of lockdown restrictions, with most shops, restaurants, gyms and cultural venues still shuttered. Government officials are meeting on Wednesday to discuss the next steps in pandemic curbs, with Chancellor Angela Merkel pushing for a broad extension until March 28 while allowing a partial easing of some measures.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Gold slides 1.5% as rising bond yields, dollar dim appeal

    Gold slid more than 1.5% to hover near a nine-month low on Wednesday as elevated U.S. Treasury yields and a stronger dollar hammered the non-yielding metal's appeal. Spot gold was down 1.6% at $1,710.71 per ounce by 10:04 a.m. ET (1504 GMT), having dropped to its lowest since June 15 at $1,706.70 on Tuesday. Benchmark U.S. 10-year Treasury yields crept back towards a one-year peak reached last week, while the dollar rose 0.3%.

  • Dublin is Top Brexit Relocation Spot for Finance Firms, EY Finds

    (Bloomberg) -- Dublin is the favorite destination for finance firms moving jobs into the European Union after Brexit, according to a study by consultancy EY.Three dozen financial services firms are considering moving some U.K. operations to the Irish capital, or have already done so, the review found. Luxembourg is second, attracting 29 companies in total, followed by Frankfurt, which has drawn 23. Twenty businesses are moving business to Paris, according to EY’s survey of public statements by 222 firms through February.Finance firms have announced that about 7,600 jobs will move from the U.K. to the bloc -- an increase of about 100 since EY’s last tracker, published in October. Almost 1.3 trillion pounds ($1.8 trillion) of assets have also moved, up about 100 billion pounds.Some companies have pulled back from the U.K. as policy makers try to establish how much access to the EU’s markets London will have. Think-tank Bruegel said in 2018 that the City could ultimately lose 10,000 banking jobs and 20,000 roles in the financial services industry.There are other signs that some aspects of London’s decades-long dominance of European finance is eroding. This year, the capital lost its crown to Amsterdam as Europe’s top place to buy and sell stock while traders have shifted some interest-rate swaps out of the U.K.“The push and pull of markets across Europe for business historically led from the U.K. continues,” EY partner Omar Ali said. “Such ongoing uncertainty poses the risk of fragmented markets, which is inefficient and costly for all financial services users and potentially damaging to the global competitiveness of both the UK and EU.”(Updates with comment in final paragraph. An earlier version of the story corrected million to billion in third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • ECB’s Villeroy Signals Action to Battle Threat of Rising Yields

    (Bloomberg) -- The European Central Bank “can and must react against” any unwarranted rise in bond yields that threaten to undermine the euro-area economy, policy maker Francois Villeroy de Galhau said.The comments by the Bank of France governor, among the strongest yet by ECB officials, encouraged investors to bet that the central bank is already stepping up its own emergency bond-buying program. While fresh data on Monday showed net purchases slowing last week, it said the figures were distorted by redemptions.The yield on 10-year Italian debt fell 10 basis points to 0.66%, its biggest decline since June.Yields are being pushed up by a global selloff of longer-term government bonds. That’s a concern for the euro zone because returns on sovereign debt are used by lenders as a reference point for their loans to companies and households.The bloc is lagging well behind the U.S. and U.K. in vaccinations, forcing it to extend virus restrictions that hurt the economy. ECB officials have been pledging for a week that they’ll act if needed, yet they’ve barely managed to stem the selling.Villeroy said part of the recent tightening of financial conditions is due to “excessive spillovers and tensions.” The ECB should start by using its pandemic emergency bond-buying program to drive down yields, he said, and “we continue to stand ready to adjust all of our instruments, as appropriate, including possibly a lowering of the deposit rate if needed.””Villeroy’s statement voices the sentiment of most analysts after last week’s events: with the euro-zone growth outlook being weighed down by slow vaccine distribution, the ECB must avoid undue policy tightening,” said Simon Harvey, senior analyst at Monex Europe. “However, talk is cheap and the market will need proof of action by the ECB after today’s bemusing data.”The ECB settled 12 billion euros ($14.5 billion) of net purchases under its emergency program, compared to 17.2 billion euros the week before. A fuller picture will be available on Tuesday when figures on the redemptions are released.The French government redeemed a 3-year bond last week, which had 31 billion euros outstanding, according to Bloomberg data.“It is unfortunate timing, if they wanted to send a signal to the market,” said Piet Christiansen, chief strategist at Danske Bank A/S. “But they would have been aware of the large redemption.”The purchase data also don’t reflect orders made Thursday and Friday, as transactions take a couple of days to settle and show up in the ECB’s accounts.Economists mostly predict the euro-area economy will contract this quarter, before starting a recovery around the spring. The bloc’s fiscal support is also smaller than in the U.S., and a breakthrough recovery fund won’t kick in until the middle of the year.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Rocket Companies Short Squeeze Gives $25B Single-Day Boost To Dan Gilbert's Wealth

    Rocket Companies Inc (NYSE: RKT) founder Dan Gilbert’s wealth got a $25 billion booster on Tuesday as the holding company gets the attention of retail investors on Reddit’s r/WallStreetBets, according to Bloomberg Billionaire’s Index. What Happened: Gilbert, Age 59, has moved up 19 spots to No. 16 on the index that tracks 500 of the world’s richest. A large chunk of Gilbert’s fortune, 93% to be precise, is comprised of his stake in Rocket, reported Bloomberg. See also: How to Buy Rocket Companies (RKT) Stock Why It Matters: The one-day jump in Gilbert’s wealth is the largest so far in the year, noted Bloomberg. As of press time, Detroit-based Rocket Companies with subsidiaries such as Rocket Mortgage and Quicken Loans was the most discussed company on WallStreetBets, according to SwaggyStocks data. WallStreetBets investors previously carried out short squeezes in the stocks of GameStop Corp (NYSE: GME), AMC Entertainment Holdings Inc (NYSE: AMC), Nokia Oyj (NYSE: NOK), BlackBerry Ltd (NYSE: BB), and others. Rocket reported 162% revenue growth and 350% growth in net income for the fourth quarter, which beat analyst estimates. The company’s shares have shot up since last Friday. S3 Partners data indicates the Rocket has currently $1.2 billion in short interest — making it one of the most shorted stocks in the market. Price Action: Rocket shares traded nearly 8.2% lower at $38.20 in after-hours trading on Tuesday after shooting up almost 71.2% in the regular session. Photo by Steve Jennings on Wikimedia See more from BenzingaClick here for options trades from BenzingaRocket Companies Overtakes GameStop, Palantir As WallStreetBets' Top Interest© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • A $21 Trillion Treasuries Mystery Is Bedeviling Global Markets

    (Bloomberg) -- Bond traders have been saying for years that liquidity is there in the world’s biggest bond market, except when you really need it.Last week’s startling gyrations in U.S. Treasury yields may offer fresh backing for that mantra, and prompt another bout of soul-searching in a $21 trillion market that forms the bedrock of global finance. While stocks are prone to sudden swings, such episodes are supposed to be few and far between in a government-debt market that sets the benchmark risk-free rate for much of the world.Yet jarring moves occur periodically in Treasuries, forming a bit of a mystery as no two events have been the same. Some point to heightened bank regulations in the wake of the 2008 financial crisis. Scrutiny over liquidity shortfalls intensified in October 2014 when a 12-minute crash and rebound in yields happened with no apparent trigger. Panic selling during the pandemic-fueled chaos a year ago, exacerbated when hedge funds’ leveraged wagers blew up, brought the issue to the fore again.And then came last week, when the gap between bid and offer prices for 30-year bonds hit the widest since the panic of March 2020.The latest events “are a stark reminder what happens when liquidity suddenly vanishes in the deepest, largest bond market,” said Ben Emons, managing director of global macro strategy at Medley Global Advisors.At issue is whether this vast market is more vulnerable to sudden bouts of turbulence thanks to measures that have made it more difficult for banks to hold Treasuries. Some analysts say the tumult last week was magnified by questions over whether the Federal Reserve will extend an easing of bank capital requirements, which is set to end March 31. Put in place early on in the pandemic, the measure is seen as making it easier for banks to add Treasuries to their balance sheets.The 2014 episode triggered a deep dive into the market structure, and regulators have pushed through some changes -- such as increased transparency -- and speculation has grown that more steps to bolster the market’s structure may be ahead.“While the scale and speed of flows associated with the COVID shock are likely pretty far out in the tail of the probability distribution, the crisis highlighted vulnerabilities in the critically important Treasury market that warrant careful analysis,” Fed Governor Lael Brainard said Monday in prepared remarks to the Institute of International Bankers.There are plenty of potential culprits in last week’s bond-market tumble -- which has since mostly reversed -- from improving economic readings to more technical drivers. Ultra-loose Fed policy and the prospect of fresh U.S. fiscal stimulus have investors betting on quicker growth and inflation. Add to that a wave of convexity hedgers, and unwinding by big trend-following investors -- such as commodity trading advisers.Based on Bloomberg’s U.S. Government Securities Liquidity Index, a gauge of how far yields are deviating from a fair-value model, liquidity conditions worsened recently, though it was nothing like what was seen in March.For Zoltan Pozsar, a strategist at Credit Suisse, the action began in Asia with bond investors reacting to perceived hawkish signs from the central banks of Australia and New Zealand. That sentiment then carried over into the U.S. as carry trades and other levered positions in the bond market were wiped out. A disastrous auction of seven-year notes on Thursday added fuel to the unraveling.Last week’s drama “brings to mind other notable episodes in recent years in which a deterioration in the Treasury market microstructure was primarily to blame,” JPMorgan & Chase Co. strategist Henry St John wrote in a note with colleagues.One key gauge of Treasury liquidity -- market depth, or the ability to trade without substantially moving prices -- plunged in March 2020 to levels not seen since the 2008 crisis, according to data compiled by JPMorgan. That severe degree of liquidity shortfall didn’t resurface last week.The bond-market rout only briefly took a toll on share prices last week, with equities surging to start this week, following a sharp retreat in Treasury yields amid month-end buying.The Fed cut rates to nearly zero in March 2020, launched a raft of emergency lending facilities and ramped up bond buying to ensure low borrowing costs and smooth market functioning. That breakdown in functioning has sparked calls for change from regulators and market participants alike.GLOBAL INSIGHT: Recovery? Yes. Tantrum? No. Yield Driver ModelFor now, Treasuries have settled down. Pozsar notes that the jump in yields has provided an opportunity for some value investors to swoop in and pick up extra yield, effectively helping offset the impact of the leveraged investors who scrambled for the exits last week.“Some levered players were shaken out of their positions,” Pozsar said in a forthcoming episode of Bloomberg’s Odd Lots podcast. “It’s not comfortable -- especially if you’re on the wrong side of the trade -- but I don’t think that we should be going down a path where we should redesign the Treasury market.”Why Liquidity Is a Simple Idea But Hard to Nail Down: QuickTake(Updates with details on Bloomberg’s liquidity index in 10th paragraph, and a chart)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • 13 years after investing in an obscure Chinese automaker, Warren Buffett’s BYD bet is paying off big

    A $232 million investment has ballooned into a $5.9 billion stake.

  • Monthly stimulus checks may be on the way for families later this year

    A bill in Congress would give families up to $300 a month per child starting this summer.

  • Tesla Former Board Member Says Elon Musk Company Won't Remain 'King Of The Hill In Electric Forever'

    A former board member of Tesla Inc (NASDAQ: TSLA) said Tuesday that the company is unlikely to remain the “king of the hill” in electric vehicles forever, CNBC reported. What Happened: Steve Westly said on CNBC’s “Power Lunch” that he had been bullish on the Elon Musk-led automaker for the last 10 years and it’s “hard to imagine an auto company executing better than Tesla has.” Westly pointed to the company’s latest earnings release in January where it said it had a “multi-year horizon” and expected to achieve 50% average annual growth in vehicle deliveries. See also: How to Invest in Tesla Stock “No one else in the auto world is doing that. Having said that, Tesla is not going to be king of the hill in electric forever,” said Westly. Why It Matters: The venture capitalist noted that there have been large-scale commitments on EVs from legacy automakers such as General Motors Company (NYSE: GM) and Volkswagen AG (OTC: VWAGY). “Tesla is not just getting hit from the high end,” said Westly on the availability of EVs from Volkswagen marques such as Audi and Porsche. Tesla also faces increased competition from Chinese EV rivals, which have more affordable offerings. The analyst noted increased competition in Europe where according to him the company was “No. 1, they’re now No. 4.” See Also: Tesla's Share Of European EV Market Reduced To 3.5% “They’re getting competition from all sectors. They’re going to have to double down to compete.” Tesla’s plans to make a more affordable $25,000 vehicle have left Chinese rivals such as Xpeng Inc (NYSE: XPEV), Nio Inc (NYSE: NIO), and others unfazed. In January, a two-door $4,500 EV made by Wuling — a joint venture of GM and state-owned SAIC Motor — outsold Tesla’s Model 3 in China by nearly two-to-one. Price Action: Tesla shares closed 4.45% lower at $686.44 on Tuesday and gained 0.34% in the after-hours session. Click here to check out Benzinga’s EV Hub for the latest electric vehicles news. See more from BenzingaClick here for options trades from BenzingaNio Says Chip Shortage Will Hit EV Production In Q2Such Popularity, Much Wow! Dogecoin Now Available At 1,800 ATMs Across US© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Staff at some major U.S. firms to keep masks on in Texas even as state lifts mandate

    Japanese carmaker Toyota, which has its U.S. headquarters and a factory in Texas, said it was looking into the move by Governor Greg Abbott to roll back the mask mandate, and it doesn't contemplate any immediate changes. "The early read is – no change for us," Toyota spokesman Scott Vazin said.

  • Is Bitcoin Useless?

    Bitcoin passed its tenth anniversary of the release of its whitepaper, first introducing it to the world, in 2018. But assessments of the cryptocurrency's impact in the last decade or so have mostly been negative. Is bitcoin useless?

  • Rocket shares soar more than 70% as analysts eye 'GameStop-esque' short squeeze

    Heavily shorted mortgage provider Rocket Companies saw its stock surge on Tuesday, in an eye-popping move reminiscent of the rallies that powered GameStop and other so-called meme stocks earlier in the year. Shares of Rocket, the parent company of Quicken Loans, closed up 71.2% at $41.60 after being halted several times for volatility. The outsized move puts Rocket among the stocks that have experienced wild gyrations after becoming a focus of investors on sites such as Reddit’s WallStreetBets, where mentions of the company have multiplied in recent days.

  • ASML extends sales deal with Chinese chipmaker SMIC to end of 2021

    ASML Holding NV has extended a deal to sell chip manufacturing equipment to Semiconductor Manufacturing International Corp, China's largest chipmaker, until the end of this year, the Dutch company said in a statement on Wednesday. ASML made the statement after SMIC on Wednesday disclosed a volume purchase agreement under which it has already spent $1.2 billion with the toolmaker. In a clarifying statement issued several hours later, ASML said the agreement began in 2018 and was slated to expire at the end of 2020, but the two companies agreed in February to extend the deal to the end of this year.

  • Intel Told to Pay $2.18 Billion After Losing Patent Trial

    (Bloomberg) -- Intel Corp. was told to pay VLSI Technology LLC $2.18 billion by a federal jury in Texas after losing a patent-infringement trial over technology related to chip-making, one of the largest patent-damages award in U.S. history. Intel pledged to appeal.Intel infringed two patents owned by closely held VLSI, the jury in Waco, Texas, said Tuesday. The jury found $1.5 billion for infringement of one patent and $675 million for infringement of the second. The jury rejected Intel’s denial of infringing either of the patents and its argument that one patent was invalid because it claimed to cover work done by Intel engineers.The patents had been owned by Dutch chipmaker NXP Semiconductors Inc., which would get a cut of any damage award, Intel lawyer William Lee of WilmerHale told jurors in closing arguments Monday. VLSI, founded four years ago, has no products and its only potential revenue is this lawsuit, he said.VLSI “took two patents off the shelf that hadn’t been used for 10 years and said, ‘We’d like $2 billion,”’ Lee told the jury. The “outrageous” demand by VLSI “would tax the true innovators.”He had argued that VLSI was entitled to no more than $2.2 million.“Intel strongly disagrees with today’s jury verdict,” the company said in a statement. “We intend to appeal and are confident that we will prevail.”Intel fell 2.6% to $61.24 in New York trading. The stock is up 23% since the beginning of the year.One of the patents was originally issued in 2012 to Freescale Semiconductor Inc. and the other in 2010 to SigmaTel Inc. Freescale bought SigmaTel and was in turn bought by NXP in 2015. The two patents in this case were transferred to VLSI in 2019, according to data compiled by Bloomberg Law.VLSI lawyer Morgan Chu of Irell & Manella said the patents cover inventions that increase the power and speed of processors, a key issue for competition.‘Willful Blindness’Federal law doesn’t require someone to know of a patent to be found to have infringed it, and Intel purposely didn’t look to see if it was using someone else’s inventions, he said. He accused the Santa Clara, California-based company of “willful blindness.”The jury said there was no willful infringement. A finding otherwise would have enabled District Court Judge Alan Albright to increase the award even further, to up to three times the amount set by the jury.“We are very pleased that the jury recognized the value of the innovations as reflected in the patents and are extremely happy with the jury verdict,” Michael Stolarski, chief executive of VLSI, said in an e-mailed statement.Officials with NXP couldn’t immediately be reached for comment.The damage request isn’t so high when the billions of chips sold by Intel are taken into account, Chu said. Intel paid MicroUnity Systems Engineering Corp. $300 million 2005 and in 2011 paid Nvidia Corp. $1.5 billion even though a settlement in that case involved a cross license of technology, he said.“Operating companies are going to be disturbed by not only the size of the award but also the damages theory,” said Michael Tomasulo, a Winston Strawn lawyer who attended the trial. “They more or less seemed to have bought the entire VLSI case.”The damage award is about half of Intel’s fourth-quarter profit. The company has dominated the $400 billion chip industry for most of the past 30 years, though it’s struggling to maintain that position.The verdict is smaller than the $2.5 billion verdict won by Merck & Co. over a hepatitis C treatment. It was later thrown out. Last year, Cisco Systems Inc. was told by a federal judge in Virginia to pay $1.9 billion to a small cybersecurity companies that accused it of copying a feature to steal away government contracts. Cisco has asked the judge for a new trial.The case is among the few in-person patent trials in recent months, with many courts pressing pause amid the coronavirus pandemic. It was delayed a week because of the winter storm that wreaked havoc across much of Texas.Intel had sought to postpone the case because of the pandemic, but was rejected by Albright, a former patent litigator and magistrate who was sworn in as a federal judge in 2018 and has quickly turned his courtroom into one of the most popular for patent owners to file suit.The case is VLSI Technology LLC v. Intel Corp., 21-57, U.S. District Court for the Western District of Texas (Waco).(Updates with VLSI comment in 12th paragraph. An earlier version corrected the spelling of law firm name in eighth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • BitGo Reveals $250M in Bitcoin Holdings, Signaling More Crypto-Native Disclosures Ahead

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  • 'Roaring Kitty' Keith Gill No Longer Has Financial Broker License: Report

    One of the biggest names in the GameStop storyline of 2021 has lost his financial license. What Happened: Keith Gill is known by many names to investors and fans of GameStop Corp (NYSE: GME) stock. He is called Roaring Kitty and is also known as DeepF***ingvalue on Reddit. Gill found himself in the middle of the GameStop story after posting about large gains made from buying the stock prior to its 1,000% increase. It was later revealed that Gill was a registered financial broker. Gill no longer has his financial broker license, according to a Monday report from Reuters. Related Link: Wallstreetbets Trader Keith Gill Appears To Have Bought 50,000 More Shares Of GameStop Why It’s Important: Gill was registered as an agent with MML Investors Services LLC, a broker dealer arm for Mass Mutual. The company filed a termination request with FINRA to remove Gill’s broker license. The internal review cited “outside activities” as the reason for the filing. Gill’s last day of employment with MML Investors Services was Jan. 28. See also: How‌ ‌to‌ ‌Buy‌ ‌GameStop‌ ‌(GME)‌ ‌Stock‌ Registrations are terminated when a person is no long longer employed at a registered firm, a FINRA spokeswoman told Reuters. Gill was sued last month, accused in a class action suit of violating security laws and causing “huge losses” for investors. Gill is expected to appear before Massachusetts regulators later this week, the Reuters report said. Shares of GameStop were trading 0.15% higher at $120.58 at last check Tuesday. Photo by Mike Mozart via Wikimedia. See more from BenzingaClick here for options trades from BenzingaWhat To Know About Dave Portnoy And The New BUZZ Social Media Sentiment ETFGreen Eggs & SPAC: What Could Tweet From Elon Musk Mean?© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Institutions Are Making Bullish Bets on Bitcoin Rallying to $75K by May – Or Even Higher

    Institutions are loading up on bull call spreads in anticipation of a continued bitcoin price rally.