* Trump signs pandemic relief bill, averts government shutdown
* Suspect in Nashville explosion died in blast, policy say
* Risks continue to lurk for global economy at year’s end
* UK headed for ‘bumpy period’ in Brexit transition period
* Bitcoin on track for third monthly gain in December–longest streak in over a year
* Is the worst yet to come for pandemic blowback in the US?
* 10yr Treasury market’s inflation forecast holds at 1.97%–highest since April 2019:
In this issue:
As 2020, annus horribilus, crawls to a close, let’s look back on one of the bright corners of the year – book publishing. In matters economic and finance, the last 12 months delivered an extraordinary run of fascinating new titles. As usual in this year-end review, we’ll highlight ten that appeared in The Capital Spectator’s weekly Book Bits column over the course of 2020. Choosing only ten is difficult, and more than slightly subjective, but let’s give a whirl. As usual, the short list will be carved into two equally digestible servings, starting with five today, followed with the balance next week. Happy reading!
The holidays have snuck up on your editor once more and so it’s time to temporarily shutter the doors at the world headquarters of The Capital Spectator. We’ll be celebrating (with masks and social distancing, of course) for the rest of the week, returning with a Best of Book Bits on Saturday, Dec. 26, followed by the usual routine on Monday, Dec. 28. Stay safe, be merry and watch out for beta coefficients masquerading as cherries in your holiday punch. Happy Christmas!
The pickings remain slim for yield-seeking investors when sifting through the global markets. But cheer up: relative to inflation, the current payouts look reasonable and arguably attractive.
* Trump raises doubts about Covid relief bill by asking for changes
* US hospitals struggling with rise of Covid-19 patients
* New Covid-19 strain in UK may have spread to Europe and US
* WHO chief scientist: herd immunity unlikely until late-2021
* EU-China investment deal hits snag after tweet by Biden aide
* Israel gov’t collapses, triggering new election–fourth in two years
* Record gain for US GDP in Q3 revised up slightly
* US existing home sales fell for first time in 5 months in November
* Cryptocurrency XRP tumbles 25% after SEC lawsuit against XRP-linked Ripple
* Manufacturing growth in mid-Atlantic states strengthened in December
* US Consumer Confidence Index drops to four-month low in December
Widespread rallies across the major asset classes in recent history have left few opportunities for bargains in the waning days of 2020. The main exception: energy and certain slices of the commodities markets. Otherwise, the catch from deep-value fishing is light, based on 140-plus exchange-traded funds covering stocks, bonds, property shares and commodities on a global basis.
Continue reading
* Congress passes $892 billion Covid-19 relief package
* US Treasury Sec: stimulus checks will start arriving as early as next week
* Despite virus warnings, US passenger totals rise above 1 million at airports
* Google, Facebook agreed to cooperate on possible antitrust action via lawsuit
* UK Q3 GDP growth revised up to 16.0%
* US economic growth slowed in November via Chicago Fed Nat’l Activity Index
Shares of American companies rebounded last week, forging into record territory before edging back by the close of the trading week on Friday, Dec. 18. When then dust cleared, US stocks led most of the world’s major asset classes, which posted solid gains, based on a set of exchange traded funds. The outlier: a fractional loss for US investment-grade bonds.
Continue reading
* Congressional leaders reach deal $900 billion Covid-19 aid package
* House and Senate will vote today on Covid-19 relief bill
* UK isolated in Europe after reporting highly infectious new strain of the virus
* Cyberattack on the US government is much worse than initially fearred
* 2020 has been a year of whipsawed economic forecasts
* US Leading Economic Index continued rebounding in November:
