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Livesquawk - Closing Wrap - Wednesday 07.04
Closing Wrap - Wednesday 07.04
Headlines
  • Fed Saw Some Time Before Taper Conditions Met, Minutes Show
  • Biden Open To Compromise With Republicans On $2 Tln Infrastructure Plan
  • Yellen Pitches Plan To Raise US Corporate Taxes As ‘Mutually Beneficial’
  • Biden Looks To Appoint Special Envoy To Kill Russia-Germany Energy Pipeline
  • EMA Finds Possible Link To Very Rare Cases Of Unusual Blood Clots With Low Blood Platelets
  • UK Medical Regulator Warns Under 30-Year Olds Against Using AstraZeneca Jab
  • Tesla Delays Deliveries Of New Model S And Model X Electric Vehicles
  • Morgan Stanley Says The Risk Of Tesla Shares Is Not Owning Them
  • Nikola's Fuel-Cell Development Head Exits, Shares Fall
Commentary
Fed Saw Some Time Before Taper Conditions Met, Minutes Show

Federal Reserve officials last month saw it taking some time before the conditions would be met for scaling back their massive asset-purchase campaign.

 

“Participants noted that it would likely be some time until substantial further progress toward the Committee’s maximum-employment and price-stability goals would be realized,” according to minutes from the March 16-17 Federal Open Market Committee meeting published Wednesday.

 

“A number of participants highlighted the importance of the Committee clearly communicating its assessment of progress toward its longer-run goals well in advance of the time when it could be judged substantial enough to warrant a change in the pace of asset purchases.” (Bloomberg - Continue Reading)

Investors Start Fretting Over Threat Of US Corporate-Tax Hike

Inflation was a first-quarter problem. Investors are now fretting over the potential tax bill companies could face as part of President Joe Biden’s proposed $2.25 trillion infrastructure plan.

 

Wall Street suspected that tax hikes were looming even before Treasury Secretary Janet Yellen unveiled a proposed new corporate-tax code on Wednesday to pay for parts of the bill -- a change that likely would dent profits. An RBC Capital Markets survey conducted at the end of March showed 53% of investors say the policy backdrop over the next four years is somewhat negative or very negative, compared with just 21% in December.

 

“Taxes are top of mind for U.S. equity investors, with tax policy coming in at No. 2 on the list of things they are losing sleep over, behind monetary policy but ahead of inflation,” wrote RBC’s head of U.S. equity strategy Lori Calvasina in a note Tuesday. “The policy backdrop for stocks under Biden now skews towards the pessimists.” (Bloomberg - Continue Reading)

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