The potential risk right now has never been higher. Even with the volatility being shorted by the Fed admittedly, the VIX index is still relatively high. In fact it has never been this elevated while stocks have been up to such a degree. We are constantly hitting new highs in the markets and it doesn’t seem to stop anytime soon. More and more easy money is flowing in and no news about massive layoffs, bankruptcies, and massive unpaid bills piling up seems to change investor behavior.
U.S. still faces possible default wave, asset declines due to pandemic: Fed | Reuters
The United States may still face a wave of debt defaults and “significant declines” in asset prices because of the coronavirus pandemic and recession, the Federal Reserve warned on Monday, in a stark reminder the economy is far from out of the woods.
Sven Henrich on Twitter:
“In 2020 I learned you can have negative earnings growth, a shrinking economy, several hundred thousand dead, high unemployment and markets will still make record highs because the Fed says so.” / Twitter
In 2020 I learned you can have negative earnings growth, a shrinking economy, several hundred thousand dead, high unemployment and markets will still make record highs because the Fed says so.
Disneyland furloughs more workers, citing ‘limbo’ on reopening | Reuters
LOS ANGELES (Reuters) – Walt Disney Co said on Monday it was furloughing additional workers from its Disneyland theme park in Southern California, because it still does not know when the state will allow it to reopen because of the coronavirus pandemic. The number of furloughs, which include executive, salaried and hourly workers, was not known.
AAA Mid-Atlantic: Gas Prices At Lowest Levels Since 2004 – CBS Baltimore
BALTIMORE (WJZ) – Gas prices have hit a new milestone that is sure to save you money. Prices at the pump are at their lowest levels since 2004, according to AAA Mid-Atlantic. The national average for a gallon of regular gas is $2.11.
New York traffic report | TomTom Traffic Index
Average congestion levels for each day and each week in 2020. Daily and weekly congestion levels are weighted averages derived from hourly data. Each week starts on Monday and ends on Sunday.
Leaked document reveals Nikola flip-flop on spending customer deposits – Business Insider
Leaked document reveals Nikola flip-flopped on whether it would spend any of its $17 million of customer deposits to fund the Nikola One
Nikola said in 2018 it hadn’t spent any of the money deposited by companies that had reserved its electric semitrucks. But in a 2016 business plan viewed by Business Insider, Nikola suggested it had already used some of those funds to cover operating expenses.
Australia calls for China to ‘play by the rules’ after reports of multibillion-dollar trade bans | Australian foreign policy | The Guardian
The Morrison government has called on China to come clean on whether a range of Australian export sectors worth billions of dollars a year will face new curbs from Friday amid increasing tensions between the two countries.
Jigsaw Puzzle Business Goes ‘Bonkers’ As People Seek Pandemic Pastimes : NPR
Jigsaw puzzles have become such a favorite pandemic pastime, retailers are having a hard time keeping them in stock. “There’s a global shortage of puzzles actually,” says Brian Way, co-owner of the online retailer Puzzle Warehouse. “There’s not a factory on the planet that is not months behind on production.”
Biden Poised to Name Ron Klain, Janet Yellen to Key Positions – The American Prospect
President-elect Biden is likely to name a chief of staff as early as this week. Favored for the job is his former chief of staff, Ron Klain, who had that post from 2009 to 2011 when Biden served as vice president.
There has been such demand [on] risk assets such as equities, stocks. Today we are seeing overvaluation of stocks and that is because of the central bank policies of cheap money, low interest rates. People are buying real estate, housing at historically very low rates. Money and debt is cheap.
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