The President of the Federal Reserve Bank of Atlanta, Raphael Bostic, said on Monday that monetary policy tools are not the best way to confront the COVID-19 crisis, signaling fears regarding the failure of the Congress in agreeing on a new stimulus package. “We have signaled pretty clearly that we …

A rise in wages across the United States does not necessarily reflect the job market strength, according to new research by the Federal Reserve Bank of San Francisco. An economic letter titled “The Illusion of Wage Growth” noted that despite a sharp spike in unemployment since March 2020, aggregate wage …

European stocks closed lower on Monday but was able to able record monthly gains during August, supported by an improved investors’ sentiment on positive news about COVID-19 vaccine and treatments. STOXX Europe 600 closed down by 0.62% at 366.51, up by 2.8% for the August. The UK’s FTSE100 lost 0.61%, …

The United States Federal Reserve Vice Chairman, Richard Clarida, said on Monday that there is a possibility of employing Treasury yield caps in the future, Bloomberg reported. “Yield caps and targets were not warranted in the current environment but should remain an option that the committee could reassess in the …

The US Dollar (USD) is close to ending August as its fourth consecutive month of losses, marking its worst performance in August in five years. Consecutive losses are taking the USD to levels not seen in 2018, according to a recent report by Reuters. The Dollar Index (DXY), which measures …

The New York Stock Exchange (NYSE) finished higher on Friday, extending their weekly and monthly gains. The Dow Jones Industrial Average closed higher by 161.60 points or 0.57% at 28,653.87, rising by 2.6% for the week. Meanwhile, the S&P 500 index finished at 3,508.01, after rising by 23.46 or 0.67%, …

Oil prices settled lower on Friday, but recorded weekly gains mostly due to output disruptions in the Gulf of Mexico that resulted from Hurricane Laura. Brent crude futures for October delivery decreased by 4 cents, or 0.09%, and finished at $45.05 per barrel, rising by 1.6% for the week. The …

The New Zealand Dollar (NZD) expanded its gains on Friday, with most gains seen against the US Dollar (USD), following recent remarks by the US Federal Reserve that showed tolerance towards inflation going above the 2% target. This comes two week after the Reserve Bank of New Zealand (RBNZ) increased …

Gold prices rose on Friday switching earlier weekly losses into gains. Gold futures for December delivery added $42.30, or 2.2%, and settled at $1,974.90 per ounce, rising by 1.4% for the week. Meanwhile, silver futures for December delivery increased by 59 cents, or 2.2%, to finish at $27.79 per ounce, …

The United States merchandise trade deficit increased during July to its second-largest level on record, Bloomberg reported. As imports returned to their pre-COVID-19 levels, the deficit increased to $79.3 billion in July from a revised $71 billion in June, according to data by the Department of Commerce on Friday. Imports …