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Raymond杨
Raymond杨
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2021-09-23
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Raymond杨
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2021-09-21
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Raymond杨
Raymond杨
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2021-09-20
Hmm
Asian stocks tense for Fed tapering news
SYDNEY, Sept 20 (Reuters) - Asian shares eased and the dollar held firm on Monday ahead of a week gr
Asian stocks tense for Fed tapering news
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2021-09-19
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2021-09-15
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Raymond杨
Raymond杨
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2021-09-14
$Tiger Brokers(TIGR)$
added in position, yeah
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2021-09-12
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Raymond杨
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2021-09-08
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Tesla sold 44,264 China-made vehicles in August -CPCA
BEIJING, Sept 8 (Reuters) - U.S. electric vehicle maker Tesla Inc in August sold 44,264 China-made v
Tesla sold 44,264 China-made vehicles in August -CPCA
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Raymond杨
Raymond杨
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2021-09-07
Hmmm
Volkswagen CEO on the race to electric, the chip shortage and Elon Musk
London (CNN Business) - CEO Herbert Diess wants electric cars to make up half of the Volkswagen Grou
Volkswagen CEO on the race to electric, the chip shortage and Elon Musk
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Raymond杨
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2021-09-06
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Jerome Powell's Quest For Economic Stability Is Destabilizing
When the chairman of the Federal Reserve Bank speaks the financial markets listen, and this was no d
Jerome Powell's Quest For Economic Stability Is Destabilizing
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cycle,\" cautioned Tapas Strickland, a director of economics at NAB.</p>\n<p>He noted only 2-3 FOMC members would need to shift their \"dot plot\" forecasts for a hike in 2022 to make it the median, given seven of 18 had already tipped a move next year.</p>\n<p>\"The Fed will also have dots for 2024 which will give an indication of the steepness of the potential hiking cycle.\"</p>\n<p>The market consensus is for two hikes in 2023 and four in 2024 with the longer-run fed funds rate seen at 2.125%.</p>\n<p>Central banks in the EU, Japan, UK, Switzerland, Sweden, Norway, Indonesia, the Philippines, Brazil, South Africa, Turkey and Hungary all have meetings this week.</p>\n<p>The Norges Bank is expected to be the first in the G10 to raise interest rates.</p>\n<p>Higher U.S. yields has combined with general risk aversion to benefit the dollar which was up near a one-month high at 93.232 on a basket of currencies.</p>\n<p>It was range bound on the yen at 109.96 , while the euro was near its lowest in three weeks at $1.1728 in part on uncertainty ahead of Germany's election this weekend.</p>\n<p>Canada goes to the polls on Monday with the race too close to call.</p>\n<p>The firmer dollar weighed on gold, which was pinned at $1,753 an ounce after losing 1.9% last week.</p>\n<p>Oil prices eased as energy companies in the U.S. Gulf of Mexico restarted production after back-to-back hurricanes in the region shut output.</p>\n<p>Brent fell 21 cents to $75.13 a barrel, while U.S. crude lost 24 cents to $71.73.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Asian stocks tense for Fed tapering news</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAsian stocks tense for Fed tapering news\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-09-20 10:30</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>SYDNEY, Sept 20 (Reuters) - Asian shares eased and the dollar held firm on Monday ahead of a week graced with no less than a dozen central bank meetings, highlighted by the Federal Reserve which is likely to take another step toward tapering.</p>\n<p>Holidays in Japan, China and South Korea made for a thin start, and politics adds extra uncertainty with elections in Canada and Germany bookending the week.</p>\n<p>Early Monday, MSCI's broadest index of Asia-Pacific shares outside Japan dipped another 0.2%, after shedding 2.5% last week.</p>\n<p>Japan's Nikkei was shut and could do with consolidating after surging to 30-year highs on hopes a new Prime Minister will bring more stimulus and policy change.</p>\n<p>Nasdaq futures eased 0.1% and S&P 500 futures unchanged, with Wall Street ending last week on a soft note after disappointing U.S. consumer confidence data.</p>\n<p>The Fed is still expected to lay the groundwork for a tapering at its policy meeting on Tuesday and Wednesday, though the consensus is for an actual announcement to be delayed until the November or December meetings.</p>\n<p>Yields on 10-year Treasuries touched a two-month top and the curve flattened ahead of the meeting.</p>\n<p>\"A flatter yield curve suggests some fears the Fed may overdo the eventual hiking cycle,\" cautioned Tapas Strickland, a director of economics at NAB.</p>\n<p>He noted only 2-3 FOMC members would need to shift their \"dot plot\" forecasts for a hike in 2022 to make it the median, given seven of 18 had already tipped a move next year.</p>\n<p>\"The Fed will also have dots for 2024 which will give an indication of the steepness of the potential hiking cycle.\"</p>\n<p>The market consensus is for two hikes in 2023 and four in 2024 with the longer-run fed funds rate seen at 2.125%.</p>\n<p>Central banks in the EU, Japan, UK, Switzerland, Sweden, Norway, Indonesia, the Philippines, Brazil, South Africa, Turkey and Hungary all have meetings this week.</p>\n<p>The Norges Bank is expected to be the first in the G10 to raise interest rates.</p>\n<p>Higher U.S. yields has combined with general risk aversion to benefit the dollar which was up near a one-month high at 93.232 on a basket of currencies.</p>\n<p>It was range bound on the yen at 109.96 , while the euro was near its lowest in three weeks at $1.1728 in part on uncertainty ahead of Germany's election this weekend.</p>\n<p>Canada goes to the polls on Monday with the race too close to call.</p>\n<p>The firmer dollar weighed on gold, which was pinned at $1,753 an ounce after losing 1.9% last week.</p>\n<p>Oil prices eased as energy companies in the U.S. Gulf of Mexico restarted production after back-to-back hurricanes in the region shut output.</p>\n<p>Brent fell 21 cents to $75.13 a barrel, while U.S. crude lost 24 cents to $71.73.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯","HSI":"恒生指数"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103133362","content_text":"SYDNEY, Sept 20 (Reuters) - Asian shares eased and the dollar held firm on Monday ahead of a week graced with no less than a dozen central bank meetings, highlighted by the Federal Reserve which is likely to take another step toward tapering.\nHolidays in Japan, China and South Korea made for a thin start, and politics adds extra uncertainty with elections in Canada and Germany bookending the week.\nEarly Monday, MSCI's broadest index of Asia-Pacific shares outside Japan dipped another 0.2%, after shedding 2.5% last week.\nJapan's Nikkei was shut and could do with consolidating after surging to 30-year highs on hopes a new Prime Minister will bring more stimulus and policy change.\nNasdaq futures eased 0.1% and S&P 500 futures unchanged, with Wall Street ending last week on a soft note after disappointing U.S. consumer confidence data.\nThe Fed is still expected to lay the groundwork for a tapering at its policy meeting on Tuesday and Wednesday, though the consensus is for an actual announcement to be delayed until the November or December meetings.\nYields on 10-year Treasuries touched a two-month top and the curve flattened ahead of the meeting.\n\"A flatter yield curve suggests some fears the Fed may overdo the eventual hiking cycle,\" cautioned Tapas Strickland, a director of economics at NAB.\nHe noted only 2-3 FOMC members would need to shift their \"dot plot\" forecasts for a hike in 2022 to make it the median, given seven of 18 had already tipped a move next year.\n\"The Fed will also have dots for 2024 which will give an indication of the steepness of the potential hiking cycle.\"\nThe market consensus is for two hikes in 2023 and four in 2024 with the longer-run fed funds rate seen at 2.125%.\nCentral banks in the EU, Japan, UK, Switzerland, Sweden, Norway, Indonesia, the Philippines, Brazil, South Africa, Turkey and Hungary all have meetings this week.\nThe Norges Bank is expected to be the first in the G10 to raise interest rates.\nHigher U.S. yields has combined with general risk aversion to benefit the dollar which was up near a one-month high at 93.232 on a basket of currencies.\nIt was range bound on the yen at 109.96 , while the euro was near its lowest in three weeks at $1.1728 in part on uncertainty ahead of Germany's election this weekend.\nCanada goes to the polls on Monday with the race too close to call.\nThe firmer dollar weighed on gold, which was pinned at $1,753 an ounce after losing 1.9% last week.\nOil prices eased as energy companies in the U.S. Gulf of Mexico restarted production after back-to-back hurricanes in the region shut output.\nBrent fell 21 cents to $75.13 a barrel, while U.S. crude lost 24 cents to $71.73.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,"HSI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1867,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":887588275,"gmtCreate":1632064528697,"gmtModify":1676530694765,"author":{"id":"3560481430779928","authorId":"3560481430779928","name":"Raymond杨","avatar":"https://static.tigerbbs.com/a0e904d9a1021ec74841e99e765cf608","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560481430779928","authorIdStr":"3560481430779928"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/887588275","repostId":"2168246571","repostType":2,"isVote":1,"tweetType":1,"viewCount":2689,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":882670269,"gmtCreate":1631691221051,"gmtModify":1676530609861,"author":{"id":"3560481430779928","authorId":"3560481430779928","name":"Raymond杨","avatar":"https://static.tigerbbs.com/a0e904d9a1021ec74841e99e765cf608","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560481430779928","authorIdStr":"3560481430779928"},"themes":[],"htmlText":"? 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","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/882670269","repostId":"1197594993","repostType":2,"isVote":1,"tweetType":1,"viewCount":2031,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":886387937,"gmtCreate":1631554209429,"gmtModify":1676530574774,"author":{"id":"3560481430779928","authorId":"3560481430779928","name":"Raymond杨","avatar":"https://static.tigerbbs.com/a0e904d9a1021ec74841e99e765cf608","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560481430779928","authorIdStr":"3560481430779928"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>added in position, yeah","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>added in position, yeah","text":"$Tiger Brokers(TIGR)$added in position, yeah","images":[{"img":"https://static.tigerbbs.com/0ab3376ab3ab7f6f299555feddc410a0","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/886387937","isVote":1,"tweetType":1,"viewCount":3471,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":888936721,"gmtCreate":1631420436963,"gmtModify":1676530545363,"author":{"id":"3560481430779928","authorId":"3560481430779928","name":"Raymond杨","avatar":"https://static.tigerbbs.com/a0e904d9a1021ec74841e99e765cf608","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560481430779928","authorIdStr":"3560481430779928"},"themes":[],"htmlText":"Nicee","listText":"Nicee","text":"Nicee","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/888936721","repostId":"1105680980","repostType":2,"isVote":1,"tweetType":1,"viewCount":2179,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":889063549,"gmtCreate":1631092594981,"gmtModify":1676530465451,"author":{"id":"3560481430779928","authorId":"3560481430779928","name":"Raymond杨","avatar":"https://static.tigerbbs.com/a0e904d9a1021ec74841e99e765cf608","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560481430779928","authorIdStr":"3560481430779928"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/889063549","repostId":"2165858362","repostType":2,"repost":{"id":"2165858362","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1631091834,"share":"https://ttm.financial/m/news/2165858362?lang=&edition=fundamental","pubTime":"2021-09-08 17:03","market":"us","language":"en","title":"Tesla sold 44,264 China-made vehicles in August -CPCA","url":"https://stock-news.laohu8.com/highlight/detail?id=2165858362","media":"Reuters","summary":"BEIJING, Sept 8 (Reuters) - U.S. electric vehicle maker Tesla Inc in August sold 44,264 China-made v","content":"<p>BEIJING, Sept 8 (Reuters) - U.S. electric vehicle maker Tesla Inc in August sold 44,264 China-made vehicles, including 31,379 for export, the China Passenger Car Association (CPCA) said on Wednesday.</p>\n<p>Local sales of China-made vehicles jumped to 12,885 cars last month from 8,621 cars in July. Tesla's sales in the first month of each quarter are usually lower than the following two months.</p>\n<p>The company, which makes Model 3 sedans and Model Y sport-utility vehicles in Shanghai, sold 32,968 China-made vehicles in July and 33,155 units in June.</p>\n<p>CPCA said passenger car sales in August in China totalled 1.5 million, down 14.7% from a year earlier.</p>\n<p>(Reporting by Yilei Sun and Brenda Goh; editing by David Evans)</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla sold 44,264 China-made vehicles in August -CPCA</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla sold 44,264 China-made vehicles in August -CPCA\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-09-08 17:03</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>BEIJING, Sept 8 (Reuters) - U.S. electric vehicle maker Tesla Inc in August sold 44,264 China-made vehicles, including 31,379 for export, the China Passenger Car Association (CPCA) said on Wednesday.</p>\n<p>Local sales of China-made vehicles jumped to 12,885 cars last month from 8,621 cars in July. Tesla's sales in the first month of each quarter are usually lower than the following two months.</p>\n<p>The company, which makes Model 3 sedans and Model Y sport-utility vehicles in Shanghai, sold 32,968 China-made vehicles in July and 33,155 units in June.</p>\n<p>CPCA said passenger car sales in August in China totalled 1.5 million, down 14.7% from a year earlier.</p>\n<p>(Reporting by Yilei Sun and Brenda Goh; editing by David Evans)</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2165858362","content_text":"BEIJING, Sept 8 (Reuters) - U.S. electric vehicle maker Tesla Inc in August sold 44,264 China-made vehicles, including 31,379 for export, the China Passenger Car Association (CPCA) said on Wednesday.\nLocal sales of China-made vehicles jumped to 12,885 cars last month from 8,621 cars in July. Tesla's sales in the first month of each quarter are usually lower than the following two months.\nThe company, which makes Model 3 sedans and Model Y sport-utility vehicles in Shanghai, sold 32,968 China-made vehicles in July and 33,155 units in June.\nCPCA said passenger car sales in August in China totalled 1.5 million, down 14.7% from a year earlier.\n(Reporting by Yilei Sun and Brenda Goh; editing by David Evans)","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2501,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817404434,"gmtCreate":1630978601928,"gmtModify":1676530432512,"author":{"id":"3560481430779928","authorId":"3560481430779928","name":"Raymond杨","avatar":"https://static.tigerbbs.com/a0e904d9a1021ec74841e99e765cf608","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560481430779928","authorIdStr":"3560481430779928"},"themes":[],"htmlText":"Hmmm","listText":"Hmmm","text":"Hmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/817404434","repostId":"1163850112","repostType":2,"repost":{"id":"1163850112","kind":"news","pubTimestamp":1630976923,"share":"https://ttm.financial/m/news/1163850112?lang=&edition=fundamental","pubTime":"2021-09-07 09:08","market":"us","language":"en","title":"Volkswagen CEO on the race to electric, the chip shortage and Elon Musk","url":"https://stock-news.laohu8.com/highlight/detail?id=1163850112","media":"CNN Business","summary":"London (CNN Business) - CEO Herbert Diess wants electric cars to make up half of the Volkswagen Grou","content":"<p><b>London (CNN Business) - </b>CEO Herbert Diess wants electric cars to make up half of the Volkswagen Group's sales in 2030, and 100% of its sales in major markets should be zero-emission by 2040. To achieve those goals, he has to dramatically shift one of the world's largest carmakers away from the internal combustion engine.</p>\n<p>Diess spoke to CNN Business from the International Motor Show in Munich, where Volkswagen(VLKAF) unveiled the ID. LIFE concept car, sketching out a vision for a fully electric small family car that will cost roughly €20,000 ($23,720).</p>\n<p>Diess spoke to CNN Business' Anna Stewart on Monday:</p>\n<p><b>You want at least 50% of your</b> <b>car sales to be electric</b> <b>by 2030. Some of your competitors have more ambitious targets. Why are you a bit further back?</b></p>\n<p><b>Diess:</b>In Europe we are already leading. Even in the US we have been in second place for the last months, and in China we are growing fast. We think we will become the market leader for EVs ... We don't want to pull back, for instance, from Latin America, where electric cars will probably not be the solution for climate change. In Latin America, the natural way forward is to use biofuels which are CO2 neutral, which is still combustion engine. That is why we don't say we will finish production of [internal combustion engine] cars so soon because we will need them in some parts of the world. Electrification is not the solution in every place.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6b3b5ebc6d4d292440e3038272ce46bd\" tg-width=\"780\" tg-height=\"438\" width=\"100%\" height=\"auto\"><span>Volkswagen brand CEO Ralf Brandstätter presents the ID. LIFE concept car.</span></p>\n<p><b>Let's talk about the</b> <b>semiconductor supply crunch. Because obviously, that's been a big problem for so many carmakers, yourself included. Do you think it's going to get worse before it gets better? And do you think you'll have to reduce production or close plants?</b></p>\n<p><b>Diess:</b>It has gotten worse already. We expected that we would have relief after the summer break, which didn't happen because in Malaysia, we had really quite significant problems with Covid. Some of our suppliers, the back ends of our suppliers are mostly based in Malaysia, and three plants were hit hard. We think that we will overcome this situation towards the end of the month, and then we should see relief. Semiconductors will be on short supply probably for several months.</p>\n<p><b>Now let's talk about autonomous technology. Because I know that while we are all transitioning towards electric that's something you're really passionate about. How will the adoption of autonomous technology go?</b></p>\n<p><b>Diess:</b>We see a much bigger transition for the industry when cars are becoming autonomous, because cars will be used differently, used by more people. You can you can send your children or your grandparents in a car somewhere. Now imagine!</p>\n<p>There's a lot of of business potential and it's still a long way to go. Our first fleets probably will come to market in 2025, and the first private cars driving autonomously also in 2025 or 2026. But it's now time to invest, and to prepare. And that's what we are doing.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d4f015873af37321d343422e69624567\" tg-width=\"780\" tg-height=\"438\" width=\"100%\" height=\"auto\"><span>Volkswagen Group CEO Herbert Diess poses above the company grounds during a photo shoot.</span></p>\n<p><b>One of the big investments you've made recently is rental company Europcar. Is this to help with autonomous driving, and the idea that lots of people will share cars in the future?</b></p>\n<p><b>Diess:</b>Yeah, sharing is important. Autonomous is a different game because we think that robotaxis will play a major role, but also private cars are going to be shared ... we think there's a lot of potential for growth.</p>\n<p>The best starting point for such a mobility platform is definitely the rental car companies. They are profitable already today. And if you add to rental, sharing, short term leases, even the fleets of our loaner cars from our retail organization, you can imagine a huge mobility platform.</p>\n<p><b>Volkswagen is of course very competitive with Tesla. There have also been many parallels drawn between yourself and Tesla CEO Elon Musk, not least given your very active social media presence. Have you taken a leaf out of his playbook?</b></p>\n<p><b>Diess:</b>[Laughs] No, know I don't see any parallels. I highly regard what he's doing. I think he's a brilliant guy. And he really makes a difference. He's changing the world with his ventures.</p>\n<p>I really like that he is thinking very long into the future. He's thinking far. And he's brilliant guy. But we are quite different. He is very focused on Tesla, on his story. I'm running a big traditional company, which we try to prepare for the future. And I think we also require different characters. I like him a lot, but I think we are quite different.</p>\n<p><b>Is it true he was once tried to hire you as Tesla CEO?</b></p>\n<p><b>Diess:</b>I don't know. I don't know [laughs].</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Volkswagen CEO on the race to electric, the chip shortage and Elon Musk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nVolkswagen CEO on the race to electric, the chip shortage and Elon Musk\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-07 09:08 GMT+8 <a href=https://edition.cnn.com/2021/09/06/business/volkswagen-ceo-herbert-diess/index.html><strong>CNN Business</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>London (CNN Business) - CEO Herbert Diess wants electric cars to make up half of the Volkswagen Group's sales in 2030, and 100% of its sales in major markets should be zero-emission by 2040. To ...</p>\n\n<a href=\"https://edition.cnn.com/2021/09/06/business/volkswagen-ceo-herbert-diess/index.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","VLKAF":"Volkswagen AG"},"source_url":"https://edition.cnn.com/2021/09/06/business/volkswagen-ceo-herbert-diess/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163850112","content_text":"London (CNN Business) - CEO Herbert Diess wants electric cars to make up half of the Volkswagen Group's sales in 2030, and 100% of its sales in major markets should be zero-emission by 2040. To achieve those goals, he has to dramatically shift one of the world's largest carmakers away from the internal combustion engine.\nDiess spoke to CNN Business from the International Motor Show in Munich, where Volkswagen(VLKAF) unveiled the ID. LIFE concept car, sketching out a vision for a fully electric small family car that will cost roughly €20,000 ($23,720).\nDiess spoke to CNN Business' Anna Stewart on Monday:\nYou want at least 50% of your car sales to be electric by 2030. Some of your competitors have more ambitious targets. Why are you a bit further back?\nDiess:In Europe we are already leading. Even in the US we have been in second place for the last months, and in China we are growing fast. We think we will become the market leader for EVs ... We don't want to pull back, for instance, from Latin America, where electric cars will probably not be the solution for climate change. In Latin America, the natural way forward is to use biofuels which are CO2 neutral, which is still combustion engine. That is why we don't say we will finish production of [internal combustion engine] cars so soon because we will need them in some parts of the world. Electrification is not the solution in every place.\nVolkswagen brand CEO Ralf Brandstätter presents the ID. LIFE concept car.\nLet's talk about the semiconductor supply crunch. Because obviously, that's been a big problem for so many carmakers, yourself included. Do you think it's going to get worse before it gets better? And do you think you'll have to reduce production or close plants?\nDiess:It has gotten worse already. We expected that we would have relief after the summer break, which didn't happen because in Malaysia, we had really quite significant problems with Covid. Some of our suppliers, the back ends of our suppliers are mostly based in Malaysia, and three plants were hit hard. We think that we will overcome this situation towards the end of the month, and then we should see relief. Semiconductors will be on short supply probably for several months.\nNow let's talk about autonomous technology. Because I know that while we are all transitioning towards electric that's something you're really passionate about. How will the adoption of autonomous technology go?\nDiess:We see a much bigger transition for the industry when cars are becoming autonomous, because cars will be used differently, used by more people. You can you can send your children or your grandparents in a car somewhere. Now imagine!\nThere's a lot of of business potential and it's still a long way to go. Our first fleets probably will come to market in 2025, and the first private cars driving autonomously also in 2025 or 2026. But it's now time to invest, and to prepare. And that's what we are doing.\nVolkswagen Group CEO Herbert Diess poses above the company grounds during a photo shoot.\nOne of the big investments you've made recently is rental company Europcar. Is this to help with autonomous driving, and the idea that lots of people will share cars in the future?\nDiess:Yeah, sharing is important. Autonomous is a different game because we think that robotaxis will play a major role, but also private cars are going to be shared ... we think there's a lot of potential for growth.\nThe best starting point for such a mobility platform is definitely the rental car companies. They are profitable already today. And if you add to rental, sharing, short term leases, even the fleets of our loaner cars from our retail organization, you can imagine a huge mobility platform.\nVolkswagen is of course very competitive with Tesla. There have also been many parallels drawn between yourself and Tesla CEO Elon Musk, not least given your very active social media presence. Have you taken a leaf out of his playbook?\nDiess:[Laughs] No, know I don't see any parallels. I highly regard what he's doing. I think he's a brilliant guy. And he really makes a difference. He's changing the world with his ventures.\nI really like that he is thinking very long into the future. He's thinking far. And he's brilliant guy. But we are quite different. He is very focused on Tesla, on his story. I'm running a big traditional company, which we try to prepare for the future. And I think we also require different characters. I like him a lot, but I think we are quite different.\nIs it true he was once tried to hire you as Tesla CEO?\nDiess:I don't know. I don't know [laughs].","news_type":1,"symbols_score_info":{"TSLA":0.9,"VLKAF":0.9}},"isVote":1,"tweetType":1,"viewCount":1813,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817875169,"gmtCreate":1630936395851,"gmtModify":1676530424389,"author":{"id":"3560481430779928","authorId":"3560481430779928","name":"Raymond杨","avatar":"https://static.tigerbbs.com/a0e904d9a1021ec74841e99e765cf608","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560481430779928","authorIdStr":"3560481430779928"},"themes":[],"htmlText":"Like ","listText":"Like ","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/817875169","repostId":"1138372877","repostType":2,"repost":{"id":"1138372877","kind":"news","pubTimestamp":1630932732,"share":"https://ttm.financial/m/news/1138372877?lang=&edition=fundamental","pubTime":"2021-09-06 20:52","market":"us","language":"en","title":"Jerome Powell's Quest For Economic Stability Is Destabilizing","url":"https://stock-news.laohu8.com/highlight/detail?id=1138372877","media":"zerohedge","summary":"When the chairman of the Federal Reserve Bank speaks the financial markets listen, and this was no d","content":"<p>When the chairman of the Federal Reserve Bank speaks the financial markets listen, and this was no different with Jerome Powell’s virtual address to the annual meeting of central bankers at Jackson Hole, Wyoming. What they got is what Harry Truman complained about when hearing from his economic advisors:<i><b>“On the one hand, ‘this,’ but on the other hand, ‘that’.”</b></i>Truman said that he desperately wanted a one-handed economist.</p>\n<p>After a decade of general economic calm most of the time, with modest to reasonable growth, relatively low price inflation, and, at the beginning of 2020 before the Coronavirus lockdowns, unemployment at its lowest level in half a century,<b>everyone is now worried about what to expect from the Federal Reserve in terms of monetary and interest rate policy in the months and years ahead in the face of all that has been happening for the last year and a half.</b></p>\n<p><b>Whipsaw GDP and Huge Government Expenditures</b></p>\n<p>After a staggering decline in real Gross Domestic Product (GDP) from $19.2 trillion in the fourth quarter of 2019 to $17.2 trillion in the second quarter of 2020, or a 9 percent decrease of real GDP in a matter of a few months, the latest revised estimate by the Bureau of Economic Analysis (BEA) for the second quarter of 2021 is that real GDP reached $19.36 trillion. This was a 12.5 percent increase over its 2020 low, and a level now above its pre-Coronavirus high.</p>\n<p><b>It is worth keeping in mind, however, that all of these numbers are exaggerated in terms of real private sector vibrancy because in 2019, federal government expenditures came to $4.45 trillion, or 23 percent of that $19.2 trillion GDP total.</b>By the end of 2020, due to the relaxing of the federal and state lockdown and shutdown mandates over much of the U.S. economy in the second half of last year, real GDP had recovered to $18.76 trillion, but federal government expenditures came to $6.6 trillion, or 35 percent of that total GDP. And just in the first half of 2021, out of that $19.36 trillion GDP, federal spending has already been $5.86 trillion of that total, or 30.2 percent.</p>\n<p>If government spending is even partly discounted from GDP as a false indicator of the economic “health” of the U.S., since Uncle Sam has nothing to spend other than what it either first taxes away from the private sector or has borrowed from the financial markets, the private economy is far from doing as well as the GDP numbers suggest.</p>\n<p><b>Lagging Unemployment and Rising Price Inflation</b></p>\n<p>After unemployment had reached a low of 3.5 percent of the labor force at the start of 2020, it rose to almost 15 percent in April of last year, due to the government-commanded halt of a huge amount of economic activity. In July 2021, unemployment had declined to 5.4 percent of the labor force; but this still left it almost 55 percent above its low at the beginning of 2020.</p>\n<p><b>After the Consumer Price Index (CPI) mostly fluctuated in a relatively narrow range of between one and two percent, annually, over the last ten years, 2021 has seen the CPI increase to 5.4 percent in July of this year. Certain subgroups, such as energy and used car automotive sectors increased in double digit ranges on an annualized basis.</b></p>\n<p>With unemployment still considered high, with the CPI increasing noticeably above the decade-long annual average, and question marks concerning how GDP will grow for the remainder of this year, given continuing supply-chain disruptions and uncertainties about the impact of variations and new mutations of the Coronavirus, all eyes and ears turned to Jerome Powell’s pronouncements about the future direction of Federal Reserve monetary and interest rate policy.</p>\n<p><b>Powell’s Maybe This, Maybe That, Policy Pronouncement</b></p>\n<p><b>And what he said was that the Federal Reserve Board of Governors has not decided what to do!</b></p>\n<p>On the one hand, the economy is improving so, perhaps, before the end of the year, the Fed will reduce its current monthly purchase of $120 billion worth of assets – $80 billion of U.S. government securities, and $40 billion of mortgage-backed securities. And it may decide that it is time to no longer use its policy tools to keep key interest rates close to zero.</p>\n<p>On the other hand, recent price inflation may only be a transitory spurt due to supply-side problems, so the concern about accelerating price increases may be misplaced. Therefore, it may be premature to reduce asset purchases too quickly and certainly it is necessary to be cautious in any nudging up of interest rates that might cut short the national economic recovery before unemployment has been reduced, once again, to a level closer to standard benchmarks of “full employment.”</p>\n<p>On the one hand, the worst of the Coronavirus may have passed, so there may be no new shutdown hurdles in the way of continuing improvement as reflected in the usual macroeconomic measurements. On the other hand, virus variants may prevent a smooth path to a fully restored and growing economy. So, it may be too soon to really specify when and by how much asset purchases will be reduced or by how much those interest rates will be raised from their current near zero levels.</p>\n<p>The Fed Chairman also said that, on the one hand, the Fed leadership has plenty of experience and policy tools to keep the economy on a sound and even path. On the other hand, such things as the impact of the Coronavirus and the threats facing the world from global warming are unique, making charting the Fed policy course a distinct challenge.</p>\n<p><b>Powell’s Reticence and the Political Business Cycle</b></p>\n<p><b>In other words, Jerome Powell evaded any straightforward policy program, and therefore offered something for almost everyone, in terms of easing fears and concerns that either the policy foot will stay too long where it is on the accelerator or will start putting on the brakes too quickly.</b>Either he is being reticent due to honest doubts about what he thinks is ahead for the economy, or he knows how to play to the audience in the White House and in Congress who will decide whether or not he is appointed for a second term as chairman of the Board of Governors of the Federal Reserve System. After all, you don’t want to seem to be planning any clear policy moves that might threaten the reelection of Senators or Congressmen in the 2022 elections, or antagonize a president who does not want to lose his thin majority in the national legislature.</p>\n<p>That politicians and central bankers are sensitive to the phases of the business cycle as they may impact the political electoral cycle in thinking about their policy decisions and directions has been understood by some economists at least since Johan Akerman’s (1896-1982) analysis of the “Political Economic Cycle” (<i>Kyklos</i>, May 1947), in which he traced out observed changes in those running governments in democratic societies resulting from the phases in the business cycle, and how those in government attempt to manage public policy to maintain their political positions.</p>\n<p>Historically, Akerman said, looking over the period from the mid-19th century to 1945 in countries like Great Britain, the United States, Germany, and Sweden, the result of the analysis could be summarized in the following way: “All general economic depressions in England . . . lead to cabinet crises and a change of the party in power . . . In the United States the presidential elections as a rule involve a change in party control when votes are cast during a depression and a maintenance of the party in office when the votes are cast during periods of prosperity,” in sixteen of the twenty elections between 1865 and 1945.</p>\n<p>Governments, Akerman also pointed out, try “to stabilize financial and economic conditions, and for a brief period may succeed in doing so.” While not pursuing it in his article, the fact is that the underlying circumstances that create “booms” that result in “busts” are usually of the government’s own policy. making. The “good times” monetary and fiscal policies finally create the economic crises that threaten the political policy-makers’ positions in authority. Hence, a government’s frequent demise in the next election when a recession or depression finally occurs. (p. 107)</p>\n<p><b>Interest Rates Should Coordinate Savings and Investment</b></p>\n<p>But this gets to the real essence of the dilemma in Jerome Powell’s statement of Federal Reserve policy and its possible future direction. The underlying presumption is that a central bank can and should be attempting to manage the monetary system and the level of interest rates in the financial markets and, therefore, trying to macro-manage the society as a whole.</p>\n<p>Let us start with interest rates. The role of market prices is to bring into coordinated balance the two sides of demand and supply. Prices do so by effectively informing those needing to know on the supply side what is it that demanders want and the value they place upon it in terms of what they are willing to pay to get it; prices, at the same time, inform demanders what suppliers can and are willing to produce and offer for sale, and at what price reflecting the producer’s opportunity costs of bringing a particular good or service to market. The competitive interaction of those two sides of the market brings about the balance between them.</p>\n<p>The role of interest rates is to do the same for borrowers and lenders. It is the trading of the use of resources across time between those who are interested and willing to defer the more immediate use of resources (expressed in money) in their possession or under their control, in return for a premium in the future from those interested in more immediate uses of those resources beyond their own capacity in exchange for paying such a premium in the future. That premium is the rate of interest, which may vary with the duration of the loan and risk elements in extending it.</p>\n<p>The role of the rate of interest is to coordinate the willingness of savers with the desires of borrowers. Any rate of interest above or below this results in, respectively, an excess of savings over investment demand or an excess of investment demand over available savings.</p>\n<p><b>Manipulating Interests Rates Distorts Markets</b></p>\n<p>The crucial difference between a price, say, for hats that is set below the market-clearing, or coordinating, level is that a shortage results with some willing buyers leaving the market empty-handed; but when the Federal Reserve, or any central bank, wishes to manipulate interest rates below the market coordinating level, it fills the gap with newly created money with which loans may be extended in excess of actual savings in the economy.</p>\n<p>This not only results in an increase in the number of units of the medium of exchange through which buyers can express their greater demand for desired goods and services, tending, in general, to place upward pressure on overall market prices. It also influences the structure of relative prices and wages, since increases in the supply of money can only enter the economy through the increased demand for the particular goods, resources, and services those borrowers of that new money wish to purchase and use. But the money is then passed to another group of hands; that is, those who have sold those goods, resources and services to the borrowers. This second group, in turn, spends the new money that they have received from sales on other goods, resources and services for which they wish to increase their demand.</p>\n<p>Step-by-step, in a patterned sequence through time, the newly created money increases the demands and the prices of one set of goods and services, and then another, and then another, until, finally, in principle, all prices for finished goods and the factors of production will have been impacted to one degree or another, at different times in the sequence, with changes in relative profit margins and employment opportunities for as long as the monetary inflationary process continues.</p>\n<p>This also means that whenever the monetary expansion stops or slows down, or even, perhaps, fails to accelerate, the resulting patterned use of labor, resources, and capital equipment brought into existence due to the way the money has entered into the economy and is being spent, period-after-period, begins to fall apart. This precipitates a readjustment process during which it is discovered that labor, capital and resources have been directed into allocated and applied for uses that are unsustainable once the inflationary process comes to an end.</p>\n<p><b>The Fed’s Monetary Expansion and Bank Reserve Tricks</b></p>\n<p>For over ten years, since the financial and housing crisis of 2008-2009, the Federal Reserve has been dramatically expanding the money supply. In January 2008, the Monetary Base (loanable reserves in the banking system plus currency in general circulation) equaled $837 billion; by August 2014, the Monetary Base had been expanded to over $4 trillion. In February 2020, just before the Coronavirus crisis impacted the U.S. in terms of the government mandated lockdowns and shutdowns, it still was historically high at $3.45 trillion; but by July 2021, the Monetary Base stood at $6.13 trillion, or a nearly 78 percent increase just in the last year and a half.</p>\n<p><b>Why has there not been the expected general price inflation from such a huge increase in the money supply through the banking system? Because the Federal Reserve has been paying banks not to fully lend the loanable reserves at their disposal.</b>As a result, as of July 2021, banks were holding “excess reserves,” (that is, reserves above the minimum Federal Reserve rules require banks to hold against possible cash withdrawals by their depositors), of around $3.9 trillion, upon which the Federal Reserve pays those banks an interest rate of 0.15 percent. In other words, 63 percent of the Monetary Base is being held off the active loan market.</p>\n<p>Given that real GDP in the United States has increased by over 25 percent since 2010, and the velocity of circulation of money (number of times money turns over in transactions per period of time), has decreased by almost 40 percent over the last ten years or so, it is not too surprising that prices in general have not been rising more, or more rapidly, given these countervailing factors, plus the Federal Reserve’s “trick” of paying banks to not lend all the huge amount of bank reserves their open market operations have created during the past decade.</p>\n<p><b>Markets Still Distorted, Even with Low Price Inflation</b></p>\n<p>It is nonetheless the case, that through its continuing large purchases of U.S. treasuries and mortgage-backed securities, market interest rates have been artificially pushed significantly below any rates of interest that would prevail on financial markets not manipulated in this manner.</p>\n<p><b>It is not unreasonable to ask what informational role market interest rates have been even playing about the real underlying savings and investment borrowing relationship in the economy in such a setting. Federal Reserve monetary and interest rate policy has undermined any reasonably accurate intertemporal price to coordinate saving with borrowing.</b></p>\n<p>Another way of saying this is that the Federal Reserve’s monetary central planning has virtually abolished a market-based pricing system for the allocation and use of resources across time. How can anyone easily know what real savings is available to fund investment and other loan uses in a way that is not throwing the economy out of serious balance?</p>\n<p>In the name of trying to steer the economic “ship” to assure growing GDP, moderate price inflation, and “full employment” of the labor force, Jerome Powell and his fellow Fed Board members are, in fact, setting the stage for an eventual economic downturn by distorting a series of interconnected “microeconomic” relationships in the name of “macroeconomic” stability.</p>\n<p>When the Fed chairman cautiously suggests that the American central bankers are not sure what they are going to do, it is because they cannot do what they say they want to do.<b>By trying to pursue their declared goals through the monetary and interest rate policy tools at their disposal, they are, in fact, continuing to imbalance and wrongly “twist” the real economy in ways that will result in the instability, and the eventual recession and likely price inflation they say they wish to prevent.</b></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJerome Powell's Quest For Economic Stability Is Destabilizing\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-06 20:52 GMT+8 <a href=https://www.zerohedge.com/economics/jerome-powells-quest-economic-stability-destabilizing><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>When the chairman of the Federal Reserve Bank speaks the financial markets listen, and this was no different with Jerome Powell’s virtual address to the annual meeting of central bankers at Jackson ...</p>\n\n<a href=\"https://www.zerohedge.com/economics/jerome-powells-quest-economic-stability-destabilizing\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/economics/jerome-powells-quest-economic-stability-destabilizing","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138372877","content_text":"When the chairman of the Federal Reserve Bank speaks the financial markets listen, and this was no different with Jerome Powell’s virtual address to the annual meeting of central bankers at Jackson Hole, Wyoming. What they got is what Harry Truman complained about when hearing from his economic advisors:“On the one hand, ‘this,’ but on the other hand, ‘that’.”Truman said that he desperately wanted a one-handed economist.\nAfter a decade of general economic calm most of the time, with modest to reasonable growth, relatively low price inflation, and, at the beginning of 2020 before the Coronavirus lockdowns, unemployment at its lowest level in half a century,everyone is now worried about what to expect from the Federal Reserve in terms of monetary and interest rate policy in the months and years ahead in the face of all that has been happening for the last year and a half.\nWhipsaw GDP and Huge Government Expenditures\nAfter a staggering decline in real Gross Domestic Product (GDP) from $19.2 trillion in the fourth quarter of 2019 to $17.2 trillion in the second quarter of 2020, or a 9 percent decrease of real GDP in a matter of a few months, the latest revised estimate by the Bureau of Economic Analysis (BEA) for the second quarter of 2021 is that real GDP reached $19.36 trillion. This was a 12.5 percent increase over its 2020 low, and a level now above its pre-Coronavirus high.\nIt is worth keeping in mind, however, that all of these numbers are exaggerated in terms of real private sector vibrancy because in 2019, federal government expenditures came to $4.45 trillion, or 23 percent of that $19.2 trillion GDP total.By the end of 2020, due to the relaxing of the federal and state lockdown and shutdown mandates over much of the U.S. economy in the second half of last year, real GDP had recovered to $18.76 trillion, but federal government expenditures came to $6.6 trillion, or 35 percent of that total GDP. And just in the first half of 2021, out of that $19.36 trillion GDP, federal spending has already been $5.86 trillion of that total, or 30.2 percent.\nIf government spending is even partly discounted from GDP as a false indicator of the economic “health” of the U.S., since Uncle Sam has nothing to spend other than what it either first taxes away from the private sector or has borrowed from the financial markets, the private economy is far from doing as well as the GDP numbers suggest.\nLagging Unemployment and Rising Price Inflation\nAfter unemployment had reached a low of 3.5 percent of the labor force at the start of 2020, it rose to almost 15 percent in April of last year, due to the government-commanded halt of a huge amount of economic activity. In July 2021, unemployment had declined to 5.4 percent of the labor force; but this still left it almost 55 percent above its low at the beginning of 2020.\nAfter the Consumer Price Index (CPI) mostly fluctuated in a relatively narrow range of between one and two percent, annually, over the last ten years, 2021 has seen the CPI increase to 5.4 percent in July of this year. Certain subgroups, such as energy and used car automotive sectors increased in double digit ranges on an annualized basis.\nWith unemployment still considered high, with the CPI increasing noticeably above the decade-long annual average, and question marks concerning how GDP will grow for the remainder of this year, given continuing supply-chain disruptions and uncertainties about the impact of variations and new mutations of the Coronavirus, all eyes and ears turned to Jerome Powell’s pronouncements about the future direction of Federal Reserve monetary and interest rate policy.\nPowell’s Maybe This, Maybe That, Policy Pronouncement\nAnd what he said was that the Federal Reserve Board of Governors has not decided what to do!\nOn the one hand, the economy is improving so, perhaps, before the end of the year, the Fed will reduce its current monthly purchase of $120 billion worth of assets – $80 billion of U.S. government securities, and $40 billion of mortgage-backed securities. And it may decide that it is time to no longer use its policy tools to keep key interest rates close to zero.\nOn the other hand, recent price inflation may only be a transitory spurt due to supply-side problems, so the concern about accelerating price increases may be misplaced. Therefore, it may be premature to reduce asset purchases too quickly and certainly it is necessary to be cautious in any nudging up of interest rates that might cut short the national economic recovery before unemployment has been reduced, once again, to a level closer to standard benchmarks of “full employment.”\nOn the one hand, the worst of the Coronavirus may have passed, so there may be no new shutdown hurdles in the way of continuing improvement as reflected in the usual macroeconomic measurements. On the other hand, virus variants may prevent a smooth path to a fully restored and growing economy. So, it may be too soon to really specify when and by how much asset purchases will be reduced or by how much those interest rates will be raised from their current near zero levels.\nThe Fed Chairman also said that, on the one hand, the Fed leadership has plenty of experience and policy tools to keep the economy on a sound and even path. On the other hand, such things as the impact of the Coronavirus and the threats facing the world from global warming are unique, making charting the Fed policy course a distinct challenge.\nPowell’s Reticence and the Political Business Cycle\nIn other words, Jerome Powell evaded any straightforward policy program, and therefore offered something for almost everyone, in terms of easing fears and concerns that either the policy foot will stay too long where it is on the accelerator or will start putting on the brakes too quickly.Either he is being reticent due to honest doubts about what he thinks is ahead for the economy, or he knows how to play to the audience in the White House and in Congress who will decide whether or not he is appointed for a second term as chairman of the Board of Governors of the Federal Reserve System. After all, you don’t want to seem to be planning any clear policy moves that might threaten the reelection of Senators or Congressmen in the 2022 elections, or antagonize a president who does not want to lose his thin majority in the national legislature.\nThat politicians and central bankers are sensitive to the phases of the business cycle as they may impact the political electoral cycle in thinking about their policy decisions and directions has been understood by some economists at least since Johan Akerman’s (1896-1982) analysis of the “Political Economic Cycle” (Kyklos, May 1947), in which he traced out observed changes in those running governments in democratic societies resulting from the phases in the business cycle, and how those in government attempt to manage public policy to maintain their political positions.\nHistorically, Akerman said, looking over the period from the mid-19th century to 1945 in countries like Great Britain, the United States, Germany, and Sweden, the result of the analysis could be summarized in the following way: “All general economic depressions in England . . . lead to cabinet crises and a change of the party in power . . . In the United States the presidential elections as a rule involve a change in party control when votes are cast during a depression and a maintenance of the party in office when the votes are cast during periods of prosperity,” in sixteen of the twenty elections between 1865 and 1945.\nGovernments, Akerman also pointed out, try “to stabilize financial and economic conditions, and for a brief period may succeed in doing so.” While not pursuing it in his article, the fact is that the underlying circumstances that create “booms” that result in “busts” are usually of the government’s own policy. making. The “good times” monetary and fiscal policies finally create the economic crises that threaten the political policy-makers’ positions in authority. Hence, a government’s frequent demise in the next election when a recession or depression finally occurs. (p. 107)\nInterest Rates Should Coordinate Savings and Investment\nBut this gets to the real essence of the dilemma in Jerome Powell’s statement of Federal Reserve policy and its possible future direction. The underlying presumption is that a central bank can and should be attempting to manage the monetary system and the level of interest rates in the financial markets and, therefore, trying to macro-manage the society as a whole.\nLet us start with interest rates. The role of market prices is to bring into coordinated balance the two sides of demand and supply. Prices do so by effectively informing those needing to know on the supply side what is it that demanders want and the value they place upon it in terms of what they are willing to pay to get it; prices, at the same time, inform demanders what suppliers can and are willing to produce and offer for sale, and at what price reflecting the producer’s opportunity costs of bringing a particular good or service to market. The competitive interaction of those two sides of the market brings about the balance between them.\nThe role of interest rates is to do the same for borrowers and lenders. It is the trading of the use of resources across time between those who are interested and willing to defer the more immediate use of resources (expressed in money) in their possession or under their control, in return for a premium in the future from those interested in more immediate uses of those resources beyond their own capacity in exchange for paying such a premium in the future. That premium is the rate of interest, which may vary with the duration of the loan and risk elements in extending it.\nThe role of the rate of interest is to coordinate the willingness of savers with the desires of borrowers. Any rate of interest above or below this results in, respectively, an excess of savings over investment demand or an excess of investment demand over available savings.\nManipulating Interests Rates Distorts Markets\nThe crucial difference between a price, say, for hats that is set below the market-clearing, or coordinating, level is that a shortage results with some willing buyers leaving the market empty-handed; but when the Federal Reserve, or any central bank, wishes to manipulate interest rates below the market coordinating level, it fills the gap with newly created money with which loans may be extended in excess of actual savings in the economy.\nThis not only results in an increase in the number of units of the medium of exchange through which buyers can express their greater demand for desired goods and services, tending, in general, to place upward pressure on overall market prices. It also influences the structure of relative prices and wages, since increases in the supply of money can only enter the economy through the increased demand for the particular goods, resources, and services those borrowers of that new money wish to purchase and use. But the money is then passed to another group of hands; that is, those who have sold those goods, resources and services to the borrowers. This second group, in turn, spends the new money that they have received from sales on other goods, resources and services for which they wish to increase their demand.\nStep-by-step, in a patterned sequence through time, the newly created money increases the demands and the prices of one set of goods and services, and then another, and then another, until, finally, in principle, all prices for finished goods and the factors of production will have been impacted to one degree or another, at different times in the sequence, with changes in relative profit margins and employment opportunities for as long as the monetary inflationary process continues.\nThis also means that whenever the monetary expansion stops or slows down, or even, perhaps, fails to accelerate, the resulting patterned use of labor, resources, and capital equipment brought into existence due to the way the money has entered into the economy and is being spent, period-after-period, begins to fall apart. This precipitates a readjustment process during which it is discovered that labor, capital and resources have been directed into allocated and applied for uses that are unsustainable once the inflationary process comes to an end.\nThe Fed’s Monetary Expansion and Bank Reserve Tricks\nFor over ten years, since the financial and housing crisis of 2008-2009, the Federal Reserve has been dramatically expanding the money supply. In January 2008, the Monetary Base (loanable reserves in the banking system plus currency in general circulation) equaled $837 billion; by August 2014, the Monetary Base had been expanded to over $4 trillion. In February 2020, just before the Coronavirus crisis impacted the U.S. in terms of the government mandated lockdowns and shutdowns, it still was historically high at $3.45 trillion; but by July 2021, the Monetary Base stood at $6.13 trillion, or a nearly 78 percent increase just in the last year and a half.\nWhy has there not been the expected general price inflation from such a huge increase in the money supply through the banking system? Because the Federal Reserve has been paying banks not to fully lend the loanable reserves at their disposal.As a result, as of July 2021, banks were holding “excess reserves,” (that is, reserves above the minimum Federal Reserve rules require banks to hold against possible cash withdrawals by their depositors), of around $3.9 trillion, upon which the Federal Reserve pays those banks an interest rate of 0.15 percent. In other words, 63 percent of the Monetary Base is being held off the active loan market.\nGiven that real GDP in the United States has increased by over 25 percent since 2010, and the velocity of circulation of money (number of times money turns over in transactions per period of time), has decreased by almost 40 percent over the last ten years or so, it is not too surprising that prices in general have not been rising more, or more rapidly, given these countervailing factors, plus the Federal Reserve’s “trick” of paying banks to not lend all the huge amount of bank reserves their open market operations have created during the past decade.\nMarkets Still Distorted, Even with Low Price Inflation\nIt is nonetheless the case, that through its continuing large purchases of U.S. treasuries and mortgage-backed securities, market interest rates have been artificially pushed significantly below any rates of interest that would prevail on financial markets not manipulated in this manner.\nIt is not unreasonable to ask what informational role market interest rates have been even playing about the real underlying savings and investment borrowing relationship in the economy in such a setting. Federal Reserve monetary and interest rate policy has undermined any reasonably accurate intertemporal price to coordinate saving with borrowing.\nAnother way of saying this is that the Federal Reserve’s monetary central planning has virtually abolished a market-based pricing system for the allocation and use of resources across time. How can anyone easily know what real savings is available to fund investment and other loan uses in a way that is not throwing the economy out of serious balance?\nIn the name of trying to steer the economic “ship” to assure growing GDP, moderate price inflation, and “full employment” of the labor force, Jerome Powell and his fellow Fed Board members are, in fact, setting the stage for an eventual economic downturn by distorting a series of interconnected “microeconomic” relationships in the name of “macroeconomic” stability.\nWhen the Fed chairman cautiously suggests that the American central bankers are not sure what they are going to do, it is because they cannot do what they say they want to do.By trying to pursue their declared goals through the monetary and interest rate policy tools at their disposal, they are, in fact, continuing to imbalance and wrongly “twist” the real economy in ways that will result in the instability, and the eventual recession and likely price inflation they say they wish to prevent.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1884,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}