St. Louis Fed President James Bullard believes our economy is doing better. In fact, he told Fox that the GDP is “above pre-pandemic levels so we already fully recovered in that sense from the pandemic…” He also noted that the U.S. is in “pretty good shape for economic growth.” In other news, economists argue that prices are only going to rise over the coming months.

 

Fox Business/Talia Kaplan
Economy has ‘fully recovered’ from COVID pandemic: Fed’s Bullard

St. Louis Fed President James Bullard argued on Monday that the United States is in “pretty good shape for economic growth” and pointed out that gross domestic product (GDP) is “above pre-pandemic levels so we already fully recovered in that sense from the pandemic and the pandemic isn’t even over yet.”

Speaking with “Mornings with Maria” on Monday Bullard stressed that he believes “we’re looking at a very rapidly expanding economy.”

GDP, the broadest measure of economic performance, grew at a 2% annual rate during the three months through September, the weakest of the recovery, according to an advanced estimate released late last month by the Commerce Department. Analysts surveyed by Refinitiv were expecting 2.7% growth. Second-quarter GDP was 6.7%.

Continue reading, here.

 

CNBC/Lizzy Gurdus
Bitcoin vs. gold: Two leading authorities on the precious metal unpack the inflation hedge battle

Is bitcoin the new gold?

Not according to two of the world’s leading gold authorities, but the cryptocurrency’s rise is a phenomenon they can’t help but acknowledge.

Bitcoin has outpaced gold substantially year to date, with the digital coin up nearly 133% and the yellow metal down about 4%.

The divergence calls into question whether investors are opting for bitcoin over gold as a hedge against rising inflation, but the strategist behind the world’s largest gold-backed exchange-traded fund begs to differ.

“I think it is quite possible for these two assets to coexist quite happily in the market because they do completely different jobs,” George Milling-Stanley, chief gold strategist at State Street’s SPDR ETFs, told CNBC’s “ETF Edge” on Monday.

You can read the full story, here.

 

CNN Business/Matt Egan
Prices are skyrocketing. Goldman Sachs says prices will go even higher

Sticker shock is causing anxiety for millions of Americans right now, with prices soaring for gasoline, groceries and used cars.

Unfortunately, it’s going to take longer than expected to work out the supply-demand imbalances at the heart of inflation, Goldman Sachs warned clients Sunday night.

“The inflation overshoot will likely get worse before it gets better,” the bank’s economists wrote in a research report.

Like much of Wall Street and the Federal Reserve, Goldman Sachs had been anticipating high prices would swiftly come back to earth. Now, there is a realization that inflation will be sticking around longer as supply struggles to keep up with surging demand.

You can read the full story, here.

 

 

 

 

 

 

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