Biden’s very good, not a great economy

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Very good, not big Biden economy — Be fair. President Joe Biden got a very strong first-quarter growth forecast of 6.5% per annum. With nearly 7% for the full year, the economy is slightly larger than it was before Covid froze (unless it was a pandemic). These are numbers like Reaganesque, the boom of the 1980s.

Still … it’s Completely 2% below Wall Street expectations, A performance that emphasizes the power to drag growth. And the April-June expansion, which reflects less job creation than expected in recent months, could be the best point for Biden, whose president is on a strong economic recovery.

The White House knows the Delta Stakes — According to someone familiar with the White House mindset, “Since this began to spread around the world in late 2019, we know that the most important thing is to have full control over Covid … yes. If you don’t, you risk further mutations and going. Go back to the beginning. That’s all. It’s the whole ball game. ”

White House officials say they are interested in Delta varieties, inflation and labor market issues, while being confident in the overall direction of the economy.

David Kamin, Deputy Director of the White House National Economic Council: “Currently, there are tools I didn’t have before to deal with new variants in terms of both health and economic benefits …

“The combination of pandemics and supply chain bottlenecks has created some real challenges, but we are clearly investing to address the long-standing weaknesses of the economy,” said Kamin. We focus on doing everything we can to solve them. “

Don’t be surprised – Goldman’s Jan Hatzius said in a client note: First, we expect the world to produce 13 billion vaccines this year, all of which provide solid protection against serious illness.

“Second, the rise in immunity leads to a significant relaxation of the GS Effective Lockdown Index … [H]However, we do not expect the rest of the service sector’s recovery to be faster than in the early stages. ”

Good friday morning — I felt like Monster Week. Take a break.Please email me [email protected] Follow us on Twitter @Morning Money Ben.. Email Aubree Eliza Weaver [email protected] Follow her on Twitter @AubreeEWeaver..

RIP CARL LEVIN — The Michigan Senator was a relentless corporate investigator who was able to actually surprise Wall Street’s top executives. Also, he is a very nice person.

Via CBS in 2010: “Levin (D-Michigan) frustrated with Goldman Sachs witnesses Senate Permanent Investigation Subcommittee on Hearing Today By repeatedly calling an email containing the phrase “silly deal” over a 10-minute period.

“Levin was asking Daniel Sparks if Goldman Sachs was driving an investment that he knew was bad for his clients. He was an email sent to Sparks by his boss in a deal called Timberwolf. I read the email. ”

EVICTION MORATORIUM FIGHT — Inbox via DC source House leadership has sent a whip notice about the possibility of voting for a moratorium extension of eviction of peasants until December 31st.

Via Katy O’Donnell: “Thursday House Democratic leaders build support for a five-month extension of the national peasant eviction moratorium, which is due to expire this weekend, after hitting opposition from more than 12 Democrats. I had a hard time …

“House Majority Leader as the ban expires on Saturday and millions of Americans are at risk of losing their homes Stenny Heuer (D-Md.) Confirmed that Democrats in favor of the extension of the moratorium are still working to blockade support for a possible last-minute vote on Friday.

Republicans react to the economy — Ranking members of methods and means Kevin Brady “Biden fell short of his favorite economic forecast, Moody’s, which forecasted 6.4% and 9.6% growth in the first and second quarters of 2021 …

“”[I]In reality, actual GDP growth in these quarters was 6.3% and 6.5%. We achieved our goal only in the first quarter, three months later.

Big money for fans — CNBC’s Brian Schwartz: “A charity founded by longtime financial executive Bill Hwang, who is under the watchful eye of a series of market-driven transactions, has assets of 100 million just two years before the collapse of Wall Street. The city has skyrocketed over the dollar.

“Fan’s Grace and Mercy Foundation’s new 990 tax return from 2019 has not been reported as it was recently published by the Internal Revenue Service, but it gives a glimpse of the fan’s financial resources.”

Wall Street pushes significantly higher after a two-day loss — AP’s Damian J. Troise and Alex Veiga: “Wall Street shares bounced off Thursday’s two-day slide, and the S & P 500 caught up for the second straight week. The S & P 500 index was 0.4%, supported by a significant rise. It has risen.

“Approximately 77% of Benchmark Index stocks closed at high prices. Technology stocks and banks, along with various retailers and other consumer-oriented companies, made the most profits with telecommunications services stocks. Only real estate companies fell. There was a modest recovery as the latest government data showed continued economic growth and investors reviewed another batch of mainly positive corporate earnings reports. ”

Robin Hood falls on public market — CNBC’s Maggie Fitzgerald: “Robin Hood’s stock fell more than 8% on its Nasdaq debut after being priced near the lower limit of its IPO range. Online securities companies have 38 per share, which is the lower limit of that range. Starting trading in dollars, the value of the company was about $ 32 billion. After dropping 10% and ending the session at $ 34.82, Robin Hood had a market value of about $ 29 billion. ”

Some Treasury short-term securities may be circumvented as debt caps are forced back — Reuters Karen Brettel: “US Treasuries maturing this fall may face liquidity issues associated with a potential government cash crisis. A week.

“The Treasury is cutting the issuance of bills before the two-year debt cap suspension expires on July 31. The government has suspended some investments and issued security.”

The economy recovers pandemic losses but faces new tests — NYT Ben Casselman: “Vaccinations and federal aid helped lift the US economy out of the holes caused by the spring pandemic. Whether that momentum can continue as government support weakens.

COVID RECOVERY facilitates credit rating upgrades, record high — Reuters Mark Jones: “The strong US economic recovery has brought about a record number of corporate credit rating upgrades this year,” S & P Global figures said Thursday. “”

Senate bill aims to create a national database of restricted property rules — NYT’s Joshua Jamerson: “The new bill, backed by Senator Democratic Slate, allocates competitive grants to universities to analyze, digitize, and map historic housing discrimination records, the first national of its kind. Create a database.

“The focus of this effort is to investigate the contracts that accompany housing certificates that emerged nationwide in the early 20th century and made it difficult for blacks in many cities to own property.”

Cryptographic Surprise Rutles Industry in a Rare Bipartisan Tax System — Bloomberg’s Laura Davison, Joe Light, Allyson Versprille: “The Senate’s proposal to strengthen IRS oversight of cryptocurrency transactions question industry and investors’ promise of plan feasibility and $ 28 billion in tax revenues. I’m throwing.

“Cryptocurrency exchanges, investors, and their advisors announced when a bipartisan Senate infrastructure contract was announced that included a significant increase in the requirements for crypto brokers and investors to report transactions to the Domestic Revenue Service. I was surprised on Wednesday. “”

Report: Credit Suisse failed to address the risk of Arquegos — WSJ’s Margot Patrick: “Credit Suisse Group AG knows that Archegos Capital Management is a big risk and has taken steps to fix it, according to a bank-trusted investigation into the collapse of a family investment company. I didn’t take it.

“A report released Thursday by Credit Suisse law firms shows how banks have given Arquegos special preparations for years to circumvent rules aimed at protecting banks. I also ignored the staff warnings before the collapse of the family investment firm. ”

Biden’s very good, not a great economy

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