Moments ago, House Speaker Nancy Pelosi (D-Calif.), flanked by the chairs of the committees of jurisdiction over the House’s impeachment inquiry over the last several months (Oversight, Intelligence, Ways and Means, Financial Services, and Judiciary) announced her intention to have the House consider two articles of impeachment against President Trump. I thought I’d provide a quick primer on what’s happened this morning and what we can expect in the days and weeks ahead.
The biggest driver in markets this week was China’s May 13 announcement that it will slap tariffs on $60 billion worth of U.S. goods, in retaliation for U.S. President Donald Trump’s May 10 decision to increase tariffs on $200 billion worth of Chinese imports. U.S. stocks sold off in the wake of the news, Robison noted, but steady gains in the days following led the S&P 500® Index to end the week approximately flat.
Former New York City Mayor Michael Bloomberg officially entered the Democratic presidential primary last week, and it didn’t take long for his opponents to react. Sen. Elizabeth Warren (D-Mass.) criticized the fact that Bloomberg, who is worth an estimated $54 billion, plans to self-finance his campaign.
Markets were largely flat to slightly down the week of Nov. 18, Eibel said, due in part to the latest headlines around trade. “Any trade-related news moves markets these days, especially when there’s not much economic data to focus on,” he remarked, noting that the Dow Jones Industrial Average slumped mid-week after pessimistic news over a potential phase-one trade deal between the U.S. and China was reported.
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Despite President Donald Trump’s pleas for the whistleblower’s identity to be revealed – and his demand that he be given the opportunity to “interview” them – it should come as little surprise that it has largely remained under wraps. As PBS Newshour recently reported, while there is “nothing that can block Trump from revealing who” the whistleblower is, federal law is meant to prevent “intimidation of witnesses and reprisals against whistleblowers.” The president, of course, is tasked with enforcing these, and all, laws as the leader of the executive branch.
The impeachment inquiry into U.S. President Donald Trump and the ongoing protests in Hong Kong have made headlines for the past few weeks, but Ng said neither is likely to have much of an impact on global markets.
If you think a potential federal government shutdown is the only potential calamity barreling down on Washington, D.C., think again.
The ongoing trade spat between the U.S. and China has been a rollercoaster ride of ups and downs, Ristuben said. He characterized the week of Nov. 4 as an up week, due in part to comments from the Chinese government that the two countries may be close to reaching an agreement to roll back existing tariffs on each other’s goods.
It has been a difficult year for major tech companies. To demonstrate, consider what the news and polling firm Morning Consult wrote in June 2017: Google and Facebook “are enjoying high favorability ratings among U.S. consumers …”
Fresh off the heels of 25 basis-point rate cuts in July and September, the Fed lowered borrowing costs by another quarter of a percentage point on Oct. 30, dropping its benchmark rate to a target range of 1.50% to 1.75%. “The Fed has really been pushing back against the global economic slowdown driven by trade uncertainty between the U.S. and China,” Eitelman remarked, “and with this latest cut, it’s clear the central bank now feels it’s provided enough accommodation to counter-balance these risks.”
Eighteen years ago this week, in the wake of the Sept. 11, 2001 terrorist attacks against his city, Rudy Giuliani’s approval ratings stood at an incredible 79 percent. He was dubbed “America’s Mayor,” appeared on Saturday Night Live, and was named by Time as its “Person of the Year” in 2001.