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Bond investors have started to debate whether the United States is heading into a deflationary spiral, even after trillions of dollars of stimulus has been injected into the coronavirus-hit global economy.
First-time filings for unemployment insurance hit 3.84 million in the week ending April 25, the US Labor Department announced on Thursday.
US gross domestic product (GDP) fell 4.8 percent in the first quarter of 2020 amid the coronavirus pandemic lockdown, according to data released by the Department of Commerce on Wednesday.
The US Central Bank said this week that it will widen the number of local governments from which it will buy debt through a forthcoming lending program. More than 200 municipalities will be allowed to participate.
The US Labor Department said on Thursday that unemployment has continued to rise at a historically unprecedented pace. Another 4.4 million applications filed last week has brought the total in the past five weeks to 26.4 million.
At a time of weak economic growth and increased market volatility, analysts are getting more bullish on gold. According to Bank of America, the precious metal is headed 78 percent higher, to hit $3,000 per ounce in 18 months.
The coronavirus lockdown has caused most US department stores to shut, threatening their survival. But even without the impact of virus, many retailers would still eventually have collapsed, a former Fed insider believes.
The US Federal Reserve said recently that more than half of Americans have no money in their savings accounts. That means they are desperate and will accept whatever is happening with the ‘so-called’ stimulus, says Keiser Report.
Oil’s dramatic price plunge into negative territory is just one “severed limb” of a dying “banking beast,” said RT’s Max Keiser, warning that the long-term fallout from the 2008 crash has rendered price signals meaningless.