Quick Glance: China's Economy: No Solution in Sight
- An increasingly autocratic government is making poor decisions.
- China experienced the most spectacular growth in history since rejoining the world economy in 1978.
- A chronic growth shortfall would be worse in China due to higher poverty levels.
- China was the only major economy to respond adequately to the global financial crisis of 2007-09 with stimulus.
Quick Glance: Yellen warns against government shutdown, sees no signs of economic downturn
- US Treasury Secretary Janet Yellen warns against a government shutdown and sees no signs of an economic downturn.
- Yellen emphasizes that the US labor market is strong and inflation is decreasing.
- The central bank's actions are affecting the housing market, but consumer spending remains strong.
Quick Glance: Yellen optimistic about US economy, Bidenomics driving investment and job growth
- Yellen praises positive impact of Biden's policies on job growth and competitiveness
- Biden and his cabinet are focused on promoting long-term growth and resilience to future shocks
- Yellen acknowledges potential risks such as China's slowing growth, Russia's war in Ukraine, and climate change
Quick Glance: Yellen's Las Vegas Appearance Highlights Challenges of Bidenomics
- Americans like Hargrove are experiencing the benefits, but it remains uncertain if this approach will secure the votes Biden needs in 2024.
- Yellen addressed the persistently low polling numbers for Biden and his handling of the economy, stating that a large and growing share of Americans feel good about their personal situation, despite giving the overall economy negative ratings.
- Harrison believes the administration is not doing enough to engage with swing states like this one.
- She plans to vote for Biden again.
Quick Glance: Historic Credit Rating Downgrade Causes Stocks to Fall
- US markets fell on Wednesday following the downgrade of US debt from AAA to AA+ by Fitch.
- JPMorgan Chase CEO Jamie Dimon called Fitch's downgrade of US debt "ridiculous".
- Janet Yellen criticizes Fitch's downgrade of US debt.
- Fitch's downgrade is unlikely to impact the status of Treasuries as a safe asset.
Even after Fitch's surprise downgrade, the US holds the same credit rating as Canada and is seen as ...
Quick Glance: US credit rating downgraded to AA+
- Fitch, an independent agency, lowered the credit rating from AAA to AA+.
- Fitch observed a consistent decline in governance over the past 20 years.
- US Treasury Secretary Janet Yellen criticized the downgrade as "arbitrary".
- Yellen expressed "strong" disagreement with Fitch's decision.
Quick Glance: IRS to Expedite Refunds for Millions of Taxpayers
- The Paperless Processing Initiative aims to reduce the millions of paper documents the IRS receives annually.
- By next year’s filing season, taxpayers will be able to digitally file all correspondence, non-tax forms, and responses to notices.
- This will improve IRS service by eliminating errors from manually inputting data from paper returns, speeding up processing, and delivering refunds four weeks sooner.
- Additionally, 150 of the most used non-tax forms will be available in digital, mobile-friendly formats, and up to 1 billion historical documents will be digitized, providing taxpayers access to their data and saving approximately $40 million in storage costs annually.
Quick Glance: US IRS ends unannounced visits to taxpayers
- The U.S. Internal Revenue Service (IRS) is ending its policy of unannounced visits to taxpayers by agency revenue officers.
- The change aims to reduce public confusion and enhance safety measures for taxpayers and employees.
- There will still be a few situations where unannounced visits will occur, such as in service of summonses and seizures.
Just a week after her visit to China, US Treasury Secretary Janet ...
Janet Yellen India Visit
Quick Glance: Yellen eager to collaborate with China on debt and global challenges
- Yellen expresses eagerness to work with China on areas of mutual interest, including debt restructurings for poorer countries.
- Multilateral development banks need reforms before considering capital increases.
- Yellen emphasizes the importance of the G20 meeting and urges the participation of all bilateral official creditors in pending debt restructurings.
- The United States remains committed to implementing the global minimum tax deal, despite the lack of action by the U.S. Congress.
Quick Glance: US officials dampen hopes of ending China trade restrictions
- Treasury Secretary Yellen says it would be 'premature' to ease tariffs on Chinese goods.
- Top Biden administration officials dimmed hopes of an immediate easing of tariffs against China on Sunday while signaling potential for a more constructive relationship with Beijing.
- Speaking ahead of a meeting of G20 finance ministers and central bankers in India, US Treasury Secretary Janet Yellen expressed eagerness to work closely with China on areas of 'mutual concern' following a recent four-day trip that she said improved the relationship.
- However, during a press conference, Yellen emphasized that while it would be useful to find ways to de-escalate tensions over time, it is 'premature' to relax trade restrictions.
Quick Glance: China's Economy Loses Momentum in Q2
- The challenges faced by the world's second-largest economy will increase global growth pressure and intensify calls for additional stimulus measures from Beijing, more than six months after China eased strict Covid-19 controls.
- In the second quarter, the economy grew by 6.3 percent year-on-year due to a low-base effect from last year when major cities like Shanghai were under extended lockdown.
- The Reuters poll had predicted a growth rate of 7.3 percent.
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