Wall Street Exec Considers a U.S. Senate Run for Stabenow’s Seat in Michigan

A Wall Street executive is considering a run for United States Senate in Michigan for retiring Democratic Sen. Debbie Stabenow’s seat in 2024 as Republicans have yet to court a serious contender for the vacancy, according to Politico.

Vice Chairman of the New York Stock Exchange and Michigan native John Tuttle served under former President George W. Bush’s Political Affairs Office and has been working on Wall Street since 2007, according to Politico. The Wall Street executive could potentially face Democratic opposition from Rep. Elissa Slotkin, and has already been corresponding with Republicans in Michigan and Washington, D.C.

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Major Chinese Telecom Companies Kicked Off New York Stock Exchange Following Trump Executive Order

Three major Chinese telecom companies will be removed from the U.S. stock market after President Donald Trump banned investing in companies that aid China’s military.

On Jan. 11, China Mobile, China Telecom and China Unicom will be removed from the New York Stock Exchange, CNN reported. The telecom companies are all major state-owned firms that the U.S. suspects are tied to the Chinese military.

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Dow Jones and NASDAQ Close Higher with Boeing and Apple Leading the Way

Stocks climbed broadly higher on Wall Street Monday, as the market clawed back more than a third of its losses from last week.

The S&P 500 was up 1% in afternoon trading after a much healthier-than-expected report on the housing market shook the market from its wobbly start. European stocks had similar fluctuations before pushing higher. Treasury yields were mixed. Oil prices rose.

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Wall Street Tilts Higher Again on Economic Recovery Hopes

Wall Street’s rally is spilling into a new week as most stocks continue to ride the high supplied by Friday’s surprisingly encouraging report on the U.S. jobs market.

The S&P 500 was up 0.5% in midday trading on Monday, bringing it back within 5.3% of its record set in February, as optimism strengthens that the worst of the coronavirus-induced recession may have already passed. Stocks that would benefit most from an economy that’s growing again were rising the most, but pullbacks for a handful of big tech stalwarts were keeping the market’s overall gains in check.

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Commentary: Fear Not the Inverted Yield Curve – Yet

by Peter C. Earle   As the financial news networks have reported, the yield curve on government securities has inverted. When the yield curve inverts, which is to say when short maturity bonds yield higher than longer maturity bonds, there is a general view that a recession in the next 12 – 24 months becomes more likely. It is, in any case, an unusual situation, and one that garners attention from macroeconomists and financial market participants alike. In fact, going back to 1960, inversions of the yield curve have occurred nine times, with two not preceding a recession. The average length of time between inversion and a recession when one did occur is 14 months. The financial market mechanism behind an inversion is that bond traders (and investors, more broadly) observe that they require a higher premium on shorter-term debt than longer-term debt. This is unusual, of course, because typically holders of debt require compensation commensurate with the risk they incur; a longer holding period for an investment necessarily means more exposure to risk, and thus requires higher compensation. An inverted curve, therefore, initially suggests that some market participants view near-term risk as decidedly higher than longer-term risk, which is…

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The New York Stock Exchange Monopoly Set to Raise Fees to Access Trade Data

New York Stock Exchange

by Robert Romano   Government-created monopolies are not a new thing, and indeed there are times when Congress has determined that having a government charter for an authoritative, monopoly function can serve a valuable public need. Sometimes these are agencies. The Federal Reserve is tasked by Congress to control the money supply. Sometimes they are Government Sponsored Enterprises. Mortgage giants Fannie Mae and Freddie Mac service millions of home mortgages in the United States. Ginnie Mae, which handles FHA and VA loans, is actually a bona fide government agency, unlike Fannie and Freddie, which are publicly traded companies. The Internet Corporation for Assigned Names and Numbers (ICANN) was a non-profit created to handle the U.S. Department of Commerce government contract to manage the domain name system in the late 1990s that links easy to remember domain names with unique IP addresses. That contract was allowed to lapse in 2016, and now ICANN operates an unregulated global monopoly of the DNS system. Whether these monopolies should have been created in the first place or if the government acts that created them were even constitutional is one matter, one that can be debated and has been debated. But as is often the case,…

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