The document discusses the potential impacts of the U.S. reaching its debt ceiling and not reaching an agreement to raise it. It notes that failure to raise the debt ceiling could lead to default on Treasury securities, damage the country's credit rating, increase borrowing costs, and force the Treasury to prioritize which bills to pay. It outlines various deadlines and payments in August, including for Social Security benefits, military pay, and Treasury debt, that could be impacted by failure to raise the debt ceiling. The outlook for reaching an agreement is unclear as various proposals have been discussed but none have gained full bipartisan support.
What is the "fiscal cliff"? It's the term being used by many to describe the unique combination of tax increases and spending cuts scheduled to go into effect on January 1, 2013. The ominous term reflects the belief by some that, taken together, higher taxes and decreased spending at the levels prescribed have the potential to derail the economy. Whether we do indeed step off the cliff at the end of the year, and what exactly that will mean for the economy, depends on several factors.
Senior Fed officials meet next week amid what is widely seen as a slow patch in economic growth. A key question for investors, as well as for monetary policymakers, is whether this slowing will be temporary. Most likely, growth should pick up in the second half of the year. However, there are downside risks in the near term. Moreover, monetary policy appears to be handcuffed and fiscal policy is set to go in the wrong direction.
The Federal Open Market Committee, the Fed’s policymaking arm, will meet on November 2-3. Clearly, there are some differences of opinion among senior Fed officials regarding the appropriate path for monetary policy. However, the dissenters (those wanting to do less) are a small minority. The FOMC will come together with a somewhat less troublesome near-term economic outlook (no recession in the near term), but there are more concerns about growth in 2012.
It’s well known that recessions that are caused by financial crises are much more severe, are longer lasting, and are followed by gradual recoveries. Another lesson from history is that during these recoveries, policies are often tightened too soon. In 1937, efforts to balance the budget led to a recession within the Great Depression. It’s said that those who don’t remember the past are doomed to repeat it.
Municipal bond prices moved lower during the second quarter, as fears about the Federal Reserve tapering its stimulus program rattled the financial markets. While a handful of states still face some budget pressure for the remainder of their 2013 fiscal year, 45 states reported that they are likely to meet or exceed their revenue projections for fiscal year 2013. Interest-rate volatility and the longer term prospect of higher rates have reinforced our bias toward a more limited duration stance. We continue to overweight essential-service revenue bonds, as well as the A-rated and BBB-rated segments of the market. Our outlook calls for defaults to remain low and continued gradual economic recovery.
What is the "fiscal cliff"? It's the term being used by many to describe the unique combination of tax increases and spending cuts scheduled to go into effect on January 1, 2013. The ominous term reflects the belief by some that, taken together, higher taxes and decreased spending at the levels prescribed have the potential to derail the economy. Whether we do indeed step off the cliff at the end of the year, and what exactly that will mean for the economy, depends on several factors.
Senior Fed officials meet next week amid what is widely seen as a slow patch in economic growth. A key question for investors, as well as for monetary policymakers, is whether this slowing will be temporary. Most likely, growth should pick up in the second half of the year. However, there are downside risks in the near term. Moreover, monetary policy appears to be handcuffed and fiscal policy is set to go in the wrong direction.
The Federal Open Market Committee, the Fed’s policymaking arm, will meet on November 2-3. Clearly, there are some differences of opinion among senior Fed officials regarding the appropriate path for monetary policy. However, the dissenters (those wanting to do less) are a small minority. The FOMC will come together with a somewhat less troublesome near-term economic outlook (no recession in the near term), but there are more concerns about growth in 2012.
It’s well known that recessions that are caused by financial crises are much more severe, are longer lasting, and are followed by gradual recoveries. Another lesson from history is that during these recoveries, policies are often tightened too soon. In 1937, efforts to balance the budget led to a recession within the Great Depression. It’s said that those who don’t remember the past are doomed to repeat it.
Municipal bond prices moved lower during the second quarter, as fears about the Federal Reserve tapering its stimulus program rattled the financial markets. While a handful of states still face some budget pressure for the remainder of their 2013 fiscal year, 45 states reported that they are likely to meet or exceed their revenue projections for fiscal year 2013. Interest-rate volatility and the longer term prospect of higher rates have reinforced our bias toward a more limited duration stance. We continue to overweight essential-service revenue bonds, as well as the A-rated and BBB-rated segments of the market. Our outlook calls for defaults to remain low and continued gradual economic recovery.
The first part of December is a busy time for economists. People want to know what’s going to happen in the coming year. However, nobody’s clairvoyant. Forecasts are certain to be wrong. We can only tell you what to expect. The outlook for 2011 has been especially challenging, as the ground has been shifting under our feet. The tax proposal, the rout in bonds, and simmering concerns about Europe would seem to have significant impacts on the growth outlook, and they do. However, as with any economic recovery, positive forces battle it out with negative forces, with the positive force eventually dominating. Along the way, the pace is typically uneven across time and across sectors. That implies some volatility in the markets as investors debate the strength of the recovery.
Two clouds hung over the financial markets in the late summer: worries about a European financial crisis and concerns that the U.S. economy might be tipping back into recession. Real GDP rose at a 2.5% annual rate in the advance estimate for 3Q11, which should put to rest fears that the U.S. economy has already entered recession. However, there are still some important uncertainties in the growth outlook for 2012. European leaders dodged a bullet last week, with the agreement on Greek debt (failure would have triggered a more immediate crisis). However, they did not put a number of problems to bed completely. So, how long will the good feelings last?
The November Employment Report was disappointing. The stock market had set its sights high, anticipating stronger growth in nonfarm payrolls and a steady unemployment rate. Moreover, market participants seemed to be hoping for an upside surprise relative to the consensus forecast. The holiday shopping season apparently got off to a strong start, but that failed to translate into a corresponding jump in retail employment (at least, on a seasonally adjusted basis). Manufacturing jobs were soft. State and local government continued to shed jobs, reflecting budget strains. What’s in store for 2011? The November jobs data aren’t encouraging, but the recovery is likely to remain on track.
The recent economic data have been generally weaker than expected, casting some doubt on the prospects for the recovery. However, economic recoveries are not usually associated with steady growth across sectors. Growth is inherently uneven. That means that some economic reports will be strong and some weak – and that is especially true in the current environment, where the economy has to deal with a number of serious headwinds. Economic statistics are also subject to seasonal adjustment difficulties and, as we’re likely to see in much of the February data, the peculiarities of the weather. Bad February weather will not cause a double dip, but it may add to the unease in the financial markets in the near term.
Later this month, Fed Chairman Bernanke will hold his first post-FOMC meeting press conference. Officially, the press conference is meant “to present the Federal Open Market Committee's current economic projections and to provide additional context for the FOMC's policy decisions.” However, the real goal is to reclaim the narrative. The Fed was caught off guard by the amount of criticism and second-guessing it received in 2010. Fed Chairman Bernanke tried hard to counter that, appearing on 60 Minutes, speaking to trade groups, and so on. These press conferences should help clear things up regarding monetary policy – not that we’ll receive clear signals of future Fed policy moves – rather, we’ll get important information on how the Fed will decide what to do.
August Jobs Report- No Sign of a Double DipJeff Green
As with most of the recent data reports, the August Employment report was consistent with a near-term slow patch in economic growth, but not a double dip. Private-sector growth in nonfarm payrolls remained positive, and figures for the previous two months were revised higher. However, while the job numbers were better than expected, the pace is nowhere near where we’d like it to be.
In the last few months, some have taken to calling the current economic period, “the Lesser Depression” (instead of “the Great Recession”). There’s no precise definition of “a depression” (and as it is, the definition of “a recession” is rather vague). Most economists would say a depression is a lengthy period of elevated unemployment. That’s exactly what we may be staring out now. Monetary and fiscal policy could provide further support for growth, but there’s a lot of resistance.
Is there a fate worse than debt? If there is, it seems to be not dealing with the debt. When there is too much leverage in the system, there is always a risk that things go wrong quickly and unexpectedly. Ken Rogoff and Carmen Reinhart have an op-ed piece on Bloomberg today about the debt overhang and its implications for economic growth. They are among the few commentators who have been consistently correct about the path of the financial crisis, probably because they are among the few who have studied the actual data.
The first part of December is a busy time for economists. People want to know what’s going to happen in the coming year. However, nobody’s clairvoyant. Forecasts are certain to be wrong. We can only tell you what to expect. The outlook for 2011 has been especially challenging, as the ground has been shifting under our feet. The tax proposal, the rout in bonds, and simmering concerns about Europe would seem to have significant impacts on the growth outlook, and they do. However, as with any economic recovery, positive forces battle it out with negative forces, with the positive force eventually dominating. Along the way, the pace is typically uneven across time and across sectors. That implies some volatility in the markets as investors debate the strength of the recovery.
Two clouds hung over the financial markets in the late summer: worries about a European financial crisis and concerns that the U.S. economy might be tipping back into recession. Real GDP rose at a 2.5% annual rate in the advance estimate for 3Q11, which should put to rest fears that the U.S. economy has already entered recession. However, there are still some important uncertainties in the growth outlook for 2012. European leaders dodged a bullet last week, with the agreement on Greek debt (failure would have triggered a more immediate crisis). However, they did not put a number of problems to bed completely. So, how long will the good feelings last?
The November Employment Report was disappointing. The stock market had set its sights high, anticipating stronger growth in nonfarm payrolls and a steady unemployment rate. Moreover, market participants seemed to be hoping for an upside surprise relative to the consensus forecast. The holiday shopping season apparently got off to a strong start, but that failed to translate into a corresponding jump in retail employment (at least, on a seasonally adjusted basis). Manufacturing jobs were soft. State and local government continued to shed jobs, reflecting budget strains. What’s in store for 2011? The November jobs data aren’t encouraging, but the recovery is likely to remain on track.
The recent economic data have been generally weaker than expected, casting some doubt on the prospects for the recovery. However, economic recoveries are not usually associated with steady growth across sectors. Growth is inherently uneven. That means that some economic reports will be strong and some weak – and that is especially true in the current environment, where the economy has to deal with a number of serious headwinds. Economic statistics are also subject to seasonal adjustment difficulties and, as we’re likely to see in much of the February data, the peculiarities of the weather. Bad February weather will not cause a double dip, but it may add to the unease in the financial markets in the near term.
Later this month, Fed Chairman Bernanke will hold his first post-FOMC meeting press conference. Officially, the press conference is meant “to present the Federal Open Market Committee's current economic projections and to provide additional context for the FOMC's policy decisions.” However, the real goal is to reclaim the narrative. The Fed was caught off guard by the amount of criticism and second-guessing it received in 2010. Fed Chairman Bernanke tried hard to counter that, appearing on 60 Minutes, speaking to trade groups, and so on. These press conferences should help clear things up regarding monetary policy – not that we’ll receive clear signals of future Fed policy moves – rather, we’ll get important information on how the Fed will decide what to do.
August Jobs Report- No Sign of a Double DipJeff Green
As with most of the recent data reports, the August Employment report was consistent with a near-term slow patch in economic growth, but not a double dip. Private-sector growth in nonfarm payrolls remained positive, and figures for the previous two months were revised higher. However, while the job numbers were better than expected, the pace is nowhere near where we’d like it to be.
In the last few months, some have taken to calling the current economic period, “the Lesser Depression” (instead of “the Great Recession”). There’s no precise definition of “a depression” (and as it is, the definition of “a recession” is rather vague). Most economists would say a depression is a lengthy period of elevated unemployment. That’s exactly what we may be staring out now. Monetary and fiscal policy could provide further support for growth, but there’s a lot of resistance.
Is there a fate worse than debt? If there is, it seems to be not dealing with the debt. When there is too much leverage in the system, there is always a risk that things go wrong quickly and unexpectedly. Ken Rogoff and Carmen Reinhart have an op-ed piece on Bloomberg today about the debt overhang and its implications for economic growth. They are among the few commentators who have been consistently correct about the path of the financial crisis, probably because they are among the few who have studied the actual data.
“It’s tough to make predictions, especially about the future.” So said Yogi Berra in an era gone by. Yet, every year, during the week of the Epiphany, we make predictions about the year ahead, write them down, and lock them up in our safety deposit box to be read the following year. This year was no exception. Accordingly, last week we opened the lockbox and placed this year’s predictions in it and retrieved last year’s list.
A year ago, in a sharply weakening economy, deflation seemed a credible threat. However, a rebound in energy prices has boosted the Consumer Price Index over the last 12 months. Improvement in the global economy has led to a firming in commodity prices. Despite the diminished threat of deflation, core inflation at the consumer level has trended lower, thanks in large part to weakness in rents (a consequence of residential housing troubles).
Weekly Market Snapshot, October 23, 2009Jeff Green
The economic data remained mixed, but were consistent with a moderate economic recovery. The Fed’s Beige Book, the anecdotal summary of conditions from the 12 Federal Reserve districts, noted “stabilization or modest improvement in many sectors” since the previous report. Reports of gains continued to outnumber declines, “but virtually every reference to improvement was qualified as either small or scattered.”
Weekly Market Snapshot, September 25, 2009Jeff Green
Recent economic data were mixed and somewhat disappointing, but still consistent with a gradual economic recovery. In August, the Index of Leading Economic Indicators rose for a fifth consecutive month. Existing home sales slipped 2.7% in August, following a 15.2% rise over the four previous months. New home sales rose in August, but less than expected.
Faster than a speeding tortoise, more powerful than suntan lotion, unable to leap small objects in a single bound – the Joint Select Committee on Deficit Reduction (aka “the super committee”) is stumbling toward its November 23 deadline.
Last week, the federal government breached the current debt ceiling, $14.284 trillion. The Treasury had begun taking evasive action the week before, but warned that it couldn’t do so beyond early August – and Congress would have to raise the debt ceiling before then. Will the government default? The strong betting is that it won’t. The bond market doesn’t seem to be worried. However, the increased rhetoric could have a bigger impact on the equity and currency markets.
The debt ceiling crisis heated up last week, as Moody’s and Standard & Poor’s threatened to lower the credit rating on U.S. debt. The financial markets appeared not to notice or to care, but may simply be expressing a confidence that the debt ceiling will be raised in time. After all, we’ve been here before. As dysfunctional as Washington is, lawmakers aren’t foolish enough to cause a self-inflicted financial calamity. Or are they?
High levels of government debt are a big concern for investors both here and abroad. Efforts must be made eventually to reduce deficits. However, acting too soon will weaken the economic recovery. Looking ahead, there are no easy solutions.
It's no secret that what's happening in Europe is driving financial markets worldwide. Even if you have a sound asset allocation strategy and a well-diversified portfolio, it's hard to ignore the fact that this summer seems to have the potential for turbulence. Markets dislike uncertainty, and at this point uncertainty is high, particularly in advance of the June 17 elections scheduled in Greece.
One of the key themes for investors in early 2011 is likely to be a shifting economic picture. For the stock market, things tend to be all or none. That is, either the economy is booming or it’s falling apart – there’s not much ground in the middle. Investors seem to struggle with moderate and uneven economic growth. The tax cut package has taken the double-dip recession scenario off the table, but the data for the next few months are likely to be mixed, suggesting strong growth in one set of figures and more moderate growth in another. That back and forth should create some opportunities for investors.
To pay or not to pay, that is the question -
On December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act (the Act) into law. The Act reinstated the federal estate tax for persons who died in 2010, retroactively applying a 35% maximum estate tax rate and a $5 million estate tax exemption. The Act also allows those estates to opt out of the tax. For some estate executors, a choice must be made between paying the tax or not paying the tax. Why would an executor choose to pay the estate tax? There's a good reason.
Loan growth plays a key role in economic expansion. Simply put: no loan growth, no economic growth. However, there’s a downside. Debt doesn’t matter until it does. Debt has played a key part in the economic downturn and in the gradual recovery. Europe’s sovereign debt crisis has continued to escalate, with no easy way out. In the U.S., the government has borrowed more, but the markets have not punished it for doing so. There’s no sign that that is going to change anytime soon.
The recent data have been mixed, consistent with a slower rate of economic growth in the near term. The economy faced a number of headwinds in the first half of the year. Some of those headwinds are likely to be temporary. Others will linger. Growth should pick up in the second half of the year, but the pace seems unlikely to be especially strong
The Federal Open Market Committee will meet on Tuesday to set monetary policy. The Fed is widely expected to leave short-term interest rates unchanged and the wording of the economic assessment should be largely the same as in the previous statement. However, we could see another round of asset purchases or some changes to the Fed’s communications.
Background
As 401(k) plans have become more popular, plan participants have become increasingly responsible for making their own retirement savings decisions. The Department of Labor (DOL) has become concerned that participants in self-directed 401(k) plans (those that allow participants to direct the investment of their own accounts) might not have access to, or might not be considering, information critical to making informed decisions about the management of their accounts--particularly information on investment choices, fees, and expenses.
Time Running Out for Large Gifts in 2012Jeff Green
Currently, the exemptions for federal gift tax, estate tax, and generation-skipping transfer (GST) tax are at historic highs, and the gift, estate, and GST tax rates are at historic lows. But, in 2013, the exemptions are scheduled to substantially decrease, and the tax rates are scheduled to substantially increase. This raises the question of whether 2012 might be a good time to make large gifts that take advantage of the current large exemptions while they are still available.
The Federal Open Market Committee’s expectation that economic conditions are likely to warrant exceptionally low levels of the federal funds rate “for an extended period” is conditional on three things: low rates of resource utilization (an elevated unemployment rate and a low level of capacity utilization), subdued inflation trends, and stable inflation expectations.
The Economic Outlook – In A Holding PatternJeff Green
Recent economic figures have been consistent with the view of lackluster-to-moderate growth in the near term – not a recession, although the risk of a renewed downturn remains. Whether the U.S. slips back into recession depends on a number of factors: gasoline prices, developments in Europe, and policies that may or may not come out of Washington, D.C.
The Fed Outlook: Uncertainty and ReluctanceJeff Green
The Federal Open Market Committee policy statement and Chairman Bernanke’s post-meeting press conference held few surprises. Monetary policy is still accommodative – and still on hold. There’s also apparently little will at the Fed to do more to help the recovery along. Fortunately for the Fed and the consumer, we can catch a break if oil prices continue to decline.
The American Taxpayer Relief Act of 2012Jeff Green
The new year began with some political drama, as last-minute negotiations attempted to avert sending the nation over the "fiscal cliff." Technically, we actually did go over the cliff, however briefly, as a host of tax provisions and automatic spending cuts took effect at the stroke of midnight on December 31, 2012.
Higher oil prices have raised new concerns about the strength of the economic recovery. If sustained, the rise in gasoline prices will restrain the pace of economic growth noticeably, but does not appear to be large enough (so far) to derail the expansion. Meanwhile, a federal government shutdown looms as lawmakers bicker over the future path of expenditures. Austerity at all levels of government is well-intentioned, but is not advisable at this point in the economic recovery.
Inflation Expectations, Budget DecisionsJeff Green
On the surface, the February Employment Report was strong, but the details suggest more moderate improvement in the labor market. Still, new hiring is likely to pick up in the spring. Higher oil prices threaten the outlook for jobs and the overall economy. The Fed appears to be in a tough spot, but should keep monetary policy accommodative for some time.
Later this month, the government will release the advance estimate of 3Q11 GDP growth. There are uncertainties in that estimate – inventories and foreign trade make up a relatively small part of the economy, but account for much of the quarterly variation in GDP growth. We already have a good idea regarding the “meat and potatoes” of that report. Consumer spending and business fixed investment expanded further in the third quarter, suggesting no recession in the near term. However, the economic outlook for 2012 is a lot less clear.
The advance figure for fourth quarter growth surprised to the upside, although the story was largely as anticipated. The GDP data will be revised at the end of February and again in late March (and in perpetuity, in annual benchmark revisions). Don’t get too wedded to the numbers. However, the story is unlikely to change much in revision.
Similar to The Debt Ceiling and the Road Ahead (20)
What Does the Supreme Court Ruling on the Health-Care Reform Law Mean for You?Jeff Green
On June 28, 2012, the U.S. Supreme Court ruled, in a landmark decision, that the Patient Protection and Affordable Care Act (ACA), including the provision that most Americans carry health insurance or pay a penalty, is constitutional.
The S&P 500 (SPX) has tested 1366 on the upside twice, and not had any success even hanging around this level, as it’s been pushed down quickly both times. This doesn’t bode well for an upside resolution in the near term, but it’s certainly a possibility.
A positive sign that has come as a result of the back and forth action in the markets over the past couple of weeks is the emergence of a triangle pattern in the S&P 500 (SPX). A triangle pattern, in and of itself, is neither a bullish pattern nor a bearish pattern until the pattern has completed.
The June Employment Report was disappointing. Nonfarm payrolls rose less than expected. Figures for April and May were revised lower. Average weekly hours declined. Temp-help employment fell. There were no bright spots. That doesn’t mean that the economy won’t recover in the second half, but headwinds will prevent growth from being a lot stronger.
At this time last year, income tax planning was particularly challenging. Several tax deductions had already expired, and significant changes, including new, higher income tax rates, were scheduled to take effect at the end of the year. Legislation passed in mid-December, however, hit the "reset" button, reinstituting already-expired deductions, and extending major tax provisions--including lower rates--for an additional one to two years.
The recent economic data have been disappointing, but hardly a disaster. The broad range of indicators suggest a slowing in the pace of growth – not a contraction. One month does not a trend make, but the data have generated some anxieties about whether the current slow patch could be a lot longer lasting or turn into something more severe.
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the telegram contact of my personal vendor.
@Pi_vendor_247
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How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)
The Debt Ceiling and the Road Ahead
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The Debt Ceiling and the Road Ahead
After all the debate in recent weeks over issues related to raising the nation's debt limit, it's
hard to know exactly what might happen after August 2. Borrowing represents more than 40%
of the nation's expenses, and any default on the country's obligations would be unprecedented.
As a rule, panic generally doesn't help you make wise financial decisions. That's why now might
be a good time to review your portfolio to see if you have more exposure to a particular asset class than you'd
prefer, regardless of what happens in Washington. And as the situation evolves, here are some mileposts that
bear watching:
Auctions of Treasury securities
The yield on the 10-year Treasury note can serve as a barometer of anxiety levels; the higher the yield goes,
the more bond prices will fall, indicating increasing anxiety in the bond markets.
Regardless of whether the debt ceiling stays the same, several significant auctions of Treasury securities are
scheduled shortly after the August 2 deadline. Bids for 3- and 10-year notes and 30-year bonds will begin on
2. August 3, and auctions will take place August 9-11. More importantly, the nonprofit Bipartisan Policy Center
(BPC) estimates that payment of roughly $90 billion on maturing Treasury securities is due on August 4.
The difficulty in producing an agreement to raise the limit has led two major credit rating agencies to
announce they are officially reviewing the United States' historically impeccable credit rating. Even if the
Treasury attempts to avoid defaulting on Treasury securities by prioritizing payment of its obligations, the
rating agencies have warned that any such move would likely trigger a downgrade, especially if no consensus
has been reached on how to tackle the deficit.
A lowered credit rating would mean the United States would have to pay more to borrow in the future,
making the national debt problem even worse in the long term. That's because the greater uncertainty about
the country's willingness and ability to pay its bills would likely lead both domestic and foreign investors to
demand greater compensation for buying Treasuries.
Bonds and non-Treasury borrowing
Higher interest rates for Treasury bonds might also result in higher interest rates on other, nongovernmental
loans such as mortgages and consumer credit. Since many interest rates are based on Treasury rates, rates
generally would likely be affected. And since bond prices fall when rates rise, you should keep an eye on your
bond portfolio.
One indicator of investors' assessment of the risks of Treasury bonds compared to other debt is what's known
as the Baa/Treasury spread, which measures the difference between the yields of corporate bonds rated Baa
and 10-year Treasuries. Normally, investors demand a higher yield for corporates because of their greater
risk of default. The narrower the gap between the two, the less risky investors feel corporate bonds are
compared to Treasuries.
Higher rates also could mean reduced credit availability. Some observers worry that tighter credit on top of a
weak housing market could hamper economic recovery. And even if there were technically no default, the
mere absence of an agreement that addresses the issue before August 2 would likely raise the global anxiety
level substantially.
Equities
The stock market hates uncertainty, and the greater the uncertainty, the greater the potential impact on
stocks. If investors become concerned about the availability of credit, they could punish companies that rely
heavily on it. Fortunately, in the wake of the 2008 financial crisis, many companies took advantage of low
interest rates to issue new bonds and/or refinance older debt. Also, many companies, fearing a sequel to
2008, have been sitting on a larger amount of cash than usual, which could help cushion the impact of
tighter credit.
3. Markets also will be assessing the impact of either severe budgetary cutbacks or prioritization of existing
government bills on the already fragile economy as a whole. If either seems to pose a serious threat to
consumer spending, equities could feel the fallout.
Payment of government benefits, contracts, and departments
According to the BPC, the country will have roughly $172.4 billion coming in during the rest of August to pay
$306.7 billion of scheduled expenditures. Without an increase in the borrowing limit, the Treasury will have
to rely on those revenues and prioritize which of its existing bills to pay. Here are some of the major
payments scheduled for shortly after the Treasury's August 2 deadline:
Social Security payments for beneficiaries who began receiving benefits before May 1997 or who receive both
benefits and Supplemental Security Income (SSI) are scheduled for August 3. Benefits for recipients with
birth dates between August 1-10 are scheduled for the following Wednesday, August 10. Those with birth
dates between the 11th and the 20th are scheduled for August 17, and August 24 is the date for birthdays
between the 21st and the 31st.
For military service members, August 15 is the date for the scheduled mid-month installment of active duty
pay, with the associated "advice of pay" notice set for August 5. And as previously noted, an estimated $90
billion in Treasury debt payments are due August 4.
Medicare, Medicaid, Social Security benefits, defense vendor payments, interest on Treasury securities, and
unemployment insurance represent some of the federal government's largest costs for the month. The BPC
estimates that covering those costs completely would leave no funds for such obligations as the Departments
of Education, Labor, Justice, and Energy; federal salaries and benefits; military active duty pay and veterans'
affairs; the Federal Transit Administration, Federal Highway Administration, Small Business
Administration, and the Environmental Protection Agency; Housing and Urban Development and federal
food and nutrition services; and IRS refunds.
The outlook for an agreement
Plans have been put forward to tie increases in the debt ceiling to a balanced budget constitutional
amendment, to specific spending cuts, and to a combination of spending cuts and revenue increases. There
also has been talk of a fail-safe plan that would give the president authority to increase the debt ceiling in
stages before the 2012 election; Congress would be able to vote against those increases but would not be able
to effectively prevent them.
One proposal that seems to have a chance of winning at least some bipartisan support is based on months of
negotiations by the "Gang of Six" senators from both parties. The proposal is designed to cut an estimated
$3.7 trillion from the deficit over 10 years through such measures as shrinking the current six tax brackets to
4. three, eliminating the alternative minimum tax, revising how Social Security cost-of-living increases are
calculated, and reducing tax deductions for such items as mortgage interest, charitable donations, and
retirement savings.
All parties have agreed it's important not to jeopardize the country's financial health. As the road to a
resolution unwinds, it can be helpful to keep calm and monitor the situation.
All investing involves risk, including the risk of loss of principal, and there can be no guarantee that any
investment strategy will be successful.
This information, developed by an independent third party, has been obtained from sources considered to be reliable,
but Raymond James Financial Services, Inc. does not guarantee that the foregoing material is accurate or complete.
This information is not a complete summary or statement of all available data necessary for making an investment
decision and does not constitute a recommendation. The information contained in this report does not purport to be a
complete description of the securities, markets, or developments referred to in this material. This information is not
intended as a solicitation or an offer to buy or sell any security referred to herein. Investments mentioned may not be
suitable for all investors. The material is general in nature. Past performance may not be indicative of future results.
Raymond James Financial Services, Inc. does not provide advice on tax, legal or mortgage issues. These matters
should be discussed with the appropriate professional.
Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC, an independent
broker/dealer, and are not insured by FDIC, NCUA or any other government agency, are not deposits or obligations of
the financial institution, are not guaranteed by the financial institution, and are subject to risks, including the possible
loss of principal.
Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2011.
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